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Stock-Based Compensation Plans (Tables)

12 Months Ended

Jan. 03, 2023

Stock-Based Compensation Recognized within Our Consolidated Financial Statements

The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands):

		Fiscal Year
		2022				2021				2020
Labor and benefits		$	2,886			$	2,748			$	2,755
General and administrative		$	7,212			$	7,583			$	7,036
Capitalized (1)		$	326			$	310			$	29

(1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets.

Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option

The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions:

		Fiscal Year
		2022				2021				2020
Expected volatility			63.5	%			60.8	%			33.5	%
Risk-free interest rate			1.8	%			0.6	%			1.6	%
Expected option life		5 years				5 years				5 years
Dividend yield			—				—				1.5	%
Fair value of options granted		$	17.15			$	23.22			$	10.38

Stock Option Activity

Under our stock-based compensation plan the exercise price of a stock option is required to equal or exceed the fair value of our common stock at market close on the option grant date or the most recent trading day when grants take place on market holidays. The following table presents stock option activity:

		Options Outstanding								Options Exercisable
		Shares (in thousands)				Weighted Average Exercise Price				Shares (in thousands)				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life
Outstanding at December 31, 2019			645			$	41.09				340			$	38.96				5.5
Granted			161			$	38.37
Exercised			(1	)		$	35.45
Forfeited			(4	)		$	38.82
Outstanding at December 29, 2020			801			$	40.56				503			$	39.91				5.2
Granted			117			$	45.50
Exercised			(129	)		$	37.40
Forfeited			(14	)		$	44.11
Outstanding at December 28, 2021			775			$	41.77				519			$	41.02				5.0
Granted			111			$	31.57
Exercised			—			$	—
Forfeited			(62	)		$	40.71
Outstanding at January 3, 2023			824			$	40.48				601			$	41.57				4.7

Information Relating to Significant Option Groups Outstanding

Information relating to significant option groups outstanding as of January 3, 2023, is as follows (shares in thousands):

		Options Outstanding												Options Exercisable
Range of  Exercise Prices		Outstanding				Weighted Average Remaining Contractual Life				Weighted Average Exercise Price				Exercisable				Weighted Average Exercise Price
$16.27 – $30.05			39				4.32			$	27.91				26			$	29.24
$32.27 – $32.27			89				9.03			$	32.27				—			$	—
$33.15 – $35.45			16				1.20			$	34.03				16			$	34.03
$35.95 – $35.95			87				4.03			$	35.95				86			$	35.95
$37.10 – $37.58			14				6.76			$	37.44				8			$	37.41
$37.70 – $37.70			130				5.03			$	37.70				130			$	37.70
$38.24 – $38.24			1				0.50			$	38.24				1			$	38.24
$38.90 – $38.90			132				7.03			$	38.90				86			$	38.90
$39.33 – $46.91			153				6.30			$	44.79				85			$	43.92
$47.04 – $53.22			163				4.22			$	50.74				163			$	50.74
$16.27 – $53.22			824				5.67			$	40.48				601			$	41.57

Time-Vested Restricted Stock Units

Restricted Stock Unit Activity

The following table presents time-based restricted stock unit activity:

		Shares (in thousands)				Weighted Average Fair Value
Outstanding at December 31, 2019			509			$	43.65
Granted			270			$	29.14
Vested or released			(156	)		$	43.20
Forfeited			(37	)		$	42.51
Outstanding at December 29, 2020			586			$	37.14
Granted			260			$	45.05
Vested or released			(147	)		$	41.96
Forfeited			(80	)		$	36.93
Outstanding at December 28, 2021			619			$	39.35
Granted			368			$	28.44
Vested or released			(165	)		$	40.59
Forfeited			(93	)		$	35.24
Outstanding at January 3, 2023			729			$	34.10

Performance Based Restricted Stock Units

Restricted Stock Unit Activity

The following table presents performance-based restricted stock unit activity:

		Shares (in thousands)				Weighted Average Fair Value
Outstanding at December 31, 2019			105			$	41.42
Granted			42			$	38.90
Vested or released			(29	)		$	35.95
Forfeited			(9	)		$	35.95
Outstanding at December 29, 2020			109			$	42.39
Granted			46			$	46.91
Vested or released			(35	)		$	37.70
Forfeited			(8	)		$	44.14
Outstanding at December 28, 2021			112			$	45.60
Granted			52			$	32.27
Vested or released			(27	)		$	53.22
Forfeited			(14	)		$	40.06
Outstanding at January 3, 2023			123			$	38.89

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