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Stock-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | 12. Stock-Based Compensation Plans 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. Stock Options 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 |
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 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 |
As of December 31, 2024, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $2.0 million, whi ch is expected to be recognized over the next three years. Restricted Stock Units Service-Based Restricted Stock Units 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 |
As of December 31, 2024, total unrecognized stock-based compensation expense related to non-vested service-based RSUs was approximate ly $11.3 million, which is expected to be recognized over the next three to five years. Performance-Based Restricted Stock Units 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 |
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
As of December 31, 2024, the total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $0.9 million, which is expected to be recognized over the next three years.

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