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Share-based Compensation | 12 Months Ended
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Dec. 31, 2019
Share-based Compensation |
Share-based Compensation | (14) 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 various forms of equity awards including options, stock appreciation rights, full value awards, and performance based awards. This plan replaced the Texas Roadhouse, Inc. 2004 Equity Incentive Plan. The Company provides restricted stock units ("RSUs") to employees 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. In addition to RSUs, the Company provides performance stock units ("PSUs") to executives as a form of share-based compensation. 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 recorded in the accompanying consolidated statements of income and comprehensive income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended |
​ | ​ | December 31, |  | December 25, |  | December 26, |
​ |  | 2019 | ​ | 2018 | ​ | 2017 |
Labor expense | ​ | $ | 9,032 | ​ | $ | 8,463 | ​ | $ | 7,171 | ​
General and administrative expense | ​ |  | 26,468 | ​ |  | 25,520 | ​ |  | 19,763 | ​
Total share-based compensation expense | ​ | $ | 35,500 | ​ | $ | 33,983 | ​ | $ | 26,934 | ​
​ Share-based compensation activity by type of grant as of December 31, 2019 and changes during the period then ended are presented below. For both RSUs and PSUs, we do not estimate forfeitures as we record them as they occur. Summary Details for RSUs ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average |  | Weighted-Average |  | ​ | ​ |
​ | ​ | ​ | ​ | Grant Date Fair | ​ | Remaining Contractual | ​ | Aggregate |
​ | ​ | Shares | ​ | Value | ​ | Term (years) | ​ | Intrinsic Value |
Outstanding at December 25, 2018 |  | 824,945 | ​ | $ | 53.51 | ​ | ​ | ​ | ​ | ​ | ​
Granted |  | 561,191 | ​ | ​ | 57.84 | ​ | ​ | ​ | ​ | ​ | ​
Forfeited |  | (74,483) | ​ | ​ | 56.75 | ​ | ​ | ​ | ​ | ​ | ​
Vested |  | (475,226) | ​ | ​ | 55.13 | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2019 |  | 836,427 | ​ | $ | 55.20 |  | 1.1 | ​ | $ | 47,110 | ​
​ As of December 31, 2019, with respect to unvested RSUs, there was $20.8 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 1.1 years. The vesting terms of the RSUs range from 1.0 to 5.0 years. The total intrinsic value of RSUs vested during the years ended December 31, 2019, December 25, 2018 and December 26, 2017 was $27.8 million, $32.1 million and $23.4 million, respectively. The excess tax benefit associated with vested RSUs for the years ended December 31, 2019, December 25, 2018 and December 26, 2017 was $0.3 million, $1.9 million and $1.6 million, respectively, which was recognized in the income tax provision. Summary Details for PSUs ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average |  | Weighted-Average |  | ​ | ​
​ | ​ | ​ | ​ | Grant Date Fair | ​ | Remaining Contractual | ​ | Aggregate
​ | ​ | Shares | ​ | Value | ​ | Term (years) | ​ | Intrinsic Value
Outstanding at December 25, 2018 |  | 90,000 | ​ | $ | 54.18 | ​ | ​ | ​ | ​ | ​
Granted |  | 117,000 | ​ | ​ | 61.86 | ​ | ​ | ​ | ​ | ​
Incremental Performance Shares (1) | ​ | 52,169 | ​ | ​ | 54.18 | ​ | ​ | ​ | ​ | ​
Forfeited |  | (40,000) | ​ | ​ | 61.86 | ​ | ​ | ​ | ​ | ​
Vested |  | (142,169) | ​ | ​ | 54.18 | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2019 |  | 77,000 | ​ | $ | 61.86 |  | 0.1 | ​ | $ | 4,337
(1) | Additional shares from the December 2017 PSU grant that vested in January 2019 due to exceeding the initial 100% target.
We grant PSUs to certain 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 expense 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 total intrinsic value of PSUs vested during the years ended December 31, 2019, December 25, 2018 and December 26, 2017 was $8.8 million, $8.9 million and $8.6 million, respectively. On January 8, 2020, 95,946 shares vested related to the January 2019 PSU grant and are expected to be distributed during the 13 weeks ending March 31, 2020. This included 77,000 granted shares and 18,946 incremental shares due to the grant exceeding the initial 100% target. As of December 31, 2019, with respect to unvested PSUs, there was $0.1 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 0.1 year. There was no allowable excess tax benefit associated with vested PSUs for the year ended December 31, 2019. The excess tax benefit associated with vested PSUs for the years ended December 25, 2018 and December 26, 2017 was $0.7 million and $0.8 million, respectively, which was recognized within the income tax provision. ​ Summary Details for Stock Options No stock options were granted or vested during the fiscal years ended December 31, 2019, December 25, 2018 and December 26, 2017. The total intrinsic value of options exercised during the year ended December 26, 2017 was $4.0 million. For the year ended December 26, 2017, cash received before tax withholdings from options exercised was $1.6 million. The excess tax benefit for the year ended December 26, 2017 was $1.0 million which was recognized within the income tax provision.

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