Stock-Based Compensation (Notes)

3 Months Ended

Mar. 29, 2020

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

Stock-based compensation expense for the three months ended March 29, 2020 and March 31, 2019 was $1.1 million and $1.5 million, respectively. During the three months ended March 29, 2020, the Company granted 790,000 non-vested restricted shares to certain employees and officers of the Company and 73,128 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.

A summary of all non-vested shares activity for the three months ended March 29, 2020 was as follows:



	Shares		Weighted Average Grant Date Price
Non-vested at December 29, 2019	790,823		$	11.35
Granted	863,128		$	5.42
Vested	(404,477	)	$	12.16
Non-vested at March 29, 2020	1,249,474		$	6.99

The fair value of non-vested shares is based on the closing price on the date of grant. As of March 29, 2020, the total non-vested unrecognized stock-based compensation expense was approximately $8.0 million and the remaining weighted average vesting period for non-vested shares was 2.4 years. The Company expects to record an additional $3.2 million in stock-based compensation expense related to the vesting of these awards for the remainder of 2020.

The Company has issued restricted stock units (“RSUs”) on shares of the Company's common shares to certain eligible employees. During the three months ended March 29, 2020, 20,486 RSUs vested at a weighted average price of $2.92 per share into shares of the Company's common stock.

A summary of all RSU activity for the three months ended March 29, 2020 was as follows:



	Units
Non-vested at December 29, 2019	57,942
Vested	(20,486	)
Non-vested at March 29, 2020	37,456