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Stock-Based Compensation
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Mar. 29, 2015
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 outstanding options vest ratably over five years from the date of grant and have a maximum term of 10 years. The outstanding restricted stock units vest over four to five years from the date of grant. As of March 29, 2015, a total of 882,755 shares of common stock are reserved and remain available for issuance under the 2012 Plan.
Stock-based compensation cost recognized in the accompanying consolidated income statements was $356,000 and $202,000 for the thirteen weeks ended March 29, 2015 and March 30, 2014.
Stock Options
A summary of stock-based compensation activity related to stock options for the thirteen weeks ended March 29, 2015 are as follows:
The aggregate intrinsic value in the table above is obtained by subtracting the weighted average exercise price from the estimated fair value of the underlying common stock as of March 29, 2015 and multiplying this result by the related number of options outstanding and exercisable at March 29, 2015. The estimated fair value of the common stock as of March 29, 2015 used in the above calculation was $21.99 per share, the closing price of the Company’s common stock on March 27, 2015, the last trading day of the first quarter. The total intrinsic value of options exercised during the thirteen weeks ended March 29, 2015 was $105,000. The fair value of options vested during the thirteen weeks ended March 29, 2015 was $427,000.
There was approximately $1.3 million of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of March 29, 2015. These costs will be recognized ratably through the year 2019.
Restricted Stock Units
A summary of stock-based compensation activity related to restricted stock units for the thirteen weeks ended March 29, 2015 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 March 29, 2015, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $4.9 million, which is expected to be recognized ratably over the next four years.
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