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STOCK BASED COMPENSATION
 3 Months Ended
Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION
In June 2006, the Company adopted the Bravo Development, Inc. Option Plan (the “2006 Plan”) in order to provide an incentive to employees. In conjunction with the Company’s initial public offering, all of the then outstanding options under the 2006 Plan became exercisable and the 2006 Plan was terminated. No further compensation costs will be recorded under the 2006 Plan. The 2006 Plan was replaced with the Bravo Brio Restaurant Group, Inc. Stock Incentive Plan (the “Stock Incentive Plan”), which was adopted in October 2010.

2006 Plan
Stock option activity for the thirteen weeks ended March 29, 2015 is summarized as follows:
 
 
Number
of Shares
 
Weighted Average
Exercise Price
Outstanding at December 28, 2014
840,658

 
$
1.45

Exercised
(27,294
)
 
$
1.45

Granted
—

 
$
—

Forfeited
—

 
$
—

Outstanding at March 29, 2015
813,364

 
$
1.45

Exercisable at March 29, 2015
813,364

 
$
1.45


At March 29, 2015, the weighted-average remaining contractual term of options outstanding was approximately 1.7 years and all of the options were exercisable. Aggregate intrinsic value is calculated as the difference between the Company’s closing price at the end of the fiscal quarter and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders had they all exercised such options on the fiscal quarter end date. The aggregate intrinsic value for outstanding and exercisable options at March 29, 2015 was $10.6 million.
Stock Incentive Plan
Restricted stock activity for the thirteen weeks ended March 29, 2015 is summarized as follows:
 
 
Number of
Shares
 
Weighted-
Average Grant
Date Fair  Value
Outstanding at December 28, 2014
294,749

 
$
16.22

Granted
—

 
$
—

Vested
(94,952
)
 
$
16.62

Forfeited
(10,000
)
 
$
16.78

Outstanding at March 29, 2015
189,797

 
$
15.99


Fair value of the outstanding shares of restricted stock is based on the average of the high and low price of the Company’s shares on the date immediately preceding the date of grant.  In the first thirteen weeks of 2015, stock compensation costs related to shares of restricted stock were approximately $0.4 million. As of March 29, 2015, total unrecognized stock-based compensation expense related to non-vested shares of restricted stock was approximately $2.7 million taking into account potential forfeitures, which is expected to be recognized over a weighted average period of approximately 2.2 years. These shares of restricted stock will vest, subject to certain exceptions, annually over a four-year period. The Company's restricted stock award agreements allow employees to surrender to the Company shares of stock upon vesting in lieu of their payment of the required personal employment-related taxes. Employees surrendered to the Company 29,355 shares and 18,525 shares of stock towards the minimum statutory tax withholdings which the Company recorded as a reduction in common shares in an amount of approximately $0.4 million and $0.3 million, for the thirteen weeks ended March 29, 2015 and March 30, 2014, respectively.