(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 PSUs. This plan replaced 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 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. An PSU is the conditional right to receive one share of common stock upon meeting a performance obligation along with the 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 29,		December 30,		December 31,
	2015		2014		2013
Labor expense	$	5,329	$	5,523	$	5,439
General and administrative expense		17,496		9,360		9,301
Total share-based compensation expense	$	22,825	$	14,883	$	14,740

Share‑based compensation activity by type of grant as of December 29, 2015 and changes during the period then ended is presented below.

Summary Details for RSUs


		Weighted-Average		Weighted-Average
		Grant Date Fair		Remaining Contractual	Aggregate
	Shares	Value		Term (years)	Intrinsic Value
Outstanding at December 30, 2014	978,124	$	22.52
Granted	769,926		35.56
Forfeited	(39,388)		27.98
Vested	(724,076)		22.04
Outstanding at December 29, 2015	984,586	$	32.86	1.2	$	35,511

As of December 29, 2015, with respect to unvested RSUs, there was $18.2 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 1.2 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 29, 2015, December 30, 2014 and December 31, 2013 was $25.1 million, $20.4 million and $21.3 million, respectively. The excess tax benefit realized from tax deductions associated with vested restricted stock units for the years ended December 29, 2015, December 30, 2014 and December 31, 2013 was $2.8 million, $1.4 million and $2.1 million, respectively

Summary Details for PSUs

In 2015, we granted PSUs to two of our executives subject to a one-year vesting and the achievement of certain earnings targets, which determine the number of units to vest at the end of the vesting period. Share-based compensation is recognized for the number of units expected to vest at the end of the period and is expensed beginning on the grant date and through the performance period. For each grant, PSUs vest after meeting the performance and service conditions. The distribution of vested performance stock units as common stock will occur in the first quarter of 2016 and the first quarter of 2017.

On January 8, 2015 we granted PSUs with a grant date fair value of approximately $4.0 million based on the grant date price per share of $34.77. On January 8, 2016, 144,000 shares vested related to this PSU grant. On November 19, 2015 we granted PSUs with a grant date fair value of approximately $3.9 million based on the grant date price per share of $34.11. As of December 29, 2015, with respect to unvested PSUs, there was $3.6 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 1.0 years.

Summary Details for Stock Options


		Weighted-		Weighted-Average
		Average Exercise		Remaining Contractual	Aggregate
	Shares	Price		Term (years)	Intrinsic Value
Outstanding at December 30, 2014	636,930	$	14.20
Granted	—		—
Forfeited	(2,324)		17.90
Exercised	(306,108)		15.34
Outstanding at December 29, 2015	328,498	$	13.10	1.3	$	7,542
Exercisable at December 29, 2015	328,498	$	13.10	1.3	$	7,542

No stock options were granted during the fiscal years ended December 29, 2015, December 30, 2014 and December 31, 2013.

The total intrinsic value of options exercised during the years ended December 29, 2015, December 30, 2014 and December 31, 2013 was $6.5 million, $6.1 million and $11.2 million, respectively. No stock options vested during the years ended December 29, 2015, December 30, 2014 and December 31, 2013, respectively.

For the years ended December 29, 2015, December 30, 2014 and December 31, 2013, cash received before tax withholdings from options exercised was $4.7 million, $5.3 million and $15.1 million, respectively. The excess tax benefit realized from tax deductions associated with options exercised for the years ended December 29, 2015, December 30, 2014 and December 31, 2013 was $1.7 million, $1.5 million and $2.8 million, respectively.