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Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Stock-Based Compensation

9.   Stock-Based Compensation

We maintain stock-based incentive plans 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.

On March 26, 2025, our Board approved an amendment to our The Cheesecake Factory Incorporated Stock Incentive Plan (the “Plan”) to increase the number of shares of common stock authorized for issuance under the Plan by 6.0 million shares to 13.15

million shares from 7.15 million shares (the “Plan Amendment”). This Plan Amendment was approved by our stockholders at our 2025 annual meeting held on May 22, 2025.

The following table presents information related to stock-based compensation, net of forfeitures (in thousands):

​

​	​	​	​	​	​	​
​	​	Thirteen		​	Thirteen
​	​	Weeks Ended		​	Weeks Ended
​	​ ​ ​	March 31, 2026		​ ​ ​	April 1, 2025
​	​	​	​	​	​	​
Labor expenses	​	$	2,773	​	$	2,437
Other operating costs and expenses	​	​	98	​	​	99
General and administrative expenses	​	​	4,143	​	​	5,045
Total stock-based compensation	​	​	7,014	​	​	7,581
Income tax benefit	​	​	1,730	​	​	1,870
Total stock-based compensation, net of taxes	​	$	5,284	​	$	5,711
​	​	​	​	​	​	​
Capitalized stock-based compensation (1)	​	$	53	​	$	54

(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 consolidated balance sheets.

Stock Options

We did not issue any stock options during the first quarter of fiscal 2026 and fiscal 2025. Stock option activity during the thirteen weeks ended March 31, 2026 was as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted-	​	​
​	​	​	​	​		​	Average	​	​
​	​	​	​	Weighted-		​	Remaining	​	​
​	​	​	​	Average		​	Contractual	​	Aggregate
​	​ ​ ​	Shares	​ ​ ​	Exercise Price		​ ​ ​	Term	​ ​ ​	Intrinsic Value (1)
​	​	(In thousands)	​	(Per share)		​	(In years)	​	(In thousands)
Outstanding at December 30, 2025	​	471	​	$	41.08	​	4.1	​	$	4,203.7
Granted		—	​	​	—	​	​	​	​	​
Exercised		(6)	​	​	40.16	​	​	​	​	​
Forfeited or cancelled		—	​	​	—	​	​	​	​	​
Outstanding at March 31, 2026	​	465	​	$	41.09	​	3.9	​	$	6,346.6
​	​	​	​	​	​	​	​	​	​	​
Exercisable at March 31, 2026		400	​	$	41.87	​	3.3	​	$	5,150.5

(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 both the thirteen weeks ended March 31, 2026 and April 1, 2025 was $0.1 million. As March 31, 2026, total unrecognized stock-based compensation expense related to unvested stock options was $0.8 million, which we expect to recognize over a weighted-average period of approximately 2.6 years.

Restricted Shares and Restricted Share Units

Restricted share and restricted share unit activity during the thirteen weeks ended March 31, 2026 was as follows:

​

​	​	​	​	​	​
​	​	​	​	Weighted-
​	​	​	​	Average
​	​ ​ ​	Shares	​ ​ ​	Fair Value
​	​	(In thousands)	​	(Per share)
Outstanding at December 30, 2025		3,176	​	$	41.31
Granted		520	​	​	60.35
Vested		(493)	​	​	41.83
Forfeited		(48)	​	​	39.06
Outstanding at March 31, 2026		3,155	​	$	44.40

​

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 2026 and 2025 was $60.35 and $51.89, respectively. The fair value of shares that vested during the thirteen weeks ended March 31, 2026, and April 1, 2025, was $20.6 million and $22.4 million, respectively. As of March 31, 2026, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $84.5 million, which we expect to recognize over a weighted-average period of approximately 3.0 years.

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