Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

3. STOCK-BASED COMPENSATION

At September 30, 2015, options to purchase 2,175,454 shares of common stock were outstanding, including 1,628,609 vested and 546,845 unvested. Unvested options vest over time, or upon our achieving annual financial goals. However, upon a change in control, the board may accelerate vesting. At September 30, 2015, 1,739,367 premium options remained outstanding. For the thirteen and thirty-nine weeks ended September 30, 2015, there were exercises of stock options for 18,340 and 863,247 shares, respectively. For the thirty-nine weeks ended September 24, 2014, there was one exercise of stock options for 739 shares.

At September 30, 2015, there were 12,352 restricted shares outstanding. Restricted shares vest over time.

At September 30, 2015, we had total unrecognized compensation expense of $1.1 million, related to unvested stock options and restricted shares, which we expect to recognize over a weighted-average period of 2.2 years.

Total stock-based compensation expense was $165,000 and $608,000 for the thirteen and thirty-nine weeks ended September 30, 2015, respectively, and was $297,000 and $635,000 for the thirteen and thirty-nine weeks ended September 24, 2014, respectively.