Equity-Based Compensation (Tables)

6 Months Ended

Jul. 01, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of equity-based compensation expense recognized

A summary of equity-based compensation expense recognized during the thirteen and twenty-six weeks ended July 1, 2015 and June 25, 2014 is as follows:



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	July 1, 2015		June 25, 2014		July 1, 2015		June 25, 2014
Unit appreciation rights	$	—	$	—	$	11,762	$	—
Restricted Class B units	—		42		605		83
Stock options	1,178		—		1,970		—
Equity-based compensation expense	$	1,178	$	42	$	14,337	$	83

Schedule of unit appreciation rights activity

A summary of UAR activity for the twenty-six weeks ended July 1, 2015 is as follows:



		UARs		Weighted Average Base Price
Outstanding at beginning of period		22,554		$	193.51
	Granted	—		—
	Forfeited	—		—
	Vested and settled	(22,554	)	(193.51		)
Outstanding at end of period		—		$	—

Schedule of restricted class B activity

A summary of restricted Class B unit activity for twenty-six weeks ended July 1, 2015 is as follows:



		Units		Weighted Average Grant Date Fair Value
Outstanding at beginning of period		7,227		$	92.31
	Granted	—		—
	Vested	(7,227	)	(92.31		)
	Forfeited	—		—
Outstanding at end of period		—		$	—

Schedule of fair value of stock options

The fair value of stock option awards was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions:



	Twenty-Six Weeks Ended July 1, 2015
Expected term (years)⁽¹⁾	7.5
Expected volatility⁽²⁾	35.1	%
Risk-free interest rate⁽³⁾	1.6	%
Dividend yield⁽⁴⁾	—	%


(1)	Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.


(2)	Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.


(3)	The risk-free rate rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.


(4)	We have assumed a dividend yield of zero as we have no plans to declare dividends in the foreseeable future.

Schedule of stock options, activity

A summary of stock option activity for twenty-six weeks ended July 1, 2015 is as follows:



		Stock Options		Weighted Average Exercise Price
Outstanding at beginning of period		—		$	—
	Granted	2,622,281		21.00
	Exercised	—		—
	Forfeited	(22,000	)	(21.00		)
Outstanding at end of period		2,600,281		$	21.00