Share-based Arrangements (Tables)

6 Months Ended

Jul. 01, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Option Activity

Stock option activity was as follows:

	For the Three Months Ended			For the Six Months Ended
	July 1, 2022			July 1, 2022
	Options	Weighted - average exercise price		Options	Weighted - average exercise price
Options outstanding at beginning of period	733,493	$	55.29	746,240	$	55.14
Granted	—	$	—	—	$	—
Exercised	—	$	42.86	(9,676)	$	41.90
Forfeited or expired	(6,802)	$	53.53	(9,873)	$	40.41
Options outstanding at July 1, 2022	726,691	$	55.32	726,691	$	55.32

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 six-month fiscal period ended July 1, 2022. The following table indicates the weighted-average assumptions used in estimating fair value for the six-month fiscal period ended July 2, 2021:

	For the Six Months Ended
	July 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			For the Six Months Ended
	July 1, 2022			July 1, 2022
	Restricted  Stock	Weighted- average grant date fair value		Restricted  Stock	Weighted- average grant date fair value
Restricted Stock outstanding at beginning of period	164,791	$	47.96	135,351	$	53.53
Granted	19,900	$	43.15	100,015	$	41.94
Vested	(28,731)	$	44.84	(75,329)	$	49.80
Forfeited or expired	(3,760)	$	50.00	(7,837)	$	51.51
Restricted Stock outstanding at July 1, 2022	152,200	$	47.87	152,200	$	47.87

Share-based Payment Arrangement, Performance Shares, Activity

Performance stock unit activity was as follows:

	For the Three Months Ended			For the Six Months Ended
	July 1, 2022			July 1, 2022
	Performance Stock	Weighted- average grant date fair value		Performance Stock	Weighted- average grant date fair value
Performance Stock outstanding at beginning of period	184,405	$	60.98	70,163	$	70.17
Granted(1)	—	$	—	117,885	$	54.87
Vested	—	$	—	—	$	—
Forfeited or expired	(4,285)	$	61.38	(7,928)	$	61.32
Performance Stock outstanding at July 1, 2022	180,120	$	60.55	180,120	$	60.55

(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 Six Months Ended
	July 1, 2022			July 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