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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
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 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Labor and benefits |  | $ | 2,452 |  |  | $ | 2,583 |  |  | $ | 2,886 |
General and administrative |  |  | 6,177 |  |  |  | 8,319 |  |  |  | 7,212 |
Capitalized (1) |  |  | 357 |  |  |  | 380 |  |  |  | 326 |
Total stock-based compensation |  | $ | 8,986 |  |  | $ | 11,282 |  |  | $ | 10,424 |
(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 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Expected volatility |  |  | 67.6 | % |  |  | 66.9 | % |  |  | 63.5 | %
Risk-free interest rate |  |  | 3.9 | % |  |  | 3.6 | % |  |  | 1.8 | %
Expected option life |  | 5 years |  |  | 5 years |  |  | 5 years |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Fair value of options granted |  | $ | 19.00 |  |  | $ | 18.24 |  |  | $ | 17.15 |
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 |  |  | Weighted Average Remaining Contractual Life |
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 |
Granted |  |  | 124 |  |  | $ | 31.19 |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (28 | ) |  | $ | 29.18 |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (53 | ) |  | $ | 37.43 |  |  |  |  |  |  |  |  |  |
Outstanding at January 2, 2024 |  |  | 867 |  |  | $ | 39.70 |  |  |  | 648 |  |  | $ | 41.65 |  |  |  | 4.4 |
Granted |  |  | 156 |  |  | $ | 32.09 |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (7 | ) |  | $ | 31.60 |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (83 | ) |  | $ | 32.89 |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 933 |  |  | $ | 39.10 |  |  |  | 741 |  |  | $ | 41.00 |  |  |  | 3.9 |
Information Relating to Significant Option Groups Outstanding | Information relating to significant option groups outstanding as of December 31, 2024, 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 |
$22.27 – $31.34 |  |  | 99 |  |  |  | 7.9 |  |  | $ | 30.55 |  |  |  | 45 |  |  | $ | 30.29 |
$31.86 – $31.95 |  |  | 104 |  |  |  | 9.2 |  |  | $ | 31.88 |  |  |  | — |  |  | $ | — |
$32.27 – $35.95 |  |  | 173 |  |  |  | 4.8 |  |  | $ | 34.30 |  |  |  | 139 |  |  | $ | 34.58 |
$37.10 – $37.10 |  |  | 2 |  |  |  | 1.9 |  |  | $ | 37.10 |  |  |  | 2 |  |  | $ | 37.10 |
$37.70 – $37.70 |  |  | 126 |  |  |  | 3.0 |  |  | $ | 37.70 |  |  |  | 126 |  |  | $ | 37.70 |
$38.90 – $38.90 |  |  | 126 |  |  |  | 5.0 |  |  | $ | 38.90 |  |  |  | 126 |  |  | $ | 38.90 |
$39.33 – $46.91 |  |  | 147 |  |  |  | 4.3 |  |  | $ | 44.78 |  |  |  | 147 |  |  | $ | 44.78 |
$47.04 – $51.08 |  |  | 65 |  |  |  | 0.1 |  |  | $ | 47.16 |  |  |  | 65 |  |  | $ | 47.16 |
$52.98 – $52.98 |  |  | 7 |  |  |  | 0.2 |  |  | $ | 52.98 |  |  |  | 7 |  |  | $ | 52.98 |
$53.22 – $53.22 |  |  | 84 |  |  |  | 4.0 |  |  | $ | 53.22 |  |  |  | 84 |  |  | $ | 53.22 |
$22.27 – $53.22 |  |  | 933 |  |  |  | 4.9 |  |  | $ | 39.10 |  |  |  | 741 |  |  | $ | 41.00 |
Service-Based Restricted Stock Units |
Restricted Stock Unit Activity | The following table presents service-based restricted stock unit activity:
|  | Shares (in thousands) |  |  | Weighted Average Fair Value |
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 |
Granted |  |  | 344 |  |  | $ | 28.93 |
Vested or released |  |  | (169 | ) |  | $ | 37.69 |
Forfeited |  |  | (82 | ) |  | $ | 31.62 |
Outstanding at January 2, 2024 |  |  | 822 |  |  | $ | 31.46 |
Granted |  |  | 306 |  |  | $ | 33.13 |
Vested or released |  |  | (232 | ) |  | $ | 37.80 |
Forfeited |  |  | (124 | ) |  | $ | 29.94 |
Outstanding at December 31, 2024 |  |  | 772 |  |  | $ | 30.45 |
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 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 |
Granted |  |  | 52 |  |  | $ | 31.87 |
Vested or released |  |  | (40 | ) |  | $ | 38.90 |
Forfeited |  |  | (7 | ) |  | $ | 35.01 |
Outstanding at January 2, 2024 |  |  | 128 |  |  | $ | 36.24 |
Granted |  |  | 79 |  |  | $ | 39.09 |
Vested or released |  |  | (65 | ) |  | $ | 46.91 |
Forfeited |  |  | (59 | ) |  | $ | 32.93 |
Outstanding at December 31, 2024 |  |  | 83 |  |  | $ | 32.89 |
Market-Based and Performance-Based Restricted Stock Units |
Monte Carlo Simulation Model, Weighted Average Assumptions Used to Estimate the Fair Value of Performance-Based RSUs | The fair value of performance-based RSUs which include a market-based metric was estimated on the grant date using the Monte Carlo simulation model with the following weighted averag e assumptions:
|  | Fiscal Year
|  | 2024 |  |  | 2023 |  | 2022
Volatility |  |  | 49.8 | % |  | n/a |  | n/a
Risk-free interest rate |  |  | 3.8 | % |  | n/a |  | n/a
Expected life (years) |  | 3 |  |  | n/a |  | n/a
Expected dividend yield |  |  | — | % |  | n/a |  | n/a
Fair value of market-based awards granted |  | $ | 34.79 |  |  | n/a |  | n/a

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