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Stock-Based Compensation
 6 Months Ended
Jul. 01, 2012
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
In connection with the Spin-off of Fiesta, on March 5, 2012 Carrols Restaurant Group converted all of its outstanding vested stock options to shares of the Company's common stock and all of its outstanding non-vested stock options to non-vested shares of the Company's common stock. The non-vested shares will generally vest over the same period as the non-vested stock options.
Stock-based compensation expense for the three and six months ended July 1, 2012 was $0.2 million and $0.3 million, respectively. As of July 1, 2012, the total non-vested stock-based compensation expense relating to non-vested shares was approximately $1.2 million. The Company expects to record an additional $0.6 million as compensation expense for the remainder of 2012. At July 1, 2012, the remaining weighted average vesting period for non-vested shares was 2.0 years.

Stock Options/Non-vested Shares
A summary of all option activity for the six months ended July 1, 2012 was as follows:
 
 
2006 Plan
 
Number of
Options
 
Weighted
Average
Exercise Price
 
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
Options outstanding at January 1, 2012
2,438,327

 
$
9.33

 
3.2

 
$
8,275

Granted
—

 
—

 
 
 
 
Exercised
(69,824
)
 
4.20

 
 
 
 
Cancelled (1)
(2,348,950
)
 
9.51

 
 
 
 
Forfeited
(19,553
)
 
6.58

 
 
 
 
Options outstanding at July 1, 2012
—

 
$
—

 
—

 
$
—

Vested or expected to vest at July 1, 2012
—

 
$
—

 
—

 
$
—

Options exercisable at July 1, 2012
—

 
$
—

 
—

 
$
—


A summary of all non-vested shares activity for the six months ended July 1, 2012 was as follows:
 
 
Shares
 
Weighted
Average
Grant Date
Price
Nonvested at January 1, 2012
385,426

 
$
7.54

Granted (1)
320,958

 
11.36

Vested (2)
(255,860
)
 
7.58

Forfeited
(15,614
)
 
9.33

Nonvested at July 1, 2012
434,910

 
$
10.24

_____________________ 
(1)
Includes the conversion of all of outstanding vested stock options to shares of the Company's common stock and all of its outstanding non-vested stock options to non-vested shares of the Company's common stock as discussed above.
(2)
Includes accelerated vesting of 200,000 non-vested shares of the Company's common stock of the former Chairman of the board of directors of Fiesta.