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Stock-Based Compensation
6 Months Ended
Jun. 27, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
STOCK-BASED COMPENSATION
At June 27, 2018, options to purchase 2,196,744 shares of common stock were outstanding, including 1,980,301 vested and 216,443 unvested. Unvested options vest over time; however, upon a change in control, the board may accelerate vesting. At June 27, 2018, 1,599,944 premium options, options granted above the stock price at date of grant, remained outstanding. There were no stock option exercises during the thirteen and twenty-six weeks ended June 27, 2018. For the thirteen and twenty-six ended June 28, 2017, there were stock option exercises of 17,661. For the thirteen and twenty-six weeks ended June 27, 2018, there were 120,752 stock options granted at the fair market value on the date of grant. For the thirteen and twenty-six weeks ended June 28, 2017, there were 128,252 stock options granted at the fair market value on the date of grant. At June 27, 2018, the Company had total unrecognized compensation expense of $0.7 million related to unvested stock options, which it expects to recognize over a weighted-average period of 3.3 years.
For the thirteen and twenty-six weeks ended June 27, 2018, there were no restricted shares granted. For the thirteen and twenty-six weeks ended June 28, 2017, there were 169,676 restricted shares granted at the fair market value on date of grant. At June 27, 2018, there were 113,741 unvested restricted shares outstanding. At June 27, 2018, the Company had total unrecognized compensation expense of $1.4 million related to unvested restricted shares, which it expects to recognize over a weighted-average period of 2.7 years.
For the thirteen and twenty-six weeks ended June 27, 2018, there were 72,116 performance stock units granted at the fair market value on date of grant. These awards are subject to service-based and market-based vesting conditions. The service period is from May 2018 to May 2019 and the market-based conditions are based on stock price. There were no performance stock units granted for the thirteen and twenty-six weeks ended June 28, 2017. At June 27, 2018, there were 72,116 unvested performance stock units outstanding. At June 27, 2018, the Company had total unrecognized compensation expense of $0.4 million related to performance stock units, which it expects to recognize over a weighted-average period of 4.9 years.
For the thirteen and twenty-six weeks ended June 27, 2018, there were 96,156 restricted units granted at the fair market value on date of grant. There were no restricted units granted for the thirteen and twenty-six weeks ended June 28, 2017. At June 27, 2018, there were 96,156 unvested restricted units outstanding. At June 27, 2018, the Company had total unrecognized compensation expense of $0.9 million related to unvested restricted units, which it expects to recognize over a weighted-average period of 3.9 years.
In connection with the retirement of our former President and CEO, the Company has modified his previously granted equity awards to accelerate the vesting of 33,545 shares, which would have otherwise vested in May 2018, and extended the exercise ability of all his vested and outstanding options until the expiration of the original term of such options. As a result, the Company incurred incremental stock-based compensation expense of $0.3 million and $0.8 million for the thirteen and twenty-six weeks ended June 27, 2018, respectively. Total stock-based compensation expense was $0.6 million and $1.2 million for the thirteen and twenty-six weeks ended June 27, 2018, respectively, and $0.3 million and $0.4 million for the thirteen and twenty-six weeks ended June 28, 2017, respectively.