We maintain stock-based incentive plan under which incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares and restricted share units may be granted to staff members, consultants and non-employee directors. The following table presents information related to stock-based compensation, net of forfeitures (in thousands):

(1)

It is our policy to capitalize the portion of stock-based compensation costs for our internal development department that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations and equipment installation. Capitalized stock-based compensation is included in property and equipment, net on the condensed consolidated balance sheets.

Stock Options

We did not issue any stock options during the first quarter of fiscal 2021. The weighted-average fair value at the grant date for options issued during the first quarter of fiscal 2020 was $6.66 per share. 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 2020: (a) an expected option term of 6.9 years, (b) expected stock price volatility of 25.7%, (c) a risk-free interest rate of 1.5% and (d) a dividend yield on our stock of 3.6%.

Stock option activity during the thirteen weeks ended March 30, 2021 was as follows:


				Weighted-
				Average
		Weighted-		Remaining	Aggregate
		Average		Contractual	Intrinsic
	Shares	Exercise Price		Term	Value⁽¹⁾
	(In thousands)	(Per share)		(In years)	(In thousands)
Outstanding at December 29, 2020	2,294	$	45.35	5.0	$	307
Granted	—		—
Exercised	(484)		42.18
Forfeited or cancelled	—		—
Outstanding at March 30, 2021	1,810	$	46.20	5.7	$	6,914

Exercisable at March 30, 2021	953	$	48.80	4.2	$	6,473

(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 pre-tax 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 March 30, 2021 and March 31, 2020 was $5.7 million and $35.6 million, respectively. As of March 30, 2021, total unrecognized stock-based compensation expense related to unvested stock options was $6.5 million, which we expect to recognize over a weighted-average period of approximately 3.2 years.

Restricted Shares and Restricted Share Units

Restricted share and restricted share unit activity during the thirteen weeks ended March 30, 2021 was as follows:


		Weighted-
		Average
		Fair
	Shares	Value
	(In thousands)	(Per share)
Outstanding at December 29, 2020	2,008	$	43.70
Granted	385		48.38
Vested	(199)		47.93
Forfeited	(92)		45.34
Outstanding at March 30, 2021	2,102	$	44.08

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 for restricted shares and restricted share units issued during the first quarter of fiscal 2021 and 2020 was $48.38 and $40.01, respectively. The fair value of shares that vested during the thirteen weeks ended March 30, 2021 was $9.5 million. As of March 30, 2021, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $46.5 million, which we expect to recognize over a weighted-average period of approximately 3.2 years.