Stock-Based Compensation |
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Mar. 27, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 March 27, 2016, a total of 814,128 shares of common stock are reserved and remain available for issuance under the 2012 Plan.
Stock-based compensation cost recognized in the accompanying condensed consolidated income statements was $469,000 and $356,000 for the thirteen weeks ended March 27, 2016 and March 29, 2015, respectively.
Stock Options
A summary of stock-based compensation activity related to stock options for the thirteen weeks ended March 27, 2016 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 27, 2016 and multiplying this result by the related number of options outstanding and exercisable at March 27, 2016. The estimated fair value of the common stock as of March 27, 2016 used in the above calculation was $30.04 per share, the closing price of the Company’s common stock on March 24, 2016, the last trading day of the first quarter. The total intrinsic value of options exercised during the thirteen weeks ended March 27, 2016 was $371,000. The fair value of options vested during the thirteen weeks ended March 27, 2016 was $323,000.
There was approximately $683,000 of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of March 27, 2016. 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 27, 2016 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 27, 2016, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $6.3 million, which is expected to be recognized ratably through the year 2021.
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