Stock-Based Compensation |
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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 2006 Stock Option Plan (the “2006 Plan”). The outstanding options under the 2006 Plan are fully vested as of December 31, 2017. In connection with the Company's Initial Public Offering (the "IPO"), the Company terminated the 2006 Plan, and no further awards will be granted under the 2006 Plan. The termination of the 2006 Plan did not affect awards outstanding under the 2006 Plan at the time of its termination and the terms of the 2006 Plan continue to govern those outstanding awards.
In connection with the IPO, the Company adopted the Chuy's Holdings, Inc. 2012 Omnibus Equity Incentive Plan (the “2012 Plan”) which allows the Company’s board of directors to grant stock options, restricted stock, restricted stock units and other equity-based awards to directors, officers, and key employees of the Company. The 2012 Plan provides for granting of options to purchase shares of common stock at an exercise price not less than the fair value of the stock on the date of grant. The outstanding options under the 2012 Plan vest 20% on each of the first five anniversaries of the date of grant and have a maximum term of ten years. The outstanding restricted stock units vest ratably on each of the first four or five anniversaries of the date of grant. As of December 31, 2017, a total of 706,101 shares of common stock are reserved and remain available for issuance under the 2012 Plan.
Stock-based compensation cost recognized in the consolidated statements of income was $2.9 million, $2.2 million and $1.7 million for the years ended December 31, 2017, December 25, 2016 and December 27, 2015, respectively. Stock-based compensation recognized as capitalized development was approximately $218,000, $160,000 and $114,000 for the years ended December 31, 2017, December 25, 2016 and December 27, 2015, respectively. Capitalized stock-based compensation is included in Property and equipment, net on the consolidated balance sheets.
Stock Options
A summary of stock-based compensation activity and changes related to stock options for the year ended December 31, 2017 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 December 31, 2017 and multiplying this result by the related number of options outstanding and exercisable at December 31, 2017. The estimated fair value of the common stock as of December 31, 2017 used in the above calculation was $28.05 per share, the closing price of the Company’s common stock on December 29, 2017, the last trading day of the year. The total intrinsic value of options exercised was $0.6 million and $9.1 million for the years ended December 31, 2017 and December 25, 2016, respectively. During the years ended December 31, 2017, December 25, 2016 and December 27, 2015 the total fair value of options vested was $0.3 million, $0.5 million, and $0.6 million, respectively.
There was approximately $0.1 million of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of December 31, 2017. These costs will be recognized through the year 2019.
Restricted Stock Units
A summary of stock-based compensation activity and changes related to restricted stock units for the year ended December 31, 2017 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 December 31, 2017, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $5.3 million, which is expected to be recognized through the year 2022.
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