Stock-Based Compensation

6 Months Ended

Jun. 24, 2020

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

Stock-Based Compensation

3. STOCK-BASED COMPENSATION

At June 24, 2020, options to purchase 1,641,851 shares of common stock were outstanding, including 1,258,437 vested and 383,414 unvested. Unvested options vest over time; however, upon a change in control, the Board of Directors may accelerate vesting. At June 24, 2020, 820,342 premium options, options granted above the stock price at date of grant, remained outstanding. A summary of stock option activity as of June 24, 2020 and changes during the twenty-six weeks ended June 24, 2020 is as follows:

		Weighted-Average
	Shares	Exercise Price
Outstanding - December 25, 2019	2,077,570	$	8.14
Exercised	(372,556)		5.81
Forfeited, cancelled or expired	(63,163)		11.56
Outstanding - June 24, 2020	1,641,851	$	8.53
Vested and expected to vest at June 24, 2020	1,635,204	$	8.52
Exercisable at June 24, 2020	1,258,437	$	7.66

At June 24, 2020, the Company had total unrecognized compensation expense of $1.3 million related to unvested stock options, which it expects to recognize over a weighted-average period of 2.46 years.

A summary of restricted share activity as of June 24, 2020 and changes during the twenty-six weeks ended June 24, 2020 is as follows:

		Weighted-Average
	Shares	Fair Value
Unvested shares at December 25, 2019	588,008	$	11.23
Granted	412,224	$	12.46
Released	(108,714)	$	11.79
Forfeited, cancelled, or expired	(73,497)	$	12.21
Unvested shares at June 24, 2020	818,021	$	11.69

Unvested shares at June 24, 2020, included 733,885 unvested restricted shares, 36,058 unvested performance stock units and 48,078 unvested restricted units.

At June 24, 2020, the Company had unrecognized compensation expense of $8.0 million related to unvested restricted shares, which it expects to recognize over a weighted-average period of 3.22 years, unrecognized compensation expense of $0.1 million related to performance stock units, which it expects to recognize over a weighted-average period of 2.87 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 1.87 years.

Total stock-based compensation expense was $0.7 million and $1.3 million for the thirteen and twenty-six weeks ended June 24, 2020, respectively, and $0.6 million and $1.1 million for the thirteen and twenty-six weeks ended June 26, 2019, respectively.