Stock-Based Compensation |
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| Stock-Based Compensation |
Stock-Based Compensation
The Company has outstanding awards under the Chuy's Holdings, Inc. 2006 Stock Option Plan (the "2006 Plan") and the 2012 Plan. The 2006 Plan was terminated by the board effective July 27, 2012, and no further awards may be granted under the plan after such date. However, the termination of the 2006 Plan did not affect outstanding awards granted. Options granted under these plans vest over five years from the date of grant and have a maximum term of 10 years. Restricted stock units granted under the 2012 Plan vest over four to five years from the date of grant. As of June 30, 2019, a total of 339,738 shares of common stock are reserved and remain available for issuance under the 2012 Plan.
Stock-based compensation expense recognized in the accompanying condensed consolidated income statements was approximately $872,000 and $821,000 for the thirteen weeks ended June 30, 2019 and July 1, 2018, respectively, and $1,622,000 and $1,557,000 for the twenty-six weeks ended June 30, 2019 and July 1, 2018, respectively.
Stock Options
A summary of stock-based compensation activity related to stock options for the twenty-six weeks ended June 30, 2019 are as follows:
The aggregate intrinsic value in the table above is obtained by subtracting the exercise price from the estimated fair value of the underlying common stock as of June 30, 2019 and multiplying this result by the related number of options outstanding and exercisable at June 30, 2019. The estimated fair value of the common stock as of June 30, 2019 used in the above calculation was $22.92 per share, the closing price of the Company’s common stock on June 28, 2019, the last trading day of the second quarter. The total intrinsic value of options exercised during the twenty-six weeks ended June 30, 2019 was approximately $235,000. The fair value of options vested during the twenty-six weeks ended June 30, 2019 was approximately $6,000.
There was approximately $1,000 of total unrecognized compensation expense related to options granted under the 2006 Plan and the 2012 Plan as of June 30, 2019. This expense will be recognized ratably over the next year.
Restricted Stock Units
A summary of stock-based compensation activity related to restricted stock units for the twenty-six weeks ended June 30, 2019 are as follows:
The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of June 30, 2019, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $9.1 million. This amount is expected to be recognized evenly over the remaining vesting period of the grants.
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