Common and Preferred Stock (Notes)

12 Months Ended

Dec. 29, 2018

Stockholders' Equity Note [Abstract]

Common and Preferred Stock

COMMON AND PREFERRED STOCK

(a)    Shares Authorized

At December 29, 2018 and December 30, 2017, the company had 95,000,000 authorized shares of common stock and 2,000,000 authorized shares of non-voting preferred stock.

(b)    Treasury Stock

In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. As of December 29, 2018, 126,200 shares had been purchased under the 2017 stock repurchase program and 2,373,800 remain authorized for repurchase.

(c)    Share-Based Awards

The company maintains several stock incentive plans under which the company's Board of Directors issues restricted share grants to key employees. Restricted share grants issued to employees are transferable upon certain vesting requirements being met. The 2011 Stock Incentive Plan (the "2011 Plan") was adopted on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. On July 11, 2017 the company increased the maximum amount of shares reserved for issuance under the 2011 Plan by 1,000,000. A maximum amount of 2,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements. As of December 29, 2018, a total of 1,115,116 share-based awards have been issued under the 2011 Plan. This includes 1,115,116 restricted share grants, of which 125,842 remain outstanding and unvested.

A summary of the company’s nonvested restricted share grant activity for fiscal years ended December 29, 2018 and December 30, 2017 is as follows:

	Shares		Weighted Average Grant-Date Fair Value
Nonvested shares at December 31, 2016	616,125		$	91.76
Granted	76,788		136.29
Vested	(418,125	)	86.70
Forfeited	(115,585	)	121.65
Nonvested shares at December 30, 2017	159,203		$	104.44
Granted	132,038		100.50
Vested	(6,203	)	126.09
Forfeited	(159,196	)	100.84
Nonvested shares at December 29, 2018	125,842		$	103.29