v3.26.1
EQUITY-BASED COMPENSATION
 4 Months Ended
Apr. 19, 2026
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
The Company recognized equity-based compensation expense (including applicable payroll taxes) of $7.7 million during the sixteen weeks ended April 19, 2026, and $6.7 million during the sixteen weeks ended April 20, 2025, related to its equity incentive plans and employee stock purchase plan, recorded within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.
Stock Options
A summary of the Company’s stock option activity is as follows:
Weighted Average
(in thousands, except per share amounts)Number Of OptionsExercise PriceRemaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding - December 28, 20251,977 $18.96 6.4$84,660 
Exercised(32)6.68 
Forfeited or expired(30)36.76 
Outstanding - April 19, 20261,915 $18.89 6.1$145,339 
Exercisable - April 19, 20261,256 $13.97 5.4
Vested and expected to vest - April 19, 20261,915 $18.89 6.1$145,339 
As of April 19, 2026, unrecognized compensation expense related to option awards was $7.3 million, which is expected to be recognized over a weighted-average period of 2.2 years.
Restricted Stock Units (“RSUs”)
During the first quarter of fiscal 2026, the Company granted RSUs that vest in equal annual installments over three years, subject to continued service. Historically, RSUs vested in equal annual installments over four years. The change in vesting term applies to awards granted in fiscal 2026 and does not modify the vesting terms of previously granted awards.
A summary of the Company’s RSU activity is as follows:
(in thousands, except per share amounts)Number of UnitsWeighted-Average Grant Date Fair ValueAggregate Intrinsic Value
Non-vested - December 28, 2025971 $27.01 $58,406 
Granted230 84.52 
Vested(250)18.56 
Forfeited(43)45.95 
Non-vested - April 19, 2026908 $43.00 $86,060 
As of April 19, 2026, unrecognized compensation expense related to RSU awards was $32.5 million, which is expected to be recognized over a weighted-average period of 2.5 years.
Performance-Based Restricted Stock Units (“PSUs”)
During the first quarter of fiscal 2026, the Company granted PSUs that vest at the end of a three-year performance period based on the achievement of specified performance conditions and subject to continued service. The number of shares that may be earned ranges from 0% to 200% of target, depending on actual performance against the applicable metrics. Compensation cost is recognized over the requisite service period based on the grant-date fair value of the awards and the number of awards expected to vest.
A summary of the Company’s PSU activity is as follows:
(in thousands, except per share amounts)Number of UnitsWeighted-Average Grant Date Fair ValueAggregate Intrinsic Value
Non-vested - December 28, 2025— $— $— 
Granted80 84.74 
Forfeited(4)84.74 
Non-vested - April 19, 202676 $84.74 $7,203 
Expected to vest - April 19, 20261
87 $84.74 
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1    Expected to vest represents estimated PSU payout amounts based on estimated performance levels during the performance period.
As of April 19, 2026, unrecognized compensation expense related to PSU awards was $6.8 million, which is expected to be recognized over a weighted-average period of 2.9 years.