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Stock Based Compensation | 12 Months Ended
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Dec. 28, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Based Compensation | (12) Stock Based Compensation Stock Based Compensation Granted Under the 2001 and 2004 Equity Incentive Plans and 2013 Long-Term Incentive Plan The Company has granted stock options under its 2001 Equity Incentive Plan (the “2001 Plan”), 2004 Equity Incentive Plan (the “2004 Plan”) and 2013 Long-Term Incentive Plan (the “2013 Plan” and together with the 2004 Plan and 2001 Plan, the “Plans”). The Plans permit the granting of awards to employees and nonemployee officers, consultants, agents, and independent contractors of the Company in the form of stock appreciation rights, stock awards, and stock options. The Plans give broad powers to the Company’s board of directors to administer and interpret the Plans, including the authority to select the individuals to be granted options and rights and to prescribe the particular form and conditions of each option to be granted. Under the 2001 Plan, the Company had 746,749 shares reserved for issuance. In 2007, the Company entered into a Stock Option Agreement (the “Agreement”), which granted a certain key executive 500,000 options of non-voting common stock. In September 2011, the 2001 Plan expired with options outstanding under the plan still available for exercise. As a result of the IPO, all shares of the non-voting common stock converted into voting common stock on a 1:1 basis upon exercise. On July 31, 2013, the Company’s board of directors approved the adoption of the 2013 Plan, which replaced the 2004 Plan in conjunction with the Company’s IPO. The Company will no longer make awards under the 2004 Plan. However, the 2004 Plan will continue to govern outstanding awards granted prior to its termination. As of December 28, 2014, there have been 712,767 options granted under the 2013 Plan and 840,437 shares are reserved for future issuance. Under the Plans, the number of shares and exercise price of each option are determined by the committee designated by the Company’s board of directors. The options granted are generally exercisable within a 10-year period from the date of grant. Certain options have been issued to key executives. Options issued and outstanding expire on various dates through the year 2024. The range of exercise prices of options outstanding as of December 28, 2014, is $7.00 to $20.53 per option, and the options vest over a range of immediately to five-year periods. Activity under the Plans and the Agreement is as follows:
Options |  | Shares (Thousands) |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value (Thousands) |  |  | Weighted Average Remaining Term (Years) |
Outstanding—December 25, 2011 |  |  | 4,261 |  |  |  | 9.19 |  |  | $ | 2,229 |  |  |  | 6.34 |
Granted |  |  | 504 |  |  |  | 8.65 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Canceled |  |  | (552 | ) |  |  | 7.67 |  |  |  |  |  |  |  |  |
Outstanding—December 30, 2012 |  |  | 4,213 |  |  |  | 9.30 |  |  | $ | 5,348 |  |  |  | 5.93 |
Granted |  |  | 1,243 |  |  |  | 11.32 |  |  |  |  |  |  |  |  |
Exercised |  |  | (99 | ) |  |  | 7.97 |  |  |  |  |  |  |  |  |
Canceled |  |  | (327 | ) |  |  | 8.40 |  |  |  |  |  |  |  |  |
Outstanding—December 29, 2013 |  |  | 5,030 |  |  |  | 9.41 |  |  | $ | 78,575 |  |  |  | 6.31 |
Granted |  |  | 318 |  |  |  | 19.16 |  |  |  |  |  |  |  |  |
Exercised |  |  | (586 | ) |  |  | 8.67 |  |  |  |  |  |  |  |  |
Canceled |  |  | (149 | ) |  |  | 11.68 |  |  |  |  |  |  |  |  |
Outstanding—December 28, 2014 |  |  | 4,613 |  |  |  | 10.10 |  |  | $ | 12,731 |  |  |  | 5.62 |
Vested and expected to vest—December 28, 2014 |  |  | 3,469 |  |  |  | 9.11 |  |  | $ | 21,602 |  |  |  | 4.66 |
Exercisable—December 28, 2014 |  |  | 3,547 |  |  |  | 9.17 |  |  | $ | 11,293 |  |  |  | 4.75 |
The following table reflects the average assumptions utilized in the Black-Scholes option-pricing model to value the options granted for each year:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Risk-free interest rate |  |  | 1.3 | % |  |  | 1.2 | % |  |  | 1.0 | %
Expected life (years) |  |  | 7.00 |  |  |  | 6.05 |  |  |  | 6.06 |
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Volatility |  |  | 49.2 | % |  |  | 46.9 | % |  |  | 46.4 | %
Weighted average common stock fair value |  | $ | 19.16 |  |  | $ | 11.32 |  |  | $ | 8.65 |
The risk-free rate is based on U.S. Treasury rates in effect at the time of the grant with a similar duration of the expected life of the options. The expected life of options granted is derived from the average of the vesting period and the term of the option. The risk-free rate is based on U.S. Treasury rates in effect at the time of the grant with a similar duration of the expected life of the options. The Company has not paid dividends to date (with exception to the one-time dividend paid to stockholders prior to the initial public offering) and does not plan to pay dividends in the near future. Since the Company does not have a history of traded common stock activity, expected volatility of the options is based on historical data from selected peer public company restaurants. During fiscal year 2014, the Company issued 28,240 shares of unrestricted common stock to certain non-employee members of its Board of Directors. The unrestricted stock had a weighted average grant-date share price of $15.29 upon issuance. The Company recorded $0.4 million in stock-based compensation expense, with a corresponding increase to additional paid-in capital, related to the issuance of the common stock. Stock-based Compensation Expense In accordance with ASC Topic 718, Compensation—Stock Compensation, stock-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company recognized $2.8 million, $11.6 million and $2.5 million for the fiscal years 2012, 2013 and 2014, respectively, with a corresponding increase to additional paid-in-capital. Fiscal year 2013 stock-based compensation expense reflects the $7.6 million in cost recorded upon consummation of the IPO associated with vested options that were subject to the performance condition. Fiscal year 2014 stock-based compensation expense includes $0.4 million related to unrestricted common stock granted during 2014. As of December 30, 2012, December 29, 2013 and December 28, 2014, the unrecognized stock-based compensation expense was $1.6 million, $5.5 million and $5.5 million, respectively, which will be recognized through fiscal year 2018. The Company records stock-based compensation expense within general and administrative expenses in the consolidated statements of operations.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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