At its discretion, the Company grants share option awards, nonvested share awards and nonvested share unit awards to certain employees, as defined by ASC 718, Compensation—Stock Compensation, under the Company’s 2007 Equity and Performance Incentive Plan, as amended and restated in April 2011 and April 2016 (the “Amended 2007 Plan”), and accounts for its share-based compensation in accordance with ASC 718. The Company recognized $0.5 million and $0.6 million in share-based compensation expense for the 13 weeks ended March 31, 2019 and April 1, 2018, respectively. As of March 31, 2019, 548,803 shares remained available for future grant under the Amended 2007 Plan.

Share option awards granted by the Company generally vest and become exercisable in four equal annual installments of 25% per year with a maximum life of ten years. The exercise price of share option awards is equal to the quoted market price of the Company’s common stock on the date of grant. In the first quarter of fiscal 2019, the Company granted 243,800 share option awards with a weighted-average grant-date fair value of $1.36 per option. In the first quarter of fiscal 2018, the Company granted 252,400 share option awards with a weighted-average grant-date fair value of $1.23 per option.

A summary of the status of the Company’s share option awards is presented below:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value
Outstanding at December 30, 2018		362,310		$	7.51
Granted		243,800			4.07
Exercised		—			—
Forfeited or Expired		(61,160	)		6.01
Outstanding at March 31, 2019		544,950		$	6.14		8.83	$	—
Exercisable at March 31, 2019		113,850		$	10.42		6.36	$	—
Vested and Expected to Vest at March 31, 2019		530,483		$	6.18		8.81	$	—

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s most recent closing stock price of $3.18 as of March 31, 2019, which would have been received by the option holders had all option holders exercised their option awards as of that date.

The fair value of each share option award on the date of grant is estimated using the Black-Scholes method based on the following weighted-average assumptions:

	13 Weeks Ended
	March 31, 2019			April 1, 2018
Risk-free interest rate		2.6	%		2.6	%
Expected term	5.7 years			5.1 years
Expected volatility		53.0	%		48.0	%
Expected dividend yield		4.9	%		9.6	%

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option award; the expected term represents the weighted-average period of time that option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based upon the Company’s current dividend rate.

As of March 31, 2019, there was $0.5 million of total unrecognized compensation expense related to nonvested share option awards granted. That expense is expected to be recognized over a weighted-average period of 3.5 years.

Nonvested share awards and nonvested share unit awards granted by the Company vest for employees from the date of grant in four equal annual installments of 25% per year. Nonvested share awards and nonvested share unit awards granted by the Company to non-employee directors for their service as directors, as defined by ASC 718, vest 100% on the earlier of (a) the date of the Company’s next annual stockholders meeting following the grant date, or (b) the first anniversary of the grant date.

Nonvested share awards are delivered to the recipient upon their vesting. With respect to nonvested share unit awards, vested shares, including any dividend reinvestments, will be delivered to the recipient on the tenth business day of January following the year in which the recipient’s service to the Company is terminated. The total fair value of nonvested share awards which vested during the first quarter of fiscal 2019 and 2018 was $0.7 million and $0.9 million, respectively. No nonvested share unit awards vested during the first quarter of fiscal 2019 or 2018.

The Company granted 236,120 and 195,620 nonvested share awards in the first quarter of fiscal 2019 and 2018, respectively. The weighted-average grant-date fair value per share of the Company’s nonvested share awards granted in the first quarter of fiscal 2019 and 2018 was $3.73 and $6.85, respectively.

A summary of the status of the Company’s nonvested share awards is presented below:

	Shares			Weighted- Average Grant- Date Fair Value
Balance at December 30, 2018		434,292		$	10.42
Granted		236,120			3.73
Vested		(153,730	)		11.27
Forfeited		(6,320	)		10.26
Balance at March 31, 2019		510,362		$	7.07

A summary of the status of the Company’s nonvested share unit awards is presented below:

	Units			Weighted- Average Grant- Date Fair Value
Balance at December 30, 2018		26,163	$		7.81
Granted		—			—
Vested		—			—
Forfeited		—			—
Balance at March 31, 2019		26,163	$		7.81

To satisfy employee minimum statutory tax withholding requirements for nonvested share awards that vest, the Company withholds and retires a portion of the vesting common shares, unless an employee elects to pay cash. In the first quarter of fiscal 2019, the Company withheld 59,094 common shares with a total value of $0.2 million. This amount is presented as a cash outflow from financing activities in the accompanying interim unaudited condensed consolidated statement of cash flows.

As of March 31, 2019, there was $3.3 million and $28,000 of total unrecognized compensation expense related to nonvested share awards and nonvested share unit awards, respectively. That expense is expected to be recognized over a weighted-average period of 3.0 and 0.2 years for nonvested share awards and nonvested share unit awards, respectively.