Note 14 – Stock-Based Compensation

As of March 30, 2025, the Company had 1,941,354 shares available for issuance under its 2019 Equity Incentive Plan (the “2019 Equity Plan”).

Stock-based compensation cost for the three periods ended March 30, 2025 and the three months ended March 31, 2024 was $1.6 million and $1.4 million, respectively. Stock-based compensation is included in general and administrative expenses in the condensed consolidated statements of operations. Included in stock-based compensation cost for the three periods ended March 30, 2025 and three months ended March 31, 2024, was $0.2 million and $0.1 million, respectively, of cost related to unrestricted stock granted to directors. Such grants were awarded consistent with the Board of Director’s compensation practices. Stock-based compensation for both the three periods ended March 30, 2025 and the three months ended March 31, 2024 included $0.2 million of compensation costs for performance stock units that contain both a market condition and time element (“PSUs”).

Stock Option Activity

Stock options in the table below include both time-based and market condition-based awards. Changes in stock options during the three periods ended March 30, 2025 were as follows:

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A summary of the status of the Company’s non-vested stock options during the three periods ended March 30, 2025 is presented below:

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Restricted Stock Unit Activity

The Company issues restricted stock units (“RSUs”) under the 2019 Equity Plan. RSUs in the table below include time-based awards. The fair value of time-based RSUs is determined based upon the closing market value of the Company’s common stock on the grant date.

A summary of the status of RSUs and changes during the three periods ended March 30, 2025 is presented below:

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As of March 30, 2025, the Company had approximately $5.7 million of unrecognized compensation costs related to RSUs, which will be recognized over a weighted average period of 2.0 years.

Performance Stock Unit Activity

The Company issues performance stock units (“PSUs”) under the 2019 Equity Plan. PSUs in the table below includes both time based and market condition-based awards and are valued using the Monte Carlo Simulation.

A summary of the status of PSUs and changes during the three periods ended March 30, 2025 is presented below:

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As of March 30, 2025, the Company had approximately $1.6 million of unrecognized compensation costs related to PSUs, which will be recognized over a weighted average period of 1.8 years.