STOCK-BASED COMPENSATION

At March 25, 2020, options to purchase 2,034,834 shares of common stock were outstanding, including 1,518,145 vested and 516,689 unvested. Unvested options vest over time; however, upon a change in control, the board may accelerate vesting. At March 25, 2020, 1,159,366 premium options, options granted above the stock price at date of grant, remained outstanding. A summary of stock option activity as of March 25, 2020 and changes during the thirteen weeks ended March 25, 2020 is as follows:



	Shares		Weighted-Average Exercise Price
Outstanding - December 25, 2019	2,077,570		$	8.14
Forfeited, cancelled or expired	(42,736	)	$	11.47
Outstanding - March 25, 2020	2,034,834		$	8.07
Vested and expected to vest at March 25, 2020	2,026,518		$	8.05
Exercisable at March 25, 2020	1,518,145		$	6.93

At March 25, 2020, the Company had total unrecognized compensation expense of $1.5 million related to unvested stock options, which it expects to recognize over a weighted-average period of 2.68 years.

A summary of restricted share activity as of March 25, 2020 and changes during the thirteen weeks ended March 25, 2020 is as follows:



	Shares		Weighted-Average Fair Value
Unvested shares at December 25, 2019	588,008		$	11.23
Forfeited, cancelled, or expired	(49,010	)	$	12.42
Unvested shares at March 25, 2020	538,998		$	11.12

Unvested shares at March 25, 2020, included 430,823 unvested restricted shares, 36,058 unvested performance stock units and 72,117 unvested restricted units.

At March 25, 2020, the Company had unrecognized compensation expense of $3.7 million related to unvested restricted shares, which it expects to recognize over a weighted-average period of 2.57 years, unrecognized compensation expense of $0.1 million related to performance stock units, which it expects to recognize over a weighted-average period of 3.12 years and unrecognized compensation expense of $0.5 million related to unvested restricted units, which it expects to recognize over a weighted-average period of 2.12 years.

Total stock-based compensation expense was $0.5 million for both the thirteen weeks ended March 25, 2020 and March 27, 2019.