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Stock-Based Compensation (Tables) | 9 Months Ended
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Oct. 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):
|  | For the Thirteen Weeks Ended |  |  | For the Thirty-Nine Weeks Ended |
|  | October 3, 2023 |  |  | September 27, 2022 |  |  | October 3, 2023 |  |  | September 27, 2022 |
Labor and benefits |  | $ | 577 |  |  | $ | 653 |  |  | $ | 1,853 |  |  | $ | 2,043 |
General and administrative |  | $ | 2,092 |  |  | $ | 1,957 |  |  | $ | 6,236 |  |  | $ | 5,565 |
Capitalized (1) |  | $ | 97 |  |  | $ | 90 |  |  | $ | 285 |  |  | $ | 260 |
Total stock-based compensation |  | $ | 2,766 |  |  | $ | 2,700 |  |  | $ | 8,374 |  |  | $ | 7,868 |
(1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the 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 averag e assumptions:
|  | For the Thirty-Nine Weeks Ended |
|  | October 3, 2023 |  |  | September 27, 2022 |
Expected volatility |  |  | 66.9 | % |  |  | 63.2 | %
Risk-free interest rate |  |  | 3.5 | % |  |  | 1.6 | %
Expected option life |  | 5 years |  |  | 5 years |
Dividend yield |  |  | — | % |  |  | — | %
Fair value of options granted |  | $ | 18.31 |  |  | $ | 17.35 |
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 last trading day prior to the date of grant when grants take place on a day when the market is closed. 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 |
Outstanding at January 3, 2023 |  |  | 824 |  |  | $ | 40.48 |  |  |  | 601 |  |  | $ | 41.57 |
Granted |  |  | 122 |  |  |  | 31.32 |  |  |  |  |  |  |
Exercised |  |  | (8 | ) |  |  | 27.43 |  |  |  |  |  |  |
Forfeited |  |  | (52 | ) |  |  | 37.43 |  |  |  |  |  |  |
Outstanding at October 3, 2023 |  |  | 886 |  |  | $ | 39.52 |  |  |  | 664 |  |  | $ | 41.38 |
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 January 3, 2023 |  |  | 729 |  |  | $ | 34.10 |
Granted |  |  | 257 |  |  |  | 31.16 |
Released |  |  | (149 | ) |  |  | 36.38 |
Forfeited |  |  | (70 | ) |  |  | 31.93 |
Outstanding at October 3, 2023 |  |  | 767 |  |  | $ | 32.90 |
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 January 3, 2023 |  |  | 123 |  |  | $ | 38.89 |
Granted |  |  | 52 |  |  |  | 31.87 |
Released |  |  | (40 | ) |  |  | 38.90 |
Forfeited |  |  | (7 | ) |  |  | 35.01 |
Outstanding at October 3, 2023 |  |  | 128 |  |  | $ | 36.24 |

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