Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

Stock-Based Compensation
3 Months Ended
Mar. 26, 2023
Share-Based Payment Arrangement [Abstract]  
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 March 26, 2023, the Company had 1,892 of stock options outstanding and exercisable with a remaining weighted average contractual term of approximately 1.0 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 March 26, 2023, a total of 747,158 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 $975,000 and $1,016,000 for the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.
A summary of stock-based compensation activity related to restricted stock units for the thirteen weeks ended March 26, 2023 is as follows:
Shares Weighted
Fair Value
Outstanding at December 25, 2022 383,098  $ 27.06 
Granted 131,609  36.70 
Vested (156,898) 24.40 
Forfeited (3,551) 27.30 
Outstanding at March 26, 2023 354,258  $ 31.82  3.04
The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of March 26, 2023, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $11.1 million. This amount is expected to be recognized evenly over the remaining vesting period of the grants.