
	2025	2024	2023
Stock awards(1)	$4,641	$8,157	$11,053
Stock options	1,641	3,287	3,802
Total stock-based compensation expense(1)	$6,282	$11,444	$14,855

(1)Changes in annual stock-based compensation expense includes the cumulative impact of the change in the expected achievements of certain

A summary of the Company’s stock option activity was as follows (in thousands, except per share amounts and years):


	Stock Options	Weighted- Average Exercise Price per Share	Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value(1)
Outstanding at December 28, 2024	942	$40.85	5.6	$—
Granted	—	—
Exercised	—	—
Canceled/Forfeited	(182)	33.86
Outstanding at January 3, 2026	760	$42.47	2.7	$—
Exercisable at January 3, 2026	739	$42.85	2.6	$—
Vested and expected to vest at January 3, 2026	755	$42.51	2.7	$—

(1)Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant.


	2025	2024	2023
Weighted-average grant date fair value of stock options granted	$—	$—	$16.41
Total intrinsic value (at exercise) of stock options exercised	$—	$—	$298

At January 3, 2026, there was $0.3 million of total stock option compensation expense related to non-vested stock options

not yet recognized, which is expected to be recognized over a weighted-average period of 0.5 years.

The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model

were as follows. There were no grants of new stock option awards for the fiscal year ended January 3, 2026 or


Valuation Assumptions	2025	2024	2023
Expected dividend yield	—%	—%	0.0%
Expected volatility	—%	—%	64%
Risk-free interest rate	—%	—%	3.8%
Expected term (years)	—	—	5.7


	Time- Based Stock Awards	Weighted- Average Grant Date Fair Value	Performance- Based Stock Awards	Weighted- Average Grant Date Fair Value
Outstanding at December 28, 2024	813	$18.60	777	$31.74
Granted	1,233	7.36	751	6.36
Vested	(423)	20.28	—	—
Canceled/Forfeited	(500)	10.72	(422)	35.30
Outstanding at January 3, 2026	1,123	$9.12	1,106	$13.19

At January 3, 2026, there was $6.8 million of unrecognized compensation expense related to non-vested time-based

stock awards, which is expected to be recognized over a weighted-average period of 1.8 years, and $3.7 million of

unrecognized compensation expense related to non-vested performance-based stock awards, which is expected to be


	2025	2024	2023
Amount repurchased under Board-approved share repurchase program	$—	$—	$—
Amount repurchased in connection with the vesting of employee restricted stock grants	1,213	768	3,747
Total amount repurchased (based on trade dates)	$1,213	$768	$3,747

As of January 3, 2026, the remaining authorization under the Board-approved $600 million share repurchase program

The components of basic and diluted net loss per share were as follows (in thousands, except per share amounts):


	2025	2024	2023
Net loss	$(131,958)	$(20,334)	$(15,287)
Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding	22,883	22,606	22,429
Dilutive effect of stock-based awards	—	—	—
Diluted weighted-average shares outstanding	22,883	22,606	22,429
Net loss per share – basic and diluted	$(5.77)	$(0.90)	$(0.68)

Additional potential dilutive stock-based awards totaling 1.5 million, 1.2 million and 1.3 million for 2025, 2024 and 2023,

respectively, have been excluded from the diluted net loss per share calculations because these stock-based awards were

anti-dilutive. For 2025, 2024 and 2023, otherwise dilutive stock-based awards of 0.3 million, 0.1 million, and 0.1 million,

respectively, have been excluded from the calculation of diluted weighted-average shares outstanding, as their inclusion