Share-based Compensation

12 Months Ended

Dec. 30, 2014

(13) Share-based Compensation

On May 16, 2013, our stockholders approved the Texas Roadhouse, Inc. 2013 Long-Term Incentive Plan (the "Plan"). The Plan provides for the granting of incentive and non-qualified stock options to purchase shares of common stock, stock appreciation rights, and full value awards, including restricted stock, restricted stock units ("RSUs"), deferred stock units, performance stock and performance stock units. As a result of the approval of the Plan, no future awards will be made under the Texas Roadhouse, Inc. 2004 Equity Incentive Plan.

Beginning in 2008, we changed the method by which we provide share-based compensation to our employees by eliminating stock option grants and, instead, granting RSUs as a form of share-based compensation. An RSU is the conditional right to receive one share of common stock upon satisfaction of the vesting requirement.

The following table summarizes the share-based compensation recorded in the accompanying consolidated statements of income and comprehensive income:

	Fiscal Year Ended
	December 30, 2014		December 31, 2013		December 25, 2012
Labor expense	$	5,523	$	5,439	$	4,570
General and administrative expense		9,360		9,301		8,623

Total share-based compensation expense	$	14,883	$	14,740	$	13,193

Share-based compensation activity by type of grant as of December 30, 2014 and changes during the period then ended is presented below.

Summary Details for RSUs

	Shares			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		1,283,862		$	18.68
Granted		527,965			26.74
Forfeited		(67,668	)		20.09
Vested		(766,035	)		19.20

Outstanding at December 30, 2014		978,124		$	22.52		0.88	$	33,041

As of December 30, 2014, with respect to unvested RSUs, there was $9.6 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 0.9 years. The vesting terms of the RSUs range from approximately 1.0 to 5.0 years. The total intrinsic value of RSUs vested during the years ended December 30, 2014, December 31, 2013 and December 25, 2012 was $20.4 million, $21.3 million and $11.6 million, respectively.

Summary Details for Share Options

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		1,043,438		$	13.77
Granted		—			—
Forfeited		(3,362	)		15.05
Exercised		(403,146	)		13.09

Outstanding at December 30, 2014		636,930		$	14.20		1.74	$	12,474


Exercisable at December 30, 2014		636,930		$	14.20		1.74	$	12,474

No stock options were granted during the fiscal years ended December 30, 2014, December 31, 2013 and December 25, 2012.

The total intrinsic value of options exercised during the years ended December 30, 2014, December 31, 2013 and December 25, 2012 was $6.1 million, $11.2 million and $8.7 million, respectively. No stock options vested during the years ended December 30, 2014 and December 31, 2013, respectively. The total grant date fair value of stock options vested during the year ended December 25, 2012 was $0.2 million, respectively.

For the years ended December 30, 2014, December 31, 2013 and December 25, 2012, cash received before tax withholdings from options exercised was $5.3 million, $15.1 million and $10.7 million, respectively. The excess tax benefit realized from tax deductions associated with options exercised for the years ended December 30, 2014, December 31, 2013 and December 25, 2012 was $2.9 million, $4.9 million and $3.6 million, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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