Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plans

v3.5.0.2
Stock Incentive Plans
 6 Months Ended
Jul. 10, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Incentive Plans
Stock Incentive Plans
Under the Company’s Second Amended and Restated 2007 Performance Incentive Plan (the “2007 Stock Plan”), various stock options and stock awards may be granted to employees of the Company and any of its subsidiaries, directors of the Company, and certain consultants and advisors to the Company or any of its subsidiaries.
Stock options are granted with an exercise price equal to the fair market value of shares of the Company’s common stock at the grant date. We account for stock-based compensation in accordance with fair value recognition provisions, calculated using the Black-Scholes option pricing model (the “pricing model”). The weighted-average fair value of non-qualified stock options and the related assumptions used in the pricing model for periods in which options were granted were as follows:
 
Twelve Weeks Ended
 
Twenty-eight Weeks Ended
 
July 10, 2016
 
July 12, 2015
 
July 10, 2016
 
July 12, 2015
Risk-free interest rate
1.1
%
 
1.6
%
 
1.2
%
 
1.4
%
Expected years until exercise
4.3

 
4.8

 
4.7

 
4.8

Expected stock volatility
37.2
%
 
39.4
%
 
39.2
%
 
40.6
%
Dividend yield
—
%
 
—
%
 
—
%
 
—
%
Weighted average Black-Scholes fair value per share at date of grant
$
19.56

 
$
30.86

 
$
21.81

 
$
29.71


The following table presents a summary of the Company’s stock-based compensation activity for the twenty-eight weeks ended July 10, 2016 (in thousands):
 
Stock Options
 
Restricted Stock Units
Outstanding, December 27, 2015
395

 
75

Granted
132

 
55

Forfeited/expired
(15
)
 
(5
)
Exercised/vested
(7
)
 
(36
)
Outstanding, July 10, 2016
505

 
89


We recognized stock-based compensation expense of $1.0 million and $1.4 million for the twelve weeks ended July 10, 2016 and July 12, 2015 and $3.1 million and $2.8 million for the twenty-eight weeks ended July 10, 2016 and July 12, 2015.