Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.21.2
Stock-Based Compensation
6 Months Ended
Jun. 27, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company has outstanding awards under 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. Options granted under these plans vest over five years from the date of grant and have a maximum term of ten years. As of June 27, 2021 the Company had 13,846 of stock options outstanding and exercisable with a remaining weighted average contractual term of approximately two years.
Restricted stock units granted under the 2012 Plan and 2020 Plan vest over four to five years from the date of grant. As of June 27, 2021, a total of 1,022,344 shares of common stock were reserved and remained available for issuance under the 2020 Plan.
Stock-based compensation expense recognized in the accompanying condensed consolidated income statements was approximately $1,003,000 and $967,000 for the thirteen weeks ended June 27, 2021 and June 28, 2020, respectively, and $1,947,000 and $1,823,000 for the twenty-six weeks ended June 27, 2021 and June 28, 2020, respectively.
A summary of stock-based compensation activity related to restricted stock units for the twenty-six weeks ended June 27, 2021 are as follows:
Shares Weighted
Average
Fair Value
Weighted
Average
Remaining
Contractual
Term
(Year)
Outstanding at December 27, 2020 518,540  $ 19.42 
Granted 91,714  44.32 
Vested (179,818) 21.33 
Forfeited (311) 21.06 
Outstanding at June 27, 2021 430,125  $ 23.93  2.76
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 27, 2021, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $9.1 million. This amount is expected to be recognized evenly over the remaining vesting period of the grants.