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Shareholders' Equity
 9 Months Ended
Oct. 03, 2021
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
The following tables depict the activity in the accounts which make up shareholders’ equity for the three and nine months ended October 3, 2021 and October 4, 2020:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands)
Balance, at January 3, 202158,664 $5,865 $247,920 $208,562 $(69,288)$(60,331)$(6,190)
Net income— — — 6,938 — — — 
Restricted stock issuances376 38 5,277 — — — — 
Unamortized compensation expense related to restricted stock awards— — (5,315)— — — — 
Cash dividends declared, $0.01 per common share
— — — (589)— — — 
Compensation expense related to stock awards, net of forfeitures(26)(2)689 — — — — 
Pension liability adjustment— — — — 89 — — 
Foreign currency translation adjustment— — — — — (19,597)— 
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge— — — — — — 749 
Balance, at April 4, 202159,014 $5,901 $248,571 $214,911 $(69,199)$(79,928)$(5,441)
Net income— — — 15,511 — — — 
Restricted stock issuances52 6 789 — — — — 
Unamortized compensation expense related to restricted stock awards— — (794)— — — — 
Cash dividends declared, $0.01 per common share
— — — (589)— — — 
Compensation expense related to stock awards— — 1,548 — — — — 
Pension liability adjustment— — — — 100 — — 
Foreign currency translation adjustment— — — — — 3,455 — 
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge— — — — — — 745 
Balance, at July 4, 202159,066 $5,907 $250,114 $229,833 $(69,099)$(76,473)$(4,696)
Net income— — — 10,959 — — — 
Cash dividends declared, $0.01 per common share
— — — (593)— — — 
Compensation expense related to stock awards, net of forfeitures(11)(2)1,680 — — — — 
Pension liability adjustment— — — — 2,377 — — 
Foreign currency translation adjustment— — — — — (14,553)— 
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge— — — — — — 1,323 
Balance, at October 3, 202159,055 $5,905 $251,794 $240,199 $(66,722)$(91,026)$(3,373)
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands)
Balance, at December 29, 201958,416 $5,842 $250,306 $286,056 $(56,700)$(113,139)$(4,163)
Net loss— — — (102,167)— — — 
Issuances of stock (other than restricted stock)220 22 197 — — — — 
Restricted stock issuances107 10 1,720 — — — — 
Unamortized compensation expense related to restricted stock awards— — (1,731)— — — — 
Cash dividends declared, $0.065 per common share
— — — (3,807)— — — 
Compensation expense related to stock awards, net of forfeitures(255)(25)(4,114)— — — — 
Pension liability adjustment— — — — 1,733 — — 
Foreign currency translation adjustment— — — — — (15,245)— 
Cash flow hedge unrealized loss— — — — — — (6,140)
Balance, at April 5, 202058,488 $5,849 $246,378 $180,082 $(54,967)$(128,384)$(10,303)
Net income— — — 4,709 — — — 
Issuances of stock (other than restricted stock)12 1 (1)— — — — 
Restricted stock issuances70 7 2,294 — — — — 
Unamortized compensation expense related to restricted stock awards— — (2,300)— — — — 
Cash dividends declared, $0.01 per common share
— — — (585)— — — 
Compensation expense related to stock awards, net of forfeitures(26)(3)(48)— — — — 
Pension liability adjustment— — — — (342)— — 
Foreign currency translation adjustment— — — — — 16,160 — 
Cash flow hedge unrealized loss— — — — — — (351)
Balance, at July 5, 202058,544 $5,854 $246,323 $184,206 $(55,309)$(112,224)$(10,654)
Net income— — — 5,913 — — — 
Issuances of stock (other than restricted stock)7 1 (1)— — — — 
Restricted stock issuances127 13 (15)— — — — 
Unamortized compensation expense related to restricted stock awards— — 2 — — — — 
Cash dividends declared, $0.01 per common share
— — — (586)— — — 
Compensation expense related to stock awards, net of forfeitures(8)(1)703 — — — — 
Pension liability adjustment— — — — (1,471)— — 
Foreign currency translation adjustment— — — — — 23,402 — 
Cash flow hedge unrealized loss— — — — — — 864 
Balance, at October 4, 202058,670 $5,867 $247,012 $189,533 $(56,780)$(88,822)$(9,790)
Restricted Stock Awards
During the nine months ended October 3, 2021 and October 4, 2020, the Company granted restricted stock awards for 428,400 and 308,100 shares of common stock, respectively. Awards of restricted stock (or a portion thereof) vest with respect to each recipient over a one to three-year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, certain awards (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause.
Compensation expense related to restricted stock grants was $2.8 million and $0.6 million for the nine months ended October 3, 2021, and October 4, 2020, respectively. The Company has reduced its expense for restricted stock forfeited during the period.
The following table summarizes restricted stock outstanding as of October 3, 2021, as well as activity during the nine months then ended:
Restricted SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 3, 2021436,900 $24.73 
Granted428,400 14.26 
Vested(167,200)13.68 
Forfeited or canceled(14,300)15.48 
Outstanding at October 3, 2021683,800 $21.06 
As of October 3, 2021, the unrecognized total compensation cost related to unvested restricted stock was $6.1 million. That cost is expected to be recognized by the end of 2024.
Performance Share Awards
During the nine months ended October 3, 2021 and October 4, 2020, the Company issued awards of performance shares to certain employees. These awards vest based on the achievement of certain performance-based goals over a performance period of one to three years, subject to the employee’s continued employment, and will be settled in shares of our common stock or in cash at the Company’s election. The number of shares that may be issued in settlement of the performance shares to the award recipients may be greater (up to 200%) or lesser than the nominal award amount depending on actual performance achieved as compared to the performance targets set forth in the awards.
The following table summarizes the performance shares outstanding as of October 3, 2021, as well as the activity during the nine months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 3, 2021405,300 $16.94 
Granted375,800 13.94 
Vested— — 
Forfeited or canceled(63,000)21.43 
Outstanding at October 3, 2021718,100 $14.98 
Compensation expense (benefit) related to the performance shares was $1.4 million and $(2.0) million for the nine months ended October 3, 2021 and October 4, 2020, respectively. The Company has reduced its expense for performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $9.0 million as of October 3, 2021. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the end of 2024.
The tax benefit recognized with regard to restricted stock and performance shares was approximately $0.8 million for the nine months ended October 3, 2021.