Stock-Based Compensation

6 Months Ended

Jun. 27, 2020

Share-based Payment Arrangement [Abstract]

In October 2011, our stockholders approved the 2011 Equity Incentive Plan, which was subsequently amended and restated in March 2013 (as amended, the “2011 Equity Plan”). The 2011 Equity Plan provides directors, executive officers, and other employees of the Company with additional incentives by allowing them to acquire ownership interest in the business and, as a result, encouraging them to contribute to the Company’s success. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other cash-based or stock-based awards. As of June 27, 2020, 1,073,194 shares of common stock are authorized and reserved for issuance under the 2011 Equity Plan. This reserve automatically increases on each January 1 from 2014 through 2023, by an amount equal to the smaller of (i) 3.5% of the number of shares issued and outstanding on the immediately preceding December 31, or (ii) an amount determined by our Board of Directors. The restricted shares of common stock granted generally provide for service-based vesting after two to four years following the grant date.

The following summarizes the activity of restricted stock awards during the six months ended June 27, 2020:



	Number of Unvested Restricted Shares of Common Stock and Restricted Stock Units	Weighted Average Grant Date Fair Value
December 28, 2019	652,677	$	58.20
Granted	175,978	$	42.00
Vested	(193,685)	$	49.00
Forfeited	(12,143)	$	63.00
June 27, 2020	622,827	$	56.18

Stock-based compensation expense relating to restricted stock awards during the three and six months ended June 27, 2020 was $3,501 and $6,880, respectively, and $2,369 and $4,167 for the three and six months ended June 29, 2019, respectively. Approximately $20,663 of deferred compensation, which is expected to be recognized over the remaining weighted average vesting period of 1.7 years, is unrecognized at June 27, 2020. The total fair value of restricted shares vested during the six months ended June 27, 2020 and June 29, 2019 was $8,426 and $13,649, respectively.