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 30, 2024, the Company had 539 of stock options outstanding and exercisable with a remaining weighted average contractual term of less than 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 30, 2024, a total of 590,972 shares of common stock were reserved and remained available for issuance under the 2020 Plan.
Stock-based compensation expense recognized in the accompanying consolidated income statements was approximately $1.1 million and $1.0 million for the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively. Stock-based compensation expense recognized in the accompanying consolidated income statements was approximately $2.2 million and $2.0 million for the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively.
On July 27, 2023, the Company’s stockholders approved the 2023 Employee Stock Purchase Plan (the “2023 ESPP”). As of March 31, 2024, the Company had 500,000 shares of common stock reserved and available for issuance under the 2023 ESPP. As of June 30, 2024, there has not been any offering period or purchase period under the 2023 ESPP, and no such period will begin unless and until determined by the administrator.
A summary of stock-based compensation activity related to restricted stock units for the twenty-six weeks ended June 30, 2024 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 30, 2024, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $10.8 million. This amount is expected to be recognized evenly over the remaining vesting period of the awards.
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