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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2022
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 6. Stock-Based Compensation For the six months ended June 30, 2022, we granted stock only stock appreciation rights (“SOSARs”) on 84 shares of our common stock to eligible employees. The weighted-average grant date fair value of the SOSARs was $452.39 per share with a weighted-average exercise price of $1,574.58 per share. The SOSARs vest in two equal installments on the second and third anniversary of the grant date. For the three months ended June 30, 2022, 41 SOSARs were exercised, and 10 SOSARs were forfeited. For the six months ended June 30, 2022, we granted restricted stock units (“RSUs”) on 28 shares of our common stock to eligible employees. The weighted-average grant date fair value of the RSUs was $1,563.51 per share. The RSUs generally vest in two equal installments on the second and third anniversary of the grant date. For the six months ended June 30, 2022, 22 RSUs vested and 6 RSUs were forfeited. For the six months ended June 30, 2022, we awarded performance share units (“PSUs”) on 21 shares of our common stock at target performance to eligible employees. These PSUs are subject to service, market and performance vesting conditions. The weighted-average grant date fair value of the PSUs was $1,578.00 per share, and the quantity of shares that will vest range from 0% to 300% of the targeted number of shares. If the defined minimum targets are not met, then no shares will vest. Further, in no event may more than 100% of the target number of PSUs vest if our 3 year total shareholder return is below the 25 th percentile of the constituent companies comprising the S&P 500 on the day of grant. For the six months ended June 30, 2022, 55 PSUs vested, and 1 PSUs were forfeited. On December 30, 2020, due to the impact that the novel coronavirus (COVID-19) pandemic had on the growth in comparable restaurant sales and restaurant margin relative to the trajectory of both of these performance factors prior to the pandemic, and also due to the significant shareholder value created over the three year performance period of the original award, the Compensation Committee of our Board of Directors modified the 2018 PSU award. This modification pertained to all seven recipients of this award, and resulted in an incremental compensation expense of $71,441, of which $5,284 was recognized during the six months ended June 30, 2022, compared to $47,827 recognized during the six months ended June 30, 2021. $3,107 remains unamortized as of June 30, 2022. The incremental compensation cost is calculated by multiplying the number of incremental shares generated through the modification by the stock price on the modification date. The stock price on the modification date of December 30, 2020 was $1,374.17. Based on the terms of the modification, 29 PSUs vested on March 15, 2021, pursuant to the original performance condition of the 2018 PSU award. To receive all incremental shares generated through the modification, the recipients of this award must remain employed through December 31, 2022, and the incremental shares vest in four installments. The first two installments of the modification vested during 2021, which included the vesting of 33 PSU’s, and the third installment of the modification vested on June 30, 2022, which included the vesting of 8 PSUs. The unamortized expense associated with the one remaining installment will be recognized over the remaining requisite service period of six months. The following table sets forth total stock-based compensation expense:
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Stock-based compensation | $ | 29,142 |  | $ | 47,670 |  | $ | 53,219 |  | $ | 103,630
Stock-based compensation, net of income taxes | $ | 24,924 |  | $ | 42,722 |  | $ | 45,474 |  | $ | 93,187
Total capitalized stock-based compensation included in leasehold improvements, property and equipment, net on the condensed consolidated balance sheets | $ | 511 |  | $ | 380 |  | $ | 998 |  | $ | 950
Excess tax benefit on stock-based compensation recognized in provision for income taxes on the condensed consolidated statements of income and comprehensive income | $ | 2,711 |  | $ | 9,421 |  | $ | 20,672 |  | $ | 24,446
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