Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

v3.20.4
Stock-Based Compensation
12 Months Ended
Dec. 27, 2020
Share-based Payment Arrangement [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), 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. The 2006 Plan was terminated by the board effective July 27, 2012, and no further awards may be granted under the plan after such date. The termination of the 2006 Plan did not affect outstanding awards granted under the 2006 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 December 27, 2020 the Company had 177,200 of stock options outstanding and exercisable with a remaining weighted average contractual term of two years.
Restricted stock units granted under the 2012 and 2020 Plan vest over four or five years from the date of grant. As of December 27, 2020, a total of 1,113,780 shares of common stock were reserved and remained available for issuance under the 2020 Plan.
Stock-based compensation cost recognized in the consolidated statements of income was approximately $3.7 million, $3.3 million and $3.1 million for the years ended December 27, 2020, December 29, 2019 and December 30, 2018, respectively. Stock-based compensation recognized as capitalized development was approximately $220,000, $215,000 and $201,000 for the years ended December 27, 2020, December 29, 2019 and December 30, 2018, respectively. Capitalized stock-based compensation is included in Property and equipment, net on the consolidated balance sheets.
A summary of stock-based compensation activity and changes related to restricted stock units for the year ended December 27, 2020 are as follows:
Shares Weighted
Average
Fair Value
Weighted
Average
Remaining
Contractual
Term
(Years)
Outstanding at December 29, 2019 406,205  $ 25.02 
Granted 285,389  14.81 
Vested (146,325) 26.16 
Forfeited (26,729) 18.38 
Outstanding at December 27, 2020 518,540  $ 19.42  2.42
The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of December 27, 2020, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $7.1 million. This amount is expected to be recognized evenly over the remaining vesting period of the grants.