Share-Based Compensation

3 Months Ended

Apr. 02, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

NOTE 10. Share-Based Compensation

Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity with respect to the three months ended April 2, 2022 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022		765		$	48.25
Granted		120		$	89.15
Vested		(175	)	$	49.56
Forfeited		(30	)	$	51.59
Nonvested at September 25, 2021		680		$	54.99

Of the 680 nonvested shares outstanding at April 2, 2022, 581 are service-based RSUs and 99 are market-based PRSUs. The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s stock at the date of grant. The fair value of the Company’s market-based PRSUs granted during fiscal years 2022 and 2021 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $85.49 and $80.04, respectively.

As of April 2, 2022 and January 1 2022, there was $25,196 and $21,019 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively.  That cost is expected to be recognized over a weighted average period of 1.4 years and 1.5 years for April 2, 2022 and January 1, 2022, respectively.