Quarterly report pursuant to Section 13 or 15(d)

Equity Compensation (Tables)

v3.23.1
Equity Compensation (Tables)
 3 Months Ended
Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
RSUs are subject to a vesting period between one and four years. RSU activity for the three months ended April 1, 2023 is as follows:
(dollar amounts in thousands, except share and per share data)

Three Months Ended April 1, 2023
RSUs Weighted-Average Grant Date Fair Value
Unvested, outstanding at December 31, 2022
 465,064  $ 10.5 
Granted 495,631  10.6 
Vested (58,790) 9.5 
Forfeited (9,288) 10.0 
Unvested, outstanding at April 1, 2023
 892,617  $ 10.6 
As of April 1, 2023, PSUs activity for the three months ended April 1, 2023 is as follows:
(dollar amounts in thousands, except share and per share data)
Three Months Ended April 1, 2023
PSUs Weighted-Average Grant Date Fair Value
Unvested, outstanding at December 31, 2022
 252,923  $ 9.5 
Granted 229,091  10.6 
Vested —  — 
Forfeited —  — 
Unvested, outstanding at April 1, 2023 (1)
482,014  10.0 
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. The PSUs granted in 2022 are currently estimated at 200% of target.
Schedule of Valuation Assumptions
A summary of the assumptions used in determining the fair value of stock options is as follows:
(dollar amounts in thousands, except share and per share data)

Three Months Ended April 1, 2023
Expected life of option (years)
6.00 - 6.25
Risk-free interest rate
2.9% - 3.7%
Expected volatility of the Company’s stock
45% - 48%
Expected dividend yield on the Company’s stock —  %
Schedule of Stock Option Activity
Stock option activity for the three months ended April 1, 2023 is as follows:

Three Months Ended April 1, 2023
Stock Options Weighted-Average Grant Date Fair Value Weighted Average Remaining Contractual Life (in years) Intrinsic value
Unvested, outstanding at December 31, 2022
 700,729  $ 4.5  9.8 $ 0.2 
Granted 18,796  5.3  10.0 — 
Exercised —  —  —  — 
Vested (113,252) 4.5  9.0 — 
Forfeited —  —  —  — 
Unvested, outstanding at April 1, 2023
 606,273  $ 4.5  9.1 $ — 
Vested not exercised at April 1, 2023
 113,252  $ 4.5  9.0 $ —