Share-based Arrangements (Tables)

3 Months Ended

Apr. 01, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Option Activity

Stock option activity was as follows:

	For the Three Months Ended
	April 1, 2022
	Options	Weighted - average exercise price
Options outstanding at beginning of period	746,240	$	55.14
Granted	—	$	—
Exercised	(9,676)	$	41.63
Forfeited or expired	(3,071)	$	61.76
Options outstanding at April 1, 2022	733,493	$	55.29

Fair Value Assumptions

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. No options were granted in the three-month fiscal period ended April 1, 2022. The following table indicates the weighted-average assumptions used in estimating fair value for the three-month fiscal period ended April 2, 2021:

	For the Three Months Ended
	April 2, 2021
Expected option term (years)	4.9
Expected volatility	35.7	%
Risk-free interest rate	0.5	%
Expected dividend yield	1.6	%
Per share fair value of options granted	$14.89

Restricted Stock Award and Restricted Stock Unit Activity

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

	For the Three Months Ended
	April 1, 2022
	Restricted  Stock	Weighted- average grant date fair value
Restricted Stock outstanding at beginning of period	135,351	$	53.53
Granted	80,115	$	41.64
Vested	(46,598)	$	52.85
Forfeited or expired	(4,077)	$	52.90
Restricted Stock outstanding at April 1, 2022	164,791	$	47.96

Share-based Payment Arrangement, Performance Shares, Activity

Performance stock unit activity was as follows:

	For the Three Months Ended
	April 1, 2022
	Performance Stock	Weighted- average grant date fair value
Performance Stock outstanding at beginning of period	70,163	$	70.17
Granted(1)	117,885	$	54.87
Vested	—	$	—
Forfeited or expired	(3,643)	$	61.07
Performance Stock outstanding at April 1, 2022	184,405	$	60.98

(1) The PSUs granted in 2022 and 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 Three Months Ended
	April 1, 2022			April 2, 2021
Expected term (years)	2.9			2.9
Expected volatility	39.4		%	41.3		%
Risk-free interest rate	1.7		%	0.2		%
Expected dividend yield	1.9		%	1.4		%
Per share fair value of performance stock granted	$	68.10		$	84.49