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Stock-Based Compensation
6 Months Ended
Jun. 28, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
STOCK-BASED COMPENSATION
At June 28, 2017, options to purchase 2,302,319 shares of common stock were outstanding, including 1,835,285 vested and 467,034 unvested. Unvested options vest over time. However, upon a change in control, the board may accelerate vesting. At June 28, 2017, 1,563,549 premium options, options granted above the stock price at date of grant, remained outstanding. For both the thirteen and twenty-six weeks ended June 28, 2017, there were stock option exercises of 17,661. For both the thirteen and twenty-six weeks ended June 29, 2016, there were stock option exercises of 115,340 shares. For the thirteen and twenty-six weeks ended June 28, 2017, 128,252 stock options were granted at the fair market value on the date of grant. For the thirteen and twenty-six weeks ended June 29, 2016, 319,798 stock options were granted at the fair market value on the date of grant. At June 28, 2017, we had total unrecognized compensation expense of $1.5 million related to unvested stock options, which we expect to recognize over a weighted-average period of 3.1 years.
For the thirteen and twenty-six weeks ended June 28, 2017, 169,676 restricted shares were granted at the fair market value on the date of grant. The restricted shares will vest ratably over four years for employees and three years for directors, from their grant date. There were 7,806 restricted shares granted at the fair market value on the date of grant during the thirteen and twenty-six weeks ended June 29, 2016. At June 28, 2017, there were 194,387 unvested restricted shares outstanding. At June 28, 2017, we had total unrecognized compensation expense of $2.5 million related to unvested restricted shares, which we expect to recognize over a weighted-average period of 3.6 years.
Total stock-based compensation expense was $0.3 million and $0.4 million for the thirteen and twenty-six weeks ended June 28, 2017, respectively, and $0.1 million for the thirteen and twenty-six weeks ended June 29, 2016. In connection with the separation of our former audit committee chair, the Company has modified previously granted equity awards to allow for additional time to exercise previously vested awards following his separation date. As a result, the Company incurred incremental stock-based compensation expense of less than $0.1 million for the thirteen and twenty-six weeks ended June 28, 2017.