Stock-based Compensation

6 Months Ended

Jun. 28, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

During the six months endedJune 28, 2015 and June 29, 2014, the Company granted 22,597 and 71,891 non-vested restricted shares, respectively, under the Fiesta Plan to certain employees. These shares vest and become non-forfeitable over a four year vesting period. The weighted average fair value at grant date for these non-vested shares issued to employees during the six months endedJune 28, 2015 and June 29, 2014 was $62.05 and $45.04, respectively.

During the six months endedJune 28, 2015 and June 29, 2014, the Company granted 10,007 and 24,252 restricted stock units, respectively, under the Fiesta Plan to certain employees. Certain of the restricted stock units vest and become non-forfeitable over a four year vesting period and certain of the restricted stock units vest and become non-forfeitable at the end of a four year vesting period. The weighted average fair value at grant date for these restricted stock units issued to employees during the six months endedJune 28, 2015 and June 29, 2014 was $62.05 and $45.04, respectively.

During the three months ended June 28, 2015 and June 29, 2014, the Company granted 8,698 and 8,399 non-vested restricted shares, respectively, to non-employee directors. The weighted average fair value at the grant date for restricted non-vested shares issued to directors during the three months ended June 28, 2015 and June 29, 2014 was $54.06 and $37.23, respectively. These shares vest and become non-forfeitable over a one year vesting period.

Also during the six months endedJune 28, 2015, the Company granted in the aggregate 17,501 non-vested restricted shares and 17,501 restricted stock units under the Fiesta Plan to certain employees subject to performance conditions. The non-vested restricted shares vest and become non-forfeitable over a four year vesting period subject to the attainment of performance conditions. The restricted stock units vest and become non-forfeitable at the end of a three year vesting period. The number of shares into which the restricted stock units convert is determined based on the attainment of certain performance conditions, and ranges from no shares if the minimum performance condition is not met to 35,002 shares if the maximum performance condition is met. The weighted average fair value at the grant date for restricted non-vested shares and restricted stock units subject to performance conditions issued during the six months endedJune 28, 2015 was $65.01.

Stock-based compensation expense for the six months endedJune 28, 2015 and June 29, 2014 was $2.0 million and $1.8 million, respectively. As of June 28, 2015, the total unrecognized stock-based compensation expense relating to non-vested restricted shares and restricted stock units was approximately $9.0 million. At June 28, 2015, the remaining weighted average vesting period for non-vested restricted shares and restricted stock units was 2.0 years.

 A summary of all non-vested restricted shares and restricted stock units activity for the six months endedJune 28, 2015 was as follows:

	Non-Vested Shares				Restricted Stock Units
			Weighted				Weighted
			Average				Average
			Grant Date				Grant Date
	Shares		Price		Units		Price
Outstanding at December 28, 2014	424,497		$	20.50	20,783		$	45.04
Granted	48,796		61.69		27,508		63.93
Vested	(172,923	)	17.56		(108	)	45.04
Forfeited	(245	)	32.12		(2,419	)	49.37
Outstanding at June 28, 2015	300,125		$	28.88	45,764		$	56.17

The fair value of the non-vested restricted shares and restricted stock units is based on the closing price on the date of grant.