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Stock-Based Compensation | 9 Months Ended
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Oct. 01, 2013
Stock-Based Compensation |
Stock-Based Compensation | 6. Stock-Based Compensation The following table presents information related to stock-based compensation (in thousands):
|  | Thirteen Weeks Ended October 1, 2013 |  | Thirteen Weeks Ended October 2, 2012 |  | Thirty-nine Weeks Ended October 1, 2013 |  | Thirty-nine Weeks Ended October 2, 2012 |
Labor expenses |  | $ | 1,158 |  | $ | 932 |  | $ | 3,251 |  | $ | 2,765 |
Other operating costs and expenses |  | 35 |  | 47 |  | 133 |  | 142 |
General and administrative expenses |  | 2,267 |  | 1,174 |  | 6,889 |  | 5,520 |
Total stock-based compensation |  | 3,460 |  | 2,153 |  | 10,273 |  | 8,427 |
Income tax benefit |  | 1,324 |  | 823 |  | 3,930 |  | 3,223 |
Total stock-based compensation, net of taxes |  | $ | 2,136 |  | $ | 1,330 |  | $ | 6,343 |  | $ | 5,204 |
Capitalized stock-based compensation (1) |  | $ | 41 |  | $ | 56 |  | $ | 129 |  | $ | 206 |
(1) It is our policy to capitalize the portion of stock-based compensation costs for our internal development, construction, and legal departments that relates to activities such as the design and construction of new restaurants, remodeling existing locations, lease, intellectual property and liquor license acquisition activities and equipment installation. Capitalized stock-based compensation is included in property and equipment, net and other assets on the consolidated balance sheets. Stock Options We did not issue any stock options during the third quarter of fiscal 2013. The weighted average fair value at the grant date for options issued during the third quarter of fiscal 2012 was $10.27 per option. The fair value of options was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions for the third quarter of fiscal 2012: (a) an expected option term of 6.1 years, (b) expected stock price volatility of 37.3%, (c) a risk-free interest rate of 1.1%, and (d) a dividend yield on our stock of 1.4%. Stock option activity during the thirty-nine weeks ended October 1, 2013 was as follows:
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value |
|  | (In thousands) |  | (Per share) |  | (In years) |  | (In thousands) |
Outstanding at January 1, 2013 |  | 7,414 |  | $ | 23.98 |  | 4.2 |  | $ | 66,682 |
Granted |  | 386 |  | 35.62 |  |  |  |  |
Exercised |  | (2,358 | ) | 26.67 |  |  |  |  |
Forfeited or cancelled |  | (177 | ) | 23.36 |  |  |  |  |
Outstanding at October 1, 2013 |  | 5,265 |  | $ | 23.65 |  | 4.3 |  | $ | 110,260 |
Exercisable at October 1, 2013 |  | 2,646 |  | $ | 24.97 |  | 3.4 |  | $ | 51,926 |
The total intrinsic value of options exercised during the thirteen and thirty-nine weeks ended October 1, 2013 was $9.7 million and $29.4 million, respectively. The total intrinsic value of options exercised during the thirteen and thirty-nine weeks ended October 2, 2012 was $3.4 million and $11.6 million, respectively. As of October 1, 2013, the total unrecognized stock-based compensation expense related to unvested stock options was $13.3 million, which we expect to recognize over a weighted average period of approximately 2.2 years. Restricted Shares and Restricted Share Units Restricted share and restricted share unit activity during the thirty-nine weeks ended October 1, 2013 was as follows:
|  | Shares |  | Weighted Average Fair Value |
|  | (In thousands) |  | (Per share) |
Outstanding at January 1, 2013 |  | 1,316 |  | $ | 26.91 |
Granted |  | 534 |  | 37.77 |
Vested |  | (173 | ) | 14.49 |
Forfeited |  | (106 | ) | 30.15 |
Outstanding at October 1, 2013 |  | 1,571 |  | $ | 31.75 |
Fair value of our restricted shares and restricted share units is based on our closing stock price on the date of grant. The weighted average fair value at the grant date for restricted shares and restricted share units issued during the third quarter of fiscal 2013 and fiscal 2012 was $42.63 and $34.00, respectively. The fair value of shares that vested during the thirteen and thirty-nine weeks ended October 1, 2013 was $76,000 and $2.5 million, respectively. The fair value of shares that vested during the thirty-nine weeks ended October 2, 2012 was $2.4 million. No shares vested during the thirteen weeks ended October 2, 2012. As of October 1, 2013, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $28.3 million, which we expect to recognize over a weighted average period of approximately 3.6 years.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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