Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation The Company has outstanding awards under the 2012 Plan and the 2020 Plan. On July 30, 2020, the Company’s stockholders approved the 2020 Plan, which replaced the 2012 Plan and no further awards may be granted under the 2012 plan. The termination of the 2012 Plan did not affect outstanding awards granted under the 2012 Plan. Options granted under these plans vest over five years from the date of grant and have a maximum term of ten years. As of June 26, 2022, the Company had 13,165 of stock options outstanding and exercisable with a remaining weighted average contractual term of approximately one year.
Restricted stock units granted under the 2012 Plan and 2020 Plan vest over four years to five years from the date of grant. As of June 26, 2022, a total of 878,057 shares of common stock were reserved and remained available for issuance under the 2020 Plan.
Stock-based compensation expense recognized in the accompanying condensed consolidated income statements was approximately $934,000 and $1,003,000 for the thirteen weeks ended June 26, 2022 and June 27, 2021, respectively, and approximately $1,950,000 and $1,947,000 for the twenty-six weeks ended June 26, 2022 and June 27, 2021, respectively.
A summary of stock-based compensation activity related to restricted stock units for the twenty-six weeks ended June 26, 2022 is 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 26, 2022, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $9.3 million. This amount is expected to be recognized evenly over the remaining vesting period of the grants.
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