Share-Based Payments (Tables)
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6 Months Ended |
Jun. 28, 2025 |
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| Share-Based Payments |
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| Schedule of stock option activity |
The following table details our stock option activity for the first two quarters of fiscal 2025 (dollars in thousands, except per share data): | | | | | | | | | | | | | | | Weighted | | Weighted Average | | | | | | | Average | | Contractual Life | | Aggregate | | | Options | | Exercise Price | | Remaining (Years) | | Intrinsic Value | Outstanding at December 28, 2024 | | 1,773,573 | | $ | 24.35 | | 6.70 | | $ | — | Granted | | 398,647 | | $ | 4.15 | | | | | | Exercised | | — | | $ | — | | | | | | Forfeited | | — | | $ | — | | | | | | Expired | | (34,773) | | $ | 29.23 | | | | | | Outstanding at June 28, 2025 | | 2,137,447 | | $ | 20.50 | | 7.00 | | $ | 96 | Exercisable at June 28, 2025 | | 838,800 | | $ | 28.38 | | 4.96 | | $ | — |
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| Schedule of stock options, valuation assumption |
| | | | | | | | | 2025 | | 2024 | Weighted average grant date fair value | | $ | 0.41 | | $ | 2.32 | Expected volatility | | | 53.77% | | | 48.19% | Expected term | | | 5.5 years | | | 5.5 years | Risk-free interest rate | | | 4.1% | | | 4.4% | Dividend yield | | | 18.3% | | | 7.9% |
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| Schedule of non-vested performance share LTIAs |
| | | | | | | | | | Weighted Average | | | Number of | | Grant Date Fair Value | | | Performance Shares(1) | | (per share)(2) | Outstanding at December 28, 2024 | | 2,684,106 | | $ | 12.03 | Granted | | 2,321,319 | | $ | 4.44 | Vested | | — | | $ | — | Forfeited | | (364,940) | | $ | 20.04 | Outstanding at June 28, 2025 | | 4,640,485 | | $ | 7.60 |
| (1) | Solely for purposes of this table, the number of performance shares is based on the participants earning the maximum number of performance shares (i.e., 233.333% or 300%, as applicable, of the target number of performance shares). |
| (2) | The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes), reduced by the present value of expected dividends using the risk-free interest-rate, as the award holders are not entitled to dividends or dividend equivalents during the vesting period. |
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| Schedule of restricted stock activity |
| | | | | | | | | | Weighted Average | | | Number of Shares | | Grant Date Fair Value | | | of Restricted Stock | | (per share)(1) | Outstanding at December 28, 2024 | | 689,137 | | $ | 12.86 | Granted | | 767,569 | | $ | 6.60 | Vested | | (279,854) | | $ | 13.63 | Forfeited | | (7,236) | | $ | 10.79 | Outstanding at June 28, 2025 | | 1,169,616 | | $ | 8.58 |
| (1) | The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes). |
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| Schedule of number of shares of common stock issued by entity upon the vesting of performance share long-term incentive awards other share based compensation |
| | | | | | | | | | | | | | | Thirteen Weeks Ended | | Twenty-six Weeks Ended | | | June 28, | | June 29, | | June 28, | | June 29, | | | 2025 | | 2024 | | 2025 | | 2024 | Number of performance shares vested | | | — | | | — | | | — | | | — | Shares withheld for tax withholding | | | — | | | — | | | — | | | — | Shares of common stock issued for performance share LTIAs | | | — | | | — | | | — | | | — | Shares of common stock issued to non-employee directors for annual equity grants | | | 222,003 | | | 116,532 | | | 222,003 | | | 116,532 | Shares of restricted common stock issued to employees | | | — | | | — | | | 767,569 | | | 479,746 | Shares of restricted stock withheld and cancelled for tax withholding upon vesting | | | (49) | | | (2,671) | | | (111,811) | | | (54,668) | Shares of restricted stock cancelled upon forfeiture | | | (4,517) | | | (1,467) | | | (7,236) | | | (2,143) | Net shares of common stock issued | | | 217,437 | | | 112,394 | | | 870,525 | | | 539,467 |
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| Schedule of compensation expense recognized for share-based payments |
The following table sets forth the compensation expense recognized for share-based payments (performance share LTIAs, restricted stock, stock options, non-employee director stock grants and other share-based payments) during the second quarter and first two quarters of 2025 and 2024 and where that expense is reflected in our consolidated statements of operations (in thousands): | | | | | | | | | | | | | Thirteen Weeks Ended | | Twenty-six Weeks Ended | | June 28, | | June 29, | | June 28, | | June 29, | Consolidated Statements of Operations Location | 2025 | | 2024 | | 2025 | | 2024 | Compensation expense included in cost of goods sold | $ | 429 | | $ | 299 | | $ | 824 | | $ | 461 | Compensation expense included in selling, general and administrative expenses | | 2,954 | | | 2,313 | | | 5,730 | | | 3,934 | Total compensation expense for share-based payments | $ | 3,383 | | $ | 2,612 | | $ | 6,554 | | $ | 4,395 |
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