Prior to our IPO, we issued time-vested and performance-vested cash awards to certain employees. The time-vested cash awards vest over a time period of three years, and the performance-vested cash awards vest upon the achievement of a certain performance target measured after a time period of three years. The performance condition for the cash awards for grants to management is based on earnings growth. Cumulative compensation expense for cash awards is recognized as a liability. Each cash award has a fixed fair value of $1.00. We recognize these compensation costs, net of an estimated forfeiture rate, over the requisite service period of the award, which is the vesting term of the outstanding cash award. We estimate the forfeiture rate based on our historical experience.

In connection with our IPO, our board of directors adopted, and our stockholders approved, the 2024 Stock Incentive Plan (the “2024 Plan”) as more fully described in Note 2, “Significant Accounting Policies” to the Consolidated Financial Statements included in our Annual Report. During the Twenty-Six Weeks Ended June 28, 2025, we granted time-vesting restricted stock units that vest over a time period of three years and performance-vesting restricted stock units that vest upon the achievement of certain performance targets measured after a time period of three years. For stock-based awards, we account for forfeitures as they occur.


			Number of Cash Awards (in thousands)
Non-vested at December 28, 2024			72,646
Granted			280
Vested			(19,793)
Forfeited			(8,855)
Non-vested at June 28, 2025			44,278


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Compensation expense - cash awards	$	5,475	$	6,805	$	9,968	$	12,245
Related income tax benefit	$	1,369	$	1,701	$	2,492	$	3,061

As of June 28, 2025, the unrecognized compensation costs related to the cash awards were $23,143. We expect these costs to be recognized over a remaining weighted-average period of approximately 1.4 years.


	Number of Awards (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested at December 28, 2024	1,134	$	22.01
Granted	1,307	18.97
Vested	(18)	22.89
Forfeited	(7)	18.44
Non-vested at June 28, 2025	2,416	$	20.37

As of June 28, 2025, the unrecognized compensation costs related to the time-vesting restricted stock units was $40,388. We expect this cost to be recognized over a remaining weighted-average period of approximately 1.6 years.


	Number of Awards (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested at December 28, 2024	2,468	$	17.42
Granted	1,283	18.83
Forfeited	(7)	18.08
Non-vested at June 28, 2025	3,744	$	17.90

As of June 28, 2025, the unrecognized compensation costs related to the performance-vesting restricted stock units was $22,536. We expect this cost to be recognized over a remaining weighted-average period of approximately 2.8 years. We have not recognized any compensation costs related to the performance-vesting restricted stock units issued in connection with the IPO as the performance condition depends on the occurrence of a qualifying event, which is not deemed probable until it occurs.