Stock-Based Compensation (Notes)

9 Months Ended

Sep. 29, 2019

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

Stock-based compensation expense for the three months ended September 29, 2019 and September 30, 2018 was $1.7 million and $1.5 million, respectively and for the nine months ended September 29, 2019 and September 30, 2018 was $4.5 million and $4.5 million, respectively. On January 15, 2019, the Company granted 417,500 non-vested restricted shares to certain employees and officers of the Company and 47,470 non-vested restricted shares to outside directors of the Company. These shares vest, become non-forfeitable and are being expensed over their three-year vesting period.

On September 16, 2019, the Company granted 10,000 non-vested restricted shares to the Interim Vice President-Chief Financial Officer and Treasurer, which vest upon the later of the first anniversary of the start date or the date on which the Company has completed the transition period to a new Chief Financial Officer.

A summary of all non-vested shares activity for the nine months ended September 29, 2019 was as follows:



	Shares		Weighted Average Grant Date Price
Non-vested at December 30, 2018	796,476		$	13.12
Granted	474,970		$	9.47
Vested	(473,123	)	$	12.48
Non-vested at September 29, 2019	798,323		$	11.33

The fair value of non-vested shares is based on the closing price on the date of grant. As of September 29, 2019, the total non-vested unrecognized stock-based compensation expense was approximately $5.8 million and the remaining weighted average vesting period for non-vested shares was 1.6 years. The Company expects to record an additional $1.3 million in stock-based compensation expense related to the vesting of these awards for the remainder of 2019.

During the nine months ended September 29, 2019, the Company granted restricted stock units (“RSUs”) on 67,452 shares of the Company's common shares to eligible employees. The RSUs generally vest in equal installments over three years. During the nine months ended September 29, 2019, 19,011 RSUs vested at a weighted average price of $8.59 per share into shares of the Company's common stock.