Stock-Based Compensation Expense

6 Months Ended

Jul. 01, 2013

Stock-Based Compensation Expense

Stock-Based Compensation Expense

Note 2 — Stock-Based Compensation Expense

A summary of non-cash, stock-based compensation expense is as follows:

	For the Three Months Ended					For the Six Months Ended
	(in thousands)					(in thousands)
	July 1, 2013			July 2, 2012		July 1, 2013			July 2, 2012
Stock option compensation expense	$	1		$	—	$	6		$	—
Restricted stock compensation (credit) expense, net of forfeitures	(110		)	97		(11		)	203
Total non-cash, stock-based compensation expense, net of forfeitures	$	(109	)	$	97	$	(5	)	$	203

As of July 1, 2013, the unrecognized compensation expense related to stock options and restricted shares of common stock granted under the Cosi, Inc. 2005 Omnibus Long-Term Incentive Plan, as amended, (the “2005 Plan”) was approximately $0.1 million and is being recognized on a straight-line basis over the remaining vesting period through fiscal 2017.

We did not grant any shares of common stock to employees in the three months ended July 1, 2013 and July 2, 2012.

During the three months ended July 2, 2012, we converted 91,250 previously issued restricted stock units into shares of our common stock.

In the three months ended July 1, 2013 and July 2, 2012, we issued 44,640 and 43,103 shares, respectively, of our restricted common stock to members of the Board of Directors pursuant to the 2005 Plan. These shares had an aggregate value of approximately $0.1 million and $0.2 million, respectively, and vested upon issuance.

During the three months ended July 1, 2013 and July 2, 2012, 250,000 and 2,075 shares, respectively, of previously issued restricted common stock were forfeited. During the six months ended July 1, 2013 and July 2, 2012, 268,900 and 2,125 shares, respectively, of previously issued restricted common stock were forfeited. The value of the forfeited shares, based on the closing price of our common stock on the date of the grants, was approximately $0.7 million during the three and six months ended July 1, 2013 and immaterial during the three and six months ended July 2, 2012.