Stock-Based Compensation (Tables)

12 Months Ended

Jan. 01, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation, Restricted Stock Units Award Activity

The number of unvested restricted stock unit awards outstanding as of January 1, 2021 is as follows ⁽¹⁾:

	Number of awards outstanding			Weighted- average grant date fair value		Weighted- average remaining contractual term (years)		Aggregate intrinsic value (in thousands) (2)
Balance as of January 3, 2020		886,295		$	35.16
Awards granted		273,348			68.21
Awards vested		(425,983	)		38.31
Awards forfeited		(8,866	)		42.65
Exercisable at January 1, 2021		724,794		$	45.68		1.4	$	65,253

⁽¹⁾ Does not include employee stock purchase plans or stock option plans.

⁽²⁾ The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of January 1, 2021 was $90.03.

Stock Option Activity

Option activity is as follows ⁽¹⁾:

	Number of shares outstanding			Weighted- average exercise price		Weighted- average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Balance as of January 3, 2020		662,149		$	26.23
Options granted		40,000			79.43
Options forfeited and expired		—			—
Options exercised		(283,755	)		17.41
Balance at January 1, 2021		418,394		$	37.29		6.56	$	22,066
Exercisable at January 1, 2021		263,894		$	29.24		5.89	$	16,042

^{(1) Does not include restricted stock or employee stock purchase plans.}

The Assumptions Used to Value Option Grants

The assumptions used to value option grants for 2020, 2019 and 2018 are as follows:

	Stock Option Plan
	Fiscal Years
	2020			2019			2018
Expected term (in years)		5.8			5.7			5.9
Risk-free interest rate		1.48	%		2.52	%		2.74	%
Volatility		23	%		23	%		23	%
Dividend yield		0	%		0	%		0	%

Stock-Based Compensation Expense Recognized in Consolidated Statements of Income

The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for 2020, 2019 and 2018 is as follows:

	Fiscal Years
(In thousands)	2020		2019		2018
Compensation and related expenses:
Restricted stock units	$	15,946	$	16,320	$	15,561
Stock option grants		694		583		897
Sub-total		16,640		16,903		16,458
General and administrative expenses:
Restricted stock units		638		563		535
Sub-total		638		563		535
Total stock-based compensation expense	$	17,278	$	17,466	$	16,993
Income tax benefit	$	12,258	$	8,067	$	4,467