Share-based Arrangements (Tables)

9 Months Ended

Oct. 01, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Option Activity

Stock option activity was as follows:

	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Options	Weighted - average exercise price		Options	Weighted - average exercise price
Options outstanding at beginning of period	760,936	$	55.15	772,625	$	54.87
Granted	—	$	—	4,990	$	55.85
Exercised	—	$	—	(14,899)	$	39.79
Forfeited or expired	(9,610)	$	63.43	(11,390)	$	63.59
Options outstanding at October 1, 2021	751,326	$	55.05	751,326	$	55.05

Fair Value Assumptions

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following table indicates the weighted-average assumptions used in estimating fair value:

	For the Nine Months Ended
	October 1, 2021		October 2, 2020
Expected option term (years)	4.9		4.9
Expected volatility	35.7	%	20.2	%
Risk-free interest rate	0.5	%	1.4	%
Expected dividend yield	1.6	%	1.3	%
Per share fair value of options granted	$14.89		$10.74

Restricted Stock Award and Restricted Stock Unit Activity

Restricted stock award and restricted stock unit activity were as follows:

	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Restricted  Stock	Weighted- average grant date fair value		Restricted  Stock	Weighted- average grant date fair value
Restricted Stock outstanding at beginning of period	143,704	$	53.77	109,514	$	53.66
Granted	—	$	—	83,656	$	55.20
Vested	(3,373)	$	55.85	(50,612)	$	55.81
Forfeited or expired	(210)	$	57.33	(2,437)	$	58.21
Restricted Stock outstanding at October 1, 2021	140,121	$	53.72	140,121	$	53.72

Share-based Payment Arrangement, Performance Shares, Activity

Performance stock unit activity was as follows:

	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Performance Stock	Weighted- average grant date fair value		Performance Stock	Weighted- average grant date fair value
Performance Stock outstanding at beginning of period	80,500	$	70.17	—	$	—
Granted(1)	—	$	—	82,460	$	70.17
Vested	—	$	—	—	$	—
Forfeited or expired	—	$	—	(1,960)	$	70.16
Performance Stock outstanding at October 1, 2021	80,500	$	70.17	80,500	$	70.17

(1) The PSUs granted in the first quarter of 2021 assumed a 100% achievement level.

Schedule of Share-based Payment Awards, Performance Shares, Valuation Assumptions

The following table indicates the weighted-average assumptions used in estimating fair value:

	For the Nine Months Ended
	October 1, 2021
Expected term (years)	2.9
Expected volatility	41.3		%
Risk-free interest rate	0.2		%
Expected dividend yield	1.4		%
Per share fair value of performance stock granted	$	84.49