STOCK-BASED COMPENSATION |
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Apr. 04, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company recorded stock-based compensation cost as follows:
(1)First quarter of 2025 includes accelerated vesting of outstanding time-based restricted stock awards related to the retirement of the Company’s former CEO. The Company recognizes compensation cost ratably over the applicable performance periods based on the estimated probability of achievement of its performance targets at the end of each period. A total of 174,091 time-based restricted stock awards and 24,940 of performance-based restricted stock awards vested in the first quarter of fiscal 2026. Additionally, in the first quarter of fiscal 2026, the Company’s Board approved the issuance of the following new awards to certain key employees under the Company’s existing stock-based compensation plan, subject to vesting: 454,741 shares of time-based restricted stock awards with a weighted average grant-date fair value of $34.95 per award, 107,523 shares of performance-based restricted stock awards with a weighted average grant-date fair value of $34.95 per award, and 107,508 shares of market-based restricted stock awards with a weighted average grant-date fair value of $52.95 per award. The market-based restricted stock awards cliff vest after a three-year period, subject to the performance of the Company’s total shareholder return (“TSR”) relative to a defined peer group over the three-year period. A Monte-Carlo simulation was utilized to determine the grant-date fair value of the market-based restricted stock awards in fiscal 2026, using the following assumptions: beginning TSR price of $32.14, grant-date share price of $34.95, simulation term of 3 years, expected volatility of 45.7%, and risk-free interest rate of 3.5%.
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