Share-Based Compensation

12 Months Ended

Dec. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company recognized compensation cost for share-based payments of $3,156, $3,135, and $2,442 for the years ended December 30, 2018, December 31, 2017, and December 25, 2016, respectively. The total compensation cost not yet recognized related to non-vested awards as of December 30, 2018 was $4,053, which is expected to be recognized over a weighted average period of 1.85 years through October 2020.

Restricted Stock Grants (“RSGs”)

On February 3, 2014, the Board of Directors of New Media (the "Board" or "Board of Directors") adopted the New Media Investment Group Inc. Nonqualified Stock Option and Incentive Award Plan (the “Incentive Plan”) that authorized up to 15,000,000 shares that may be granted under the Incentive Plan. On the same date, the Board adopted a form of the New Media Investment Group Inc. Non-Officer Director Restricted Stock Grant Agreement (the “Form Grant Agreement”) to govern the terms of awards of restricted stock (“New Media Restricted Stock”) granted under the Incentive Plan to directors who are not officers or employees of New Media (the “Non-Officer Directors”). On February 24, 2015, the Board adopted a form of the New Media Investment Group Inc. Employee Restricted Stock Grant Agreement (the “Form Employee Grant Agreement”) to govern the terms of awards of New Media Restricted Stock granted under the Incentive Plan to employees of New Media and its subsidiaries (the “Employees”). Both the Form Grant Agreement and the Form Employee Grant Agreement provide for the grant of New Media Restricted Stock that vests in equal annual installments on each of the first, second and third anniversaries of the grant date, subject to continued service, and immediate vesting in full upon death or disability. If service terminates for any other reason, all unvested shares of New Media Restricted Stock are forfeited. During the period prior to the lapse and removal of the vesting restrictions, a grantee of a RSG will have all the rights of a stockholder, including without limitation, the right to vote and the right to receive all dividends or other distributions. Any dividends or other distributions that are declared with respect to the shares of New Media Restricted Stock will be paid at the time such shares vest. The value of the RSGs on the date of issuance is recognized as selling, general and administrative expense over the vesting period with a corresponding increase to additional paid-in-capital.

As of December 30, 2018, the aggregate intrinsic value of unvested RSGs was $4,410.

RSG activity was as follows:



	Year Ended
	December 30, 2018				December 31, 2017				December 25, 2016
	Number of RSGs		Weighted- Average Grant Date Fair Value		Number of RSGs		Weighted- Average Grant Date Fair Value		Number of RSGs		Weighted- Average Grant Date Fair Value
Unvested at beginning of year	342,264		$	16.86	335,593		$	18.18	244,848		$	21.67
Granted	227,388		16.43		186,153		15.85		193,737		15.31
Vested	(170,422	)	18.01		(128,952	)	18.87		(83,303	)	21.51
Forfeited	(14,759	)	16.55		(50,530	)	16.80		(19,689	)	19.22
Unvested at end of year	384,471		$	16.11	342,264		$	16.86	335,593		$	18.18

Under FASB ASC Topic 718, “Compensation - Stock Compensation”, the Company elected to recognize share-based compensation expense for the number of awards that are ultimately expected to vest. The Company’s estimated forfeitures are based on historical forfeiture rates. Estimated forfeitures are reassessed periodically, and the estimate may change based on new facts and circumstances.