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Stock-Based Compensation Plans (Tables)

12 Months Ended

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 average 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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