Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.3.0.814
Stock-Based Compensation
 9 Months Ended
Sep. 27, 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 September 27, 2015, a total of 896,591 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 $450,000 and $332,000 for the thirteen weeks ended September 27, 2015 and September 28, 2014 and $1,255,000 and $731,000 for the thirty-nine weeks ended September 27, 2015 and September 28, 2014.
Stock Options
A summary of stock-based compensation activity related to stock options for the thirty-nine weeks ended September 27, 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
(18,083
)
 
5.78

 
 
 
 
Forfeited
(19,290
)
 
32.01

 
 
 
 
Outstanding at September 27, 2015
646,815

 
$
11.86

 
4.05
 
$
10,424

Exercisable at September 27, 2015
526,983

 
$
8.87

 
3.35
 
$
9,979


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 September 27, 2015 and multiplying this result by the related number of options outstanding and exercisable at September 27, 2015. The estimated fair value of the common stock as of September 27, 2015 used in the above calculation was $27.69 per share, the closing price of the Company’s common stock on September 25, 2015, the last trading day of the third quarter. The total intrinsic value of options exercised during the thirty-nine weeks ended September 27, 2015 was $357,000. The fair value of options vested during the thirty-nine weeks ended September 27, 2015 was $560,000.
There was approximately $922,000 of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of September 27, 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 thirty-nine weeks ended September 27, 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
109,023

 
23.51

 
 
 
 
Vested
(21,849
)
 
40.36

 
 
 
 
Forfeited
(4,250
)
 
33.50

 
 
 
 
Outstanding at September 27, 2015
170,352

 
$
29.75

 
2.99
 
$
4,252


The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of September 27, 2015, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $4.3 million, which is expected to be recognized ratably through the year 2020.