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Common Stock and Stock-Based Compensation | 9 Months Ended
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Sep. 24, 2022
Share-Based Payment Arrangement [Abstract] |
Common Stock and Stock-Based Compensation | M. Common Stock and Stock-Based Compensation Option Activity Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 25, 2021 |  |  | 221,354 |  |  | $ | 310.38 |  |  |  |  |  |  |
Granted |  |  | 20,924 |  |  |  | 378.55 |  |  |  |  |  |  |
Exercised |  |  | (18,867 | ) |  |  | 192.41 |  |  |  |  |  |  |
Forfeited |  |  | (7,869 | ) |  |  | 339.25 |  |  |  |  |  |  |
Outstanding at September 24, 2022 |  |  | 215,542 |  |  | $ | 326.27 |  |  |  | 5.35 |  |  | $ | 15,306 |
Exercisable at September 24, 2022 |  |  | 114,559 |  |  | $ | 250.93 |  |  |  | 4.69 |  |  | $ | 10,130 |
Vested and expected to vest at September 24, 2022 |  |  | 189,424 |  |  | $ | 315.52 |  |  |  | 5.12 |  |  | $ | 14,323 |
Of the total options outstanding at September 24, 2022, 24,261 underlying shares related to performance-based options for which the performance criteria had yet to be achieved. On March 1, 2022, the Company granted options to purchase an aggregate of 17,114 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $178.10 per share and a weighted average exercise price of $383.46 per share, of which all shares relate to performance-based stock options. On May 18, 2022, the Company granted options to purchase an aggregate of 3,810 shares of the Company’s Class A Common Stock to the Company’s non-employee Directors. All of the options vested immediately on the date of the grant. These options have a fair value of $181.14 per share and an exercise price of $356.52 per share. Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows:
|  | 2022 |
Expected Volatility |  |  | 38.0 | %
Risk-free interest rate |  |  | 2.1 | %
Expected Dividends |  |  | 0.0 | %
Exercise factor |  |  | 3.0 |
Discount for post-vesting restrictions |  |  | 0.8 | %
Non-Vested Shares Activity The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards:
|  | Number of Shares |  |  | Weighted Average Fair Value |
Non-vested at December 25, 2021 |  |  | 88,848 |  |  | $ | 401.70 |
Granted |  |  | 42,560 |  |  |  | 344.62 |
Vested |  |  | (32,476 | ) |  |  | 292.27 |
Forfeited |  |  | (8,150 | ) |  |  | 512.28 |
Non-vested at September 24, 2022 |  |  | 90,782 |  |  | $ | 410.25 |
Of the total shares outstanding at September 24, 2022, 1,348 shares were performance-based shares for which the performance criteria had yet to be achieved. On March 1, 2022, the Company granted a combined 31,101 shares of restricted stock units to certain officers, senior managers and key employees, of which all shares vest ratably over service periods of four years. Additionally, on March 1, 2022, employees elected to purchase a combined 10,845 shares under the Company’s investment share program. The weighted average fair value of the restricted stock units and investment shares, which are sold to employees at discount under the Company's investment share program, was $383.46 and $232.41 per share, respectively. Stock-Based Compensation The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying condensed consolidated statements of comprehensive operations:
|  | Thirteen weeks ended |  |  | Thirty-nine weeks ended |
|  | September 24, 2022 |  |  | September 25, 2021 |  |  | September 24, 2022 |  |  | September 25, 2021 |
|  | (in thousands) |  |  | (in thousands) |
Amounts included in advertising, promotional and selling expenses |  | $ | 834 |  |  | $ | 1,064 |  |  | $ | 3,555 |  |  | $ | 4,004 |
Amounts included in general and administrative expenses |  |  | 1,764 |  |  |  | 2,647 |  |  |  | 6,773 |  |  |  | 9,998 |
Total stock-based compensation expense |  | $ | 2,598 |  |  | $ | 3,711 |  |  | $ | 10,328 |  |  | $ | 14,002 |

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