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Stock-Based Compensation | 3 Months Ended
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Apr. 01, 2014
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 April 1, 2014 |  | Thirteen Weeks Ended April 2, 2013 |
Labor expenses |  | $ | 1,340 |  | $ | 1,044 |
Other operating costs and expenses |  | 47 |  | 46 |
General and administrative expenses |  | 2,452 |  | 2,315 |
Total stock-based compensation |  | 3,839 |  | 3,405 |
Income tax benefit |  | 1,469 |  | 1,302 |
Total stock-based compensation, net of taxes |  | $ | 2,370 |  | $ | 2,103 |
Capitalized stock-based compensation (1) |  | $ | 48 |  | $ | 47 |
(1) It is our policy to capitalize the portion of stock-based compensation costs for our internal development and construction, legal, and facilities departments that relates to capitalizable 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 The weighted average fair value at the grant date for options issued during the first quarter of fiscal 2014 and 2013 was $15.48 and $10.83 per option, respectively. The fair value of options was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions for the first quarter of fiscal 2014 and 2013, respectively: (a) an expected option term of 6.5 and 6.4 years, (b) expected stock price volatility of 32.9% and 33.5%, (c) a risk-free interest rate of 2.2% and 1.4%, and (d) a dividend yield on our stock of 1.2% and 1.3%. Stock option activity during the thirteen weeks ended April 1, 2014 was as follows:
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value(1) |
|  | (In thousands) |  | (Per share) |  | (In years) |  | (In thousands) |
Outstanding at December 31, 2013 |  | 4,823 |  | $ | 23.70 |  | 4.1 |  | $ | 118,505 |
Granted |  | 329 |  | 48.19 |  |  |  |  |
Exercised |  | (311 | ) | 18.99 |  |  |  |  |
Forfeited or cancelled |  | (1 | ) | 34.32 |  |  |  |  |
Outstanding at April 1, 2014 |  | 4,840 |  | $ | 25.66 |  | 4.2 |  | $ | 111,985 |
Exercisable at April 1, 2014 |  | 2,708 |  | $ | 23.76 |  | 3.4 |  | $ | 67,795 |
(1) Aggregate intrinsic value is calculated as the difference between our closing stock price at fiscal period end and the exercise price, multiplied by the number of in-the-money options and represents the pretax amount that would have been received by the option holders, had they all exercised their options on the fiscal period end date. The total intrinsic value of options exercised during the thirteen weeks ended April 1, 2014 and April 2, 2013 was $8.9 million and $8.1 million, respectively. As of April 1, 2014, the total unrecognized stock-based compensation expense related to unvested stock options was $15.7 million, which we expect to recognize over a weighted average period of approximately 2.4 years. Restricted Shares and Restricted Share Units Restricted share and restricted share unit activity during the thirteen weeks ended April 1, 2014 was as follows:
|  | Shares |  | Weighted Average Fair Value |
|  | (In thousands) |  | (Per share) |
Outstanding at December 31, 2013 |  | 1,672 |  | $ | 32.81 |
Granted |  | 293 |  | 48.11 |
Vested |  | (162 | ) | 23.04 |
Forfeited |  | (33 | ) | 34.40 |
Outstanding at April 1, 2014 |  | 1,770 |  | $ | 36.20 |
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 first quarter of fiscal 2014 and fiscal 2013 was $48.11 and $35.57, respectively. The fair value of shares that vested during the thirteen weeks ended April 1, 2014 and April 2, 2013 was $3.7 million and $2.4 million, respectively. As of April 1, 2014, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $42.1 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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