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EQUITY-BASED COMPENSATION
 6 Months Ended
Jul. 12, 2026
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
The Company recognized equity-based compensation expense (including applicable payroll taxes) of $5.7 million and $13.4 million during the twelve and twenty-eight weeks ended July 12, 2026, and $4.6 million and $11.2 million during the twelve and twenty-eight weeks ended July 13, 2025, respectively, 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(156)13.56 
Forfeited or expired(45)39.79 
Outstanding - July 12, 20261,776 $18.91 5.8$94,599 
Exercisable - July 12, 20261,349 $15.09 5.4
Vested and expected to vest - July 12, 20261,776 $18.91 5.8$94,599 
As of July 12, 2026, unrecognized compensation expense related to option awards was $6.1 million, which is expected to be recognized over a weighted-average period of 2.0 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 
Granted250 84.23 
Vested(485)20.61 
Forfeited(91)45.47 
Non-vested - July 12, 2026645 $51.39 $46,556 
As of July 12, 2026, unrecognized compensation expense related to RSU awards was $28.7 million, which is expected to be recognized over a weighted-average period of 2.3 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— $— $— 
Granted85 84.49 
Forfeited(10)84.74 
Non-vested - July 12, 202675 $84.45 $5,414 
Expected to vest - July 12, 20261
75 $84.45 
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1    Expected to vest represents estimated PSU payout amounts based on target performance levels during the performance period.
As of July 12, 2026, unrecognized compensation expense related to PSU awards was $6.2 million, which is expected to be recognized over a weighted-average period of 2.6 years.