Stock-Based Compensation

3 Months Ended

Apr. 01, 2023

Share-based Payment Arrangement [Abstract]

8. Stock-Based Compensation

During the quarter ended April 1, 2023, the Company issued 1,242,659 Common Shares, net of 1,057,041 Common Shares withheld for taxes, in connection with the vesting of 2,299,700 performance share units ("PSUs") previously granted to selected employees. The vesting of these PSUs was subject to the Company achieving a predetermined measure of adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") for fiscal 2022 and subject to each employee's continued employment with the Company through the respective vesting dates (the "EBITDA PSUs").

The following table summarizes EBITDA PSU activity for the quarter ended April 1, 2023:

				Weighted-
				average grant-
	EBITDA PSUs			date fair value
Non-vested, beginning of period	2,355,431		$	4.80
Granted	1,659			9.37
Vested	(2,299,700	)		4.78
Cancelled	(57,390	)		5.52
Non-vested, end of period	-		$	-

The total intrinsic value of the EBITDA PSUs that vested in the first quarter of 2023 was $18.0 million.