Share-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Total share-based compensation included as a component of general and administrative expenses was as follows:


	Quarter Ended
		March 31, 2021		March 25, 2020
		(In thousands)
Employee share awards		$	3,253	$	(1,746)
Restricted stock units for board members		219		209
Total share-based compensation		$	3,472	$	(1,537)

Employee Share Awards

During the quarter ended March 31, 2021, we granted certain employees approximately 0.5 million performance share units ("PSUs") with a grant date fair value of $24.74 per share that vest based on the total shareholder return (“TSR”) of our common stock compared to the TSRs of a group of peer companies. As the TSR based performance shares contain a market condition, a Monte Carlo valuation was used to determine the grant date fair value. The performance period for these PSUs is the three year fiscal period beginning December 31, 2020 and ending December 27, 2023. The PSUs will vest and be earned (from 0% to 200% of the target award) at the end of the performance period.

We also granted certain employees approximately 0.2 million restricted stock units ("RSUs") with a grant date fair value of $15.91 per share. The RSUs vest evenly over the three year period ending December 27, 2023.

During the quarter ended March 31, 2021, we issued 0.2 million shares of common stock related to vested performance share units. In addition, 0.1 million shares of common stock were withheld in lieu of taxes related to vested performance share units.

As of March 31, 2021, we had approximately $22.3 million of unrecognized compensation cost related to unvested performance share awards and restricted share awards outstanding, which have a weighted average remaining contractual term of 2.2 years.

Restricted Stock Units for Board Members

As of March 31, 2021, we had approximately $0.1 million of unrecognized compensation cost related to all unvested restricted stock unit awards outstanding, which have a weighted average remaining contractual term of 0.2 years.