| Summary of Activity of Restricted Stock Units |
The following table summarizes activity of restricted stock units during the year ended January 2, 2023:
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Number of
Restricted Stock Units
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|
Weighted
Average Grant
Date Fair Value
|
| Non-vested at December 31, 2021 |
1,783,698 |
|
|
$ |
14.18 |
|
| Granted |
587,847 |
|
|
4.55 |
|
| Vested |
(477,799) |
|
|
13.08 |
|
| Forfeited |
(448,146) |
|
|
10.85 |
|
| Non-vested at January 2, 2023 |
1,445,600 |
|
|
$ |
11.68 |
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The following table summarizes activity of the restricted stock units during the year ended January 2, 2023:
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Performance Condition |
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Service Condition |
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Market Condition |
|
Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value
|
|
Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value
|
|
Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value
|
| Non-vested at December 31, 2021 |
1,251,698 |
|
|
$ |
15.15 |
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|
252,000 |
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|
$ |
15.79 |
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|
280,000 |
|
|
$ |
8.42 |
|
| Granted |
282,000 |
|
|
4.12 |
|
115,847 |
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|
6.26 |
|
190,000 |
|
|
4.13 |
| Vested |
(241,952) |
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|
15.14 |
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|
(205,847) |
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|
11.33 |
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|
(30,000) |
|
|
8.41 |
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| Forfeited |
(240,646) |
|
|
13.14 |
|
|
— |
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— |
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|
(207,500) |
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|
8.20 |
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| Non-vested at January 2, 2023 |
1,051,100 |
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$ |
12.62 |
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|
162,000 |
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$ |
14.65 |
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|
232,500 |
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$ |
5.34 |
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| Share-based Payment Arrangement, Performance Shares, Valuation Assumptions |
The input variables are noted in the table below:
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Year Ended
January 2, 2023 |
|
Year Ended
December 31, 2021 |
| Risk-free interest rate |
0.4% - 4.1% |
|
1.03 |
% |
| Expected life in years |
2.0 years |
|
3.0 years |
| Expected volatility |
57.3% - 65.9% |
|
65.9 |
% |
| Expected dividend yield * |
0 |
% |
|
0 |
% |
| * The Monte Carlo method assumes a reinvestment of dividends. |
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