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Share-based Compensation
3 Months Ended
Mar. 26, 2013
Share-based Compensation  
Share-based Compensation

(2)   Share-based Compensation

 

We may grant incentive and non-qualified stock options to purchase shares of common stock, stock bonus awards (restricted stock unit awards (“RSUs”)) and restricted stock awards under the Texas Roadhouse, Inc. 2004 Equity Incentive Plan (the “Plan”).  Beginning in 2008, we changed the method by which we provide share-based compensation to our employees by eliminating stock option grants and, instead, granting RSUs as a form of share-based compensation.  An RSU is the conditional right to receive one share of common stock upon satisfaction of the vesting requirement.

 

The following table summarizes the share-based compensation recorded in the accompanying  unaudited condensed consolidated statements of income and comprehensive income:

 

 

 

13 Weeks Ended

 

 

 

March 26, 2013

 

March 27, 2012

 

 

 

 

 

 

 

Labor expense

 

$

1,330

 

$

1,006

 

General and administrative expense

 

2,182

 

2,047

 

Total share-based compensation expense

 

$

3,512

 

$

3,053

 

 

A summary of share-based compensation activity by type of grant as of March 26, 2013 and changes during the period then ended is presented below.

 

Summary Details for Plan Share Options

 

 

 

Shares

 

Weighted-
Average
Exercise Price

 

Weighted-Average
Remaining Contractual
Term (years)

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 25, 2012

 

2,258,921

 

$

13.24

 

 

 

 

 

Granted

 

 

 

 

 

 

 

Forfeited

 

(9,755

)

14.22

 

 

 

 

 

Exercised

 

(490,744

)

12.20

 

 

 

 

 

Outstanding at March 26, 2013

 

1,758,422

 

$

13.53

 

2.81

 

$

11,593

 

 

 

 

 

 

 

 

 

 

 

Exercisable at March 26, 2013

 

1,758,422

 

$

13.53

 

2.81

 

$

11,593

 

 

The total intrinsic value of options exercised during the 13 weeks ended March 26, 2013 and March 27, 2012 was $3.3 million and $3.4 million, respectively.  No stock options vested during the 13 week period ended March 26, 2013.  The total grant date fair value of stock options vested for the 13 week period ended March 27, 2012 was $0.1 million.

 

Summary Details for RSUs

 

 

 

 

Shares

 

Weighted-
Average
Grant Date
Fair Value

 

Weighted-Average
Remaining Contractual
Term (years)

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 25, 2012

 

1,803,514

 

$

15.73

 

 

 

 

 

Granted

 

142,647

 

19.00

 

 

 

 

 

Forfeited

 

(5,967

)

16.95

 

 

 

 

 

Vested

 

(546,175

)

15.67

 

 

 

 

 

Outstanding at March 26, 2013

 

1,394,019

 

$

16.08

 

8.82

 

$

28,048

 

 

As of March 26, 2013, with respect to unvested RSUs, there was $6.2 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 1.2 years.  The vesting terms of the RSUs range from 1.0 to 5.0 years.  The total intrinsic value of RSUs vested for the 13 week periods ended March 26, 2013 and March 27, 2012 was $9.9 million and $4.8 million, respectively.