Common Stock and Share-Based Compensation (Tables)

12 Months Ended

Dec. 28, 2019

Summary of Stock Options under Equity Plan and Non-Employee Director Plan

Information related to stock options under the Equity Plan and the Non-Employee Director Plan is summarized as follows:

	Shares			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 29, 2018		366,829		$	155.75
Granted		31,286			313.56
Forfeited		—			—
Expired		—			—
Exercised		(82,437	)		97.80
Outstanding at December 28, 2019		315,678		$	186.53		5.75	$	60,680
Exercisable at December 28, 2019		93,113		$	148.60		4.08	$	21,430
Vested and expected to vest at December 28, 2019		286,312		$	184.83		5.67	$	55,522

Stock-Based Compensation Expense Included in Operating Expenses

The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying consolidated statements of comprehensive income:

	2019		2018		2017
	(in thousands)
Amounts included in advertising, promotional and selling expenses	$	3,996	$	3,243	$	2,868
Amounts included in general and administrative expenses		8,341		6,792		3,448
Total stock-based compensation expense	$	12,337	$	10,035	$	6,316
Amounts related to performance-based stock awards included in total stock-based compensation expense	$	1,944	$	1,750	$	36

Weighted Average Assumptions used to Estimate Fair Value of Stock Options

Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows:

	2019			2018			2017
Expected volatility		32.1	%		34.0	%		36.2	%
Risk-free interest rate		2.63	%		2.68	%		2.30	%
Expected dividends		0	%		0	%		0	%
Exercise factor		2.33 times			2.52 times			3.63 times
Discount for post-vesting restrictions		0.0	%		0.0	%		0.0	%

Summary of Estimated Future Annual Stock-Based Compensation Expense

The following table summarizes the estimated future annual stock-based compensation expense related to share-based arrangements existing as of December 28, 2019 that are expected to vest (in thousands):

2020	$	10,231
2021		7,529
2022		5,000
2023		1,731
2024		334
Total	$	24,825

Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards

The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards:

	Number of Shares			Weighted Average Fair Value
Non-vested at December 29, 2018		126,720		$	192.74
Granted		30,410			269.91
Vested		(33,205	)		188.63
Forfeited		(1,783	)		161.42
Non-vested at December 28, 2019		122,142		$	213.52

Stock Repurchases

As of December 28, 2019, the Company has repurchased a cumulative total of approximately 13.8 million shares of its Class A Common Stock for an aggregate purchase price of approximately $840.7 million as follows:

	Number of Shares		Aggregate Purchase Price
			(in thousands)
Repurchased at December 31, 2016		12,483,556	$	607,750
2017 repurchases		963,790		144,602
Repurchased at December 30, 2017		13,447,346		752,352
2018 repurchases		349,691		88,312
Repurchased at December 29, 2018		13,797,037		840,664
2019 repurchases		—		—
Repurchased at December 28, 2019		13,797,037	$	840,664