Stock-Based Compensation

3 Months Ended

Mar. 30, 2022

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

Stock-Based Compensation

3. STOCK-BASED COMPENSATION

At March 30, 2022, options to purchase 836,230 shares of common stock were outstanding, including 557,322 vested and 278,908 unvested. Unvested options vest over time; however, upon a change in control, the Board of Directors may accelerate vesting. At March 30, 2022, 212,196 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 30, 2022 and changes during the thirteen weeks ended March 30, 2022 is as follows:

				Weighted-Average		Aggregate
		Weighted-Average		Contractual Life		Intrinsic Value
	Shares	Exercise Price		Life (Years)		(in thousands)
Outstanding - December 29, 2021	978,078	$	11.45
Exercised	(141,848)	$	10.79
Outstanding - March 30, 2022	836,230	$	11.56		5.04	$	1,413
Vested and expected to vest at March 30, 2022	832,975	$	11.54		5.02	$	1,413
Exercisable at March 30, 2022	557,322	$	9.82		3.46	$	1,381

At March 30, 2022, the Company had total unrecognized compensation expense of $1.2 million related to unvested stock options, which it expects to recognize over a weighted-average period of 2.73 years.

A summary of restricted share activity as of March 30, 2022 and changes during the thirteen weeks ended March 30, 2022 is as follows:

		Weighted-Average
	Shares	Fair Value
Unvested shares at December 29, 2021	495,780	$	13.92
Unvested shares at March 30, 2022	495,780	$	13.92

At March 30, 2022, the Company had unrecognized compensation expense of $4.7 million related to unvested restricted shares, which it expects to recognize over a weighted-average period of 2.31 years.

Total stock-based compensation expense was 0.8 million for the thirteen weeks ended March 30, 2022, and $0.9 million for the thirteen weeks ended March 31, 2021.