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Shareholders' Equity
 6 Months Ended
Jul. 03, 2022
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 six months ended July 3, 2022 and July 4, 2021:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands)
Balance, at January 2, 202259,055 $5,905 $253,110 $261,434 $(53,888)$(100,441)$(2,722)
Net income— — — 13,293 — — — 
Restricted stock issuances303 30 3,966 — — — — 
Unamortized compensation expense related to restricted stock awards— — (3,996)— — — — 
Cash dividends declared, $0.01 per common share
— — — (592)— — — 
Compensation expense related to stock awards, net of shares received for tax withholdings(30)(2)1,787 — — — — 
Pension liability adjustment— — — — 1,539 — — 
Foreign currency translation adjustment— — — — — (13,184)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 641 
Balance, at April 3, 202259,328 $5,933 $254,867 $274,135 $(52,349)$(113,625)$(2,081)
Net income— — — 16,818 — — — 
Restricted stock issuances198 20 2,533 — — — — 
Unamortized compensation expense related to restricted stock awards— — (2,553)— — — — 
Cash dividends declared, $0.01 per common share
— — — (595)— — — 
Compensation expense related to stock awards, net of forfeitures(14)(1)2,145 — — — — 
Share repurchases(415)(42)(5,540)— — — — 
Pension liability adjustment— — — — 3,842 — — 
Foreign currency translation adjustment— — — — — (36,670)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 540 
Balance, at July 3, 202259,097 $5,910 $251,452 $290,358 $(48,507)$(150,295)$(1,541)
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 and shares received for tax withholdings(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)
Repurchase of Common Stock
In the second quarter of 2022, the Company adopted a new share repurchase program in which the Company is authorized to repurchase up to $100 million of its outstanding shares of common stock. The program has no specific expiration date. During the second quarter of 2022, the Company repurchased 415,223 shares of common stock at a weighted average price of $13.44 per share pursuant to this program.
Restricted Stock Awards
During the six months ended July 3, 2022 and July 4, 2021, the Company granted restricted stock awards for 500,800 and 428,400 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. For certain restricted stock awards with a graded vesting schedule, the Company has elected to recognize compensation expense on a straight-line basis over the requisite service period for the entire award.
Compensation expense related to restricted stock grants was $2.6 million and $1.8 million for the six months ended July 3, 2022, and July 4, 2021, respectively. The Company has reduced its expense for any restricted stock forfeited during the period.
The following table summarizes restricted stock outstanding as of July 3, 2022, as well as activity during the six months then ended:
Restricted SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 2, 2022683,800 $21.06 
Granted500,800 13.08 
Vested(140,700)16.60 
Forfeited or canceled(14,400)14.09 
Outstanding at July 3, 20221,029,500 $17.89 
As of July 3, 2022, the unrecognized total compensation cost related to unvested restricted stock was $8.8 million. That cost is expected to be recognized by the end of 2025.
Performance Share Awards
During the six months ended July 3, 2022 and July 4, 2021, 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 (among other things) the employee’s continued employment through the last date of the performance period, 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 Company evaluates the probability of achieving the performance-based goals as of the end of each reporting period and adjusts compensation expense based on this assessment.
The following table summarizes the performance shares outstanding as of July 3, 2022, as well as the activity during the six months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 2, 2022718,100 $14.98 
Granted366,900 13.02 
Vested— — 
Forfeited or canceled(132,800)17.11 
Outstanding at July 3, 2022952,200 $13.92 
Compensation expense related to the performance shares was $1.7 million and $0.7 million for the six months ended July 3, 2022 and July 4, 2021, respectively. The Company has reduced its expense for any performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $9.4 million as of July 3, 2022. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the end of 2025.
The tax benefit recognized with regard to restricted stock and performance shares was approximately $0.4 million for the six months ended July 3, 2022.