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Share-Based Compensation
9 Months Ended
Oct. 01, 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 nine months ended October 1, 2022 is as follows:

 

 

 

Number of Shares

 

 

Weighted Average

Grant Date Fair Value

 

Nonvested at January 1, 2022

 

 

765

 

 

$

48.25

 

Granted

 

 

396

 

 

$

83.03

 

Vested

 

 

(357

)

 

$

42.20

 

Forfeited

 

 

(53

)

 

$

57.30

 

Nonvested at October 1, 2022

 

 

751

 

 

$

68.83

 

 

Of the 751 nonvested shares outstanding at October 1, 2022, 652 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 October 1, 2022 and January 1 2022, there was $33,262 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 1.7 years and 1.5 years for October 1, 2022 and January 1, 2022, respectively.