Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

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

Stock-Based Compensation

3. STOCK-BASED COMPENSATION

At March 31, 2021, options to purchase 969,447 shares of common stock were outstanding, including 623,588 that are vested and 345,859 that are unvested. Unvested options vest over time; however, upon a change in control, the Board of Directors may accelerate vesting. At March 31, 2021, 260,967 premium options, which are options granted above the stock price at date of grant, remained outstanding. A summary of stock option activity as of March 31, 2021 and changes during the thirteen weeks ended March 31, 2021 is as follows:

				Weighted-Average	Aggregate
		Weighted-Average		Contractual Life	Intrinsic Value
	Shares	Exercise Price		Life (Years)	(in thousands)
Outstanding - December 30, 2020	1,030,866	$	9.82
Exercised	(61,419)		5.31

Outstanding - March 31, 2021	969,447	$	10.10	5.51	$	5,884
Vested and expected to vest at March 31, 2021	966,137	$	10.10	5.50	$	5,868
Exercisable at March 31, 2021	623,588	$	9.39	4.29	$	4,212

At March 31, 2021, the Company had total unrecognized compensation expense of $0.9 million related to unvested stock options, which it expects to recognize over a weighted-average period of 1.77 years.

A summary of restricted share activity as of March 31, 2021 and changes during the thirteen weeks ended March 31, 2021 is as follows:

		Weighted-Average
	Shares	Fair Value
Unvested shares at December 30, 2020	742,404	$	11.68
Forfeited, cancelled, or expired	(6,241)	$	12.02
Unvested shares at March 31, 2021	736,163	$	11.68

Unvested shares at March 31, 2021, included 652,027 unvested restricted shares, 36,058 unvested performance stock units and 48,078 unvested restricted units.

At March 31, 2021, the Company had unrecognized compensation expense of $5.6 million related to unvested restricted shares, which it expects to recognize over a weighted-average period of 2.58 years, unrecognized compensation expense of $0.1 million related to performance stock units, which it expects to recognize over a weighted-average period of 2.11 years and unrecognized compensation expense of $0.3 million related to unvested restricted units, which it expects to recognize over a weighted-average period of 1.11 years.

Total stock-based compensation expense was $0.9 million for the thirteen weeks ended March 31, 2021, and $0.5 million for the thirteen weeks ended March 25, 2020.