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Share-Based Compensation
6 Months Ended
Jul. 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 six months ended July 2, 2022 is as follows:

 

 

 

Number of Shares

 

 

Weighted Average

Grant Date Fair Value

 

Nonvested at January 1, 2022

 

 

765

 

 

$

48.25

 

Granted

 

 

373

 

 

$

83.74

 

Vested

 

 

(345

)

 

$

41.86

 

Forfeited

 

 

(47

)

 

$

55.19

 

Nonvested at July 2, 2022

 

 

746

 

 

$

68.52

 

 

Of the 746 nonvested shares outstanding at July 2, 2022, 647 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 July 2, 2022 and January 1 2022, there was $37,531 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 1.9 years and 1.5 years for July 2, 2022 and January 1, 2022, respectively.