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Stock-Based Compensation (Tables)

9 Months Ended

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 average 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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