Annual report [Section 13 and 15(d), not S-K Item 405]

Equity Compensation (Tables)

v3.25.0.1
Equity Compensation (Tables)
12 Months Ended
Dec. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
RSUs are subject to a vesting period between one and four years. RSUs activity for the years ended December 30, 2023 and December 28, 2024 is as follows:
(amounts in millions, except share and per share data) RSUs
Weighted-Average Grant Date Fair Value, per share
Unvested, outstanding at December 31, 2022
465,064  $ 10.5 
Granted 748,198  10.6 
Vested (191,892) 10.9 
Forfeited (76,560) 10.1 
Unvested, outstanding at December 30, 2023(1) 944,810  $ 10.6 
Granted 1,461,217  14.0 
Vested (382,669) 10.8 
Forfeited (73,251) 11.6 
Unvested, outstanding at December 28, 2024
1,950,107  $ 13.1 
PSUs activity for the years ended December 30, 2023 and December 28, 2024 is as follows:
(amounts in millions, except share and per share data) PSUs
Weighted-Average Grant Date Fair Value, per share
Outstanding at December 31, 2022
252,923  $ 9.50 
Granted 229,091  10.6 
Vested —  — 
Forfeited —  — 
Unvested, outstanding at December 30, 2023(1)
482,014  $ 10.0 
Granted 832,445  9.9 
Vested —  — 
Forfeited (41,008) 11.0 
Unvested, outstanding at December 28, 2024(1)(2)
1,273,451  $ 9.9 
(1) This number excludes 252,923 performance stock units, which represents the incremental number of units that would be issued based on performance results from previously-granted PSU awards.
(2) This number includes 431,355 performance stock units, which are projected to payout at 0% due to performance results from previously-granted PSU awards.
Schedule of Valuation Assumptions
A summary of the assumptions used in determining the fair value of stock options for the year ended December 30, 2023 is below. There were no stock options granted for the year ended December 28, 2024.
Years Ended
December 30, 2023
Fair market value at grant date per share $ 5.30 
Expected life of option (years) (1)
6.0
Risk-free interest rate (2)
3.7  %
Expected volatility of the Company’s stock (3)
48.0  %
Expected dividend yield on the Company’s stock —  %
(1) Expected life is the weighted average of mid-point between vesting and expiry.
(2) The risk-free rate is based on an average of U.S. Treasury yields in effect at the time of grant corresponding with the expected term.
(3) Expected volatility is based on historical volatilities from a group of comparable entities for a time period similar to that of the expected term.
Schedule of Stock Option Activity
Stock options activity for the years ended December 30, 2023 and December 28, 2024 is as follows:
(amounts in millions, except share and per share data) Stock Options
Weighted-Average Exercise Price, per share
Weighted Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value
Outstanding at December 31, 2022
700,729  $ 9.4  9.8 $ 0.1 
Granted 18,796 
Forfeited — 
Outstanding at December 30, 2023
719,525  $ 9.4  8.4 $ 2.0 
Granted — 
Exercised (2,069)
Forfeited (40,871)
Outstanding at December 28, 2024
676,585  $ 9.4  7.4 $ — 
Outstanding, unvested 339,340  $ 9.4  7.4 $ — 
Outstanding, vested 337,245  $ 9.4  7.4 $ —