Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.2.0.727
Stock-Based Compensation
 6 Months Ended
Jun. 28, 2015
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. 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 28, 2015, a total of 895,841 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 $449,000 and $197,000 for the thirteen weeks ended June 28, 2015 and June 29, 2014 and $805,000 and $399,000 for the twenty-six weeks ended June 28, 2015 and June 29, 2014.
Stock Options
A summary of stock-based compensation activity related to stock options for the twenty-six weeks ended June 28, 2015 are as follows:
 
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
(Years)
 
Aggregate
Intrinsic
Value
Outstanding at December 28, 2014
684,188

 
$
12.27

 
 
 
 
Exercised
(13,811
)
 
6.53

 
 
 
 
Forfeited
(15,408
)
 
30.87

 
 
 
 
Outstanding at June 28, 2015
654,969

 
$
11.95

 
4.30
 
$
9,957

Exercisable at June 28, 2015
517,272

 
$
8.67

 
3.49
 
$
9,397


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 June 28, 2015 and multiplying this result by the related number of options outstanding and exercisable at June 28, 2015. The estimated fair value of the common stock as of June 28, 2015 used in the above calculation was $26.58 per share, the closing price of the Company’s common stock on June 26, 2015, the last trading day of the second quarter. The total intrinsic value of options exercised during the twenty-six weeks ended June 28, 2015 was $233,000. The fair value of options vested during the twenty-six weeks ended June 28, 2015 was $460,000.
There was approximately $1.1 million of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of June 28, 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 twenty-six weeks ended June 28, 2015 are as follows:
 
Shares
 
Weighted
Average
Fair Value
 
Weighted
Average
Remaining
Contractual
Term
(Year)
 
Total Compensation Cost Related to Non-Vested Awards
Outstanding at December 28, 2014
87,428

 
$
40.36

 
 
 
 
Granted
105,834

 
23.25

 
 
 
 
Vested
(21,672
)
 
40.47

 
 
 
 
Forfeited
(4,250
)
 
33.50

 
 
 
 
Outstanding at June 28, 2015
167,340

 
$
29.70

 
3.20
 
$
4,515


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 28, 2015, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $4.5 million, which is expected to be recognized ratably through the year 2020.