v3.26.1
Stock-Based Compensation
4 Months Ended
Apr. 25, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

18. STOCK-BASED COMPENSATION

The following is a summary of the activity under the company's 2014 Omnibus Equity and Incentive Compensation Plan (the "Omnibus Plan"). The company typically grants awards at the beginning of its fiscal year. Information on grants to employees during the sixteen weeks ended April 25, 2026 is discussed below.

Performance-Contingent Restricted Stock Awards

Performance-Contingent Total Shareholder Return Shares (“TSR Shares”)

The following performance-contingent TSR Shares have been granted during the sixteen weeks ended April 25, 2026 under the Omnibus Plan (amounts in thousands, except price data):

 

Grant Date

 

Shares
Granted

 

 

Vesting Date

 

Fair Value
per Share

 

1/4/2026

 

 

545

 

 

3/1/2029

 

$

12.24

 

 

Performance-Contingent Return on Invested Capital Shares (“ROIC Shares”)

The performance condition for the ROIC Shares generally requires the company's average return on invested capital to exceed its average weighted cost of capital be between 1.50 to 4.50 percentage points for the 2026, 2025, 2024 awards (the "ROI Target") over the three fiscal year performance period. The 2024 award is being expensed at our current estimated payout percentage of 150% of ROI Target, and the 2025 and 2026 awards are being expensed at 100%.

The following performance-contingent ROIC Shares have been granted under the Omnibus Plan during the sixteen weeks ended April 25, 2026 (amounts in thousands, except price data):

 

Grant Date

 

Shares
Granted

 

 

Vesting Date

 

Fair Value
per Share

 

1/4/2026

 

 

545

 

 

3/1/2029

 

$

10.88

 

 

 

The table below presents the TSR modifier share adjustment (a 13.25% final payout), ROIC modifier share adjustment (a 125% final payout), accumulated dividends on vested shares, and the tax benefit at vesting of the performance-contingent restricted stock awards (amounts in thousands, except per share data):

 

Award Granted

 

 

Fiscal Year
Vested

 

 

TSR Modifier
Decrease
Shares

 

 

ROIC Modifier
Increase
Shares

 

 

Dividends at
Vesting

 

 

Tax
Expense

 

 

Fair Value at
Vesting

 

 

2023

 

 

 

2026

 

 

 

(300,150

)

 

 

86,316

 

 

$

1,352

 

 

$

(4,497

)

 

$

4,609

 

 

The company’s performance-contingent restricted stock activity for the sixteen weeks ended April 25, 2026 is presented below (amounts in thousands, except price data):

 

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Nonvested shares at January 3, 2026

 

 

1,721

 

 

$

25.53

 

Granted

 

 

1,090

 

 

$

11.56

 

Grant increase for achieving the ROIC modifier

 

 

86

 

 

$

27.85

 

Grant decrease for not achieving the TSR modifier

 

 

(300

)

 

$

27.85

 

Vested

 

 

(478

)

 

$

27.85

 

Forfeited

 

 

(54

)

 

$

22.63

 

Nonvested shares at April 25, 2026

 

 

2,065

 

 

$

17.13

 

 

As of April 25, 2026, there was $18.2 million of total unrecognized compensation cost related to non-vested restricted stock granted under the Omnibus Plan. That cost is expected to be recognized over a weighted-average period of 2.25 years.

Time-Based Restricted Stock Units ("TBRSU Shares")

The following TBRSU Shares have been granted under the Omnibus Plan during the sixteen weeks ended April 25, 2026 (amounts in thousands, except price data):

 

Grant Date

 

Shares Granted

 

 

Vesting Date

 

Fair Value
per Share

 

1/4/2026

 

 

2,173

 

 

Equally over 3 years

 

$

10.32

 

 

 

The TBRSU Shares activity for the sixteen weeks ended April 25, 2026 is set forth below (amounts in thousands, except price data):

 

 

 

TBRSU Shares

 

 

Weighted
Average
Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Unrecognized
Compensation
Cost

 

Nonvested shares at January 3, 2026

 

 

1,544

 

 

$

20.57

 

 

 

 

 

 

 

Vested

 

 

(561

)

 

$

22.12

 

 

 

 

 

 

 

Granted

 

 

2,173

 

 

$

10.32

 

 

 

 

 

 

 

Forfeitures

 

 

(171

)

 

$

20.76

 

 

 

 

 

 

 

Nonvested shares at April 25, 2026

 

 

2,985

 

 

$

13.28

 

 

 

2.32

 

 

$

26,272

 

 

The table below presents the accumulated dividends on vested shares and the tax expense at vesting of the time-based restricted stock units (amounts in thousands).

 

Award Granted

 

 

Fiscal Year
Vested

 

 

Dividends at
Vesting

 

 

Tax
Expense

 

 

Fair Value at
Vesting

 

 

2025

 

 

 

2026

 

 

$

270

 

 

$

(693

)

 

$

2,830

 

 

2024

 

 

 

2026

 

 

$

443

 

 

$

(697

)

 

$

2,365

 

 

2023

 

 

 

2026

 

 

$

164

 

 

$

(266

)

 

$

596

 

 

 

Stock-Based Payments Compensation Expense Summary

The following table summarizes the company’s stock-based compensation expense for the sixteen weeks ended April 25, 2026 and April 19, 2025, (amounts in thousands):

 

 

 

For the Sixteen Weeks Ended

 

 

 

April 25, 2026

 

 

April 19, 2025

 

Performance-contingent restricted stock awards

 

$

4,636

 

 

$

7,118

 

TBRSU Shares

 

 

7,078

 

 

 

4,315

 

Deferred and restricted stock

 

 

535

 

 

 

568

 

Total stock-based compensation

 

$

12,249

 

 

$

12,001