| 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 31, 2022 and December 30, 2023 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (dollar amounts in millions, except share and per share data) |
RSUs |
|
Weighted-Average Grant Date Fair Value, per share |
| Unvested, outstanding at January 1, 2022 |
275,370 |
|
|
$ |
11.9 |
|
| Granted |
368,777 |
|
|
9.9 |
|
| Vested |
(142,132) |
|
|
11.6 |
|
| Forfeited |
(36,951) |
|
|
10.3 |
|
| 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 |
944,810 |
|
|
$ |
10.6 |
|
PSUs activity for the years ended December 31, 2022 and December 30, 2023 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (dollar amounts in millions, except share and per share data) |
PSUs |
|
Weighted-Average Grant Date Fair Value, per share |
| Outstanding at January 1, 2022 |
— |
|
|
$ |
— |
|
| Granted |
252,923 |
|
|
9.5 |
|
| Vested |
— |
|
|
— |
|
| Forfeited |
— |
|
|
— |
|
Unvested, outstanding at December 31, 2022 |
252,923 |
|
|
$ |
9.5 |
|
| Granted |
229,091 |
|
|
10.6 |
|
| Vested |
— |
|
|
— |
|
| Forfeited |
— |
|
|
— |
|
Unvested, outstanding at December 30, 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.
|
| Schedule of Valuation Assumptions |
A summary of the assumptions used in determining the fair value of stock options for the years ended December 30, 2023 and December 31, 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
December 30, 2023 |
|
December 31, 2022 |
Expected life of option (years) (1)
|
6.00 |
|
6.25 |
Risk-free interest rate (2)
|
3.7 |
% |
|
2.9% - 3.0% |
Expected volatility of the Company’s stock (3)
|
48.0 |
% |
|
45.0 |
% |
| 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 31, 2022 and December 30, 2023 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (dollar amounts in millions, except share and per share data) |
Stock Options |
|
Weighted-Average Grant Date Fair Value, per share |
|
Weighted-Average Exercise Price, per share |
|
Weighted Average Remaining Contractual Life (in years) |
|
Aggregate Intrinsic Value |
| Outstanding at January 1, 2022 |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
— |
|
|
$ |
— |
|
| Granted |
736,105 |
|
|
4.5 |
|
|
9.4 |
|
|
9.3 |
|
0.1 |
|
| Vested |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Forfeited |
(35,376) |
|
|
4.5 |
|
|
9.5 |
|
|
— |
|
|
— |
|
Outstanding at December 31, 2022 |
700,729 |
|
|
$ |
4.5 |
|
|
$ |
9.4 |
|
|
9.8 |
|
$ |
0.1 |
|
| Granted |
18,796 |
|
|
5.3 |
|
|
10.6 |
|
|
9.2 |
|
— |
|
| Vested |
(175,175) |
|
|
4.5 |
|
|
9.4 |
|
|
8.3 |
|
0.6 |
|
| Forfeited |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Outstanding at December 30, 2023 |
544,350 |
|
|
$ |
4.5 |
|
|
$ |
9.4 |
|
|
8.4 |
|
$ |
2.0 |
|
Vested not exercised at December 30, 2023 |
175,175 |
|
|
$ |
4.5 |
|
|
$ |
9.4 |
|
|
8.3 |
|
$ |
0.6 |
|
|