XML 34 R10.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Stock-Based Compensation	5. Stock-based Compensation During the six months ended June 30, 2015, the Company granted stock only stock appreciation rights (“SOSARs”) on 367 shares of its common stock to eligible employees. The weighted average grant date fair value of the SOSARs was $156.96 per share with a weighted average exercise price of $662.24 per share based on the closing price of common stock on the date of grant. The SOSARs vest in two equal installments on the second and third anniversary of the grant date. During the six months ended June 30, 2015, 547 SOSARs were exercised, and 25 SOSARs were forfeited. During the first quarter of 2015, the Company awarded performance shares that were subject to service, performance, and market vesting conditions. The quantity of shares that will ultimately vest is determined based on Chipotle’s relative performance versus a restaurant industry peer group, in average revenue growth, net income growth, and total shareholder return, with each performance measure to be weighted equally. Performance will be calculated over a three year period beginning January 1, 2015 through December 31, 2017. If minimum targets are not met, then no shares will vest. Total stock-based compensation expense was $21,333 and $37,894 ($13,154 and $23,365 net of tax) for the three and six months ended June 30, 2015, respectively, and was $34,340 and $61,997 ($21,147 and $38,178 net of tax) for the three and six months ended June 30, 2014. A portion of stock-based compensation totaling $409 and $835 for the three and six months ended June 30, 2015, and $298 and $596 for the three and six months ended June 30, 2014, respectively, was recognized as capitalized development and is included in leasehold improvements, property and equipment in the consolidated balance sheet.