(2) 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 ("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. A RSU is the conditional right to receive one share of common stock upon satisfaction of the vesting requirement. A 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 expense recorded in the accompanying unaudited condensed consolidated statements of income and comprehensive income:



	13 Weeks Ended
	March 29, 2016		March 31, 2015
Labor expense	$	1,399	$	1,515
General and administrative expense		4,389		3,389
Total share-based compensation expense	$	5,788	$	4,904

Share-based compensation activity by type of grant as of March 29, 2016 and changes during the 13 weeks then ended are 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 29, 2015	984,586	$	32.86
Granted	160,290		40.22
Forfeited	(2,255)		30.25
Vested	(212,561)		33.91
Outstanding at March 29, 2016	930,060	$	33.85	1.3	$	40,565

As of March 29, 2016, with respect to unvested RSUs, there was $19.7 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 1.3 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 13 weeks ended March 29, 2016 and March 31, 2015 was $8.1 million and $13.4 million, respectively. The excess tax benefit realized from tax deductions associated with vested restricted stock units for the 13 weeks ended March 29, 2016 and March 31, 2015 was $0.3 million and $1.5 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.

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 and were distributed during the 13 weeks ended March 29, 2016. 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 March 29, 2016, with respect to unvested PSUs, there was $3.1 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 0.8 years. The distribution of vested performance stock units as common stock related to the November 19, 2015 grants will occur in the first quarter of 2017.

Summary Details for Stock Options


		Weighted-		Weighted-Average
		Average Exercise		Remaining Contractual	Aggregate
	Shares	Price		Term (years)	Intrinsic Value
Outstanding at December 29, 2015	328,498	$	13.10
Granted	—		—
Forfeited	—		—
Exercised	(111,621)		11.91
Outstanding at March 29, 2016	216,877	$	13.71	1.0	$	6,482
Exercisable at March 29, 2016	216,877	$	13.71	1.0	$	6,482

The total intrinsic value of options exercised during the 13 weeks ended March 29, 2016 and March 31, 2015 was $3.3 million and $2.2 million, respectively. No stock options vested during the 13 weeks ended March 29, 2016 or March 31, 2015.

For the 13 weeks ended March 29, 2016 and March 31, 2015, cash received before tax withholdings from options exercised was $1.3 million and $1.6 million, respectively. The excess tax benefit realized from deductions associated with options exercised for the 13 weeks ended March 29, 2016 and March 31, 2015 was $1.0 million and $0.7 million, respectively.