
	2020		2019		2018
Stock options	$	322	$	2,626	$	3,039
Performance stock units	1,309		3,035		2,449
Restricted stock units	3,929		1,844		655
Equity-based compensation expense	$	5,560	$	7,505	$	6,143

Total income tax benefit recognized related to equity-based compensation	$	204	$	188	$	172

Equity-based compensation expense is allocated to General and administrative expenses and Labor and related expenses on the Consolidated Statements of Income (Loss) during fiscal 2020, fiscal 2019 and fiscal 2018 as follows:


	2020		2019		2018
General and administrative expenses	$	5,039	$	7,189	$	5,991
Labor and related expenses	521		316		152
Equity-based compensation expense	$	5,560	$	7,505	$	6,143

We capitalized $40, $195 and $107 of equity-based compensation expense associated with the construction cost of our Shacks and our enterprise-wide system upgrade, Project Concrete, during fiscal 2020, fiscal 2019 and fiscal 2018, respectively.

In January 2015, we adopted the 2015 Incentive Award Plan (the "2015 Plan") under which we may grant up to 5,865,522 stock options and other equity-based awards to employees, directors and officers. The stock options granted generally vest equally over periods ranging from one to five years. We do not use cash to settle any of our equity-based awards, and we issue new shares of Class A common stock upon the exercise of stock options.

The fair value of stock option awards was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions:


	2020		2019		2018
Expected term (years)(1)	7.5		7.5		7.5
Expected volatility(2)	42.3	%	42.2	%	42.5	%
Risk-free interest rate(3)	0.7	%	2.4	%	2.8	%
Dividend yield(4)	—	%	—	%	—	%


		Stock Options	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)










Outstanding as of December 25, 2019		890,267	$	21.44
	Granted	6,170	35.89
	Exercised	(405,688)	21.20
	Forfeited	(1,725)	(21.00)

Outstanding as of December 30, 2020		489,024	$	21.83	$	30,824	4.2
Options vested and exercisable as of December 30, 2020		474,744	$	21.25	$	30,199	4.1
Options expected to vest as of December 30, 2020		14,280	$	41.09	$	625	8.2

As of December 30, 2020, total unrecognized compensation expense related to unvested stock options was $223, which is expected to be recognized over a weighted-average period of 3.2 years. The weighted-average grant date fair value of options granted during fiscal 2020, fiscal 2019 and fiscal 2018 was $16.21, $26.42, $19.86, respectively. The total intrinsic value of stock options exercised during fiscal 2020, fiscal 2019 and fiscal 2018 was $25,824, $16,905 and $5,786, respectively. Cash received from stock option exercises was $8,224 and the cash tax benefit realized for the tax deductions from these option exercises was $229 for fiscal 2020. The total fair value of stock options vested during fiscal 2020, fiscal 2019 and fiscal 2018 was $2,674, $2,950 and $3,483, respectively.


	Options Outstanding				Options Exercisable
	Number Outstanding at December 30, 2020	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number Exercisable at December 30, 2020	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price
Exercise Price
$21.00	466,225	4.1	$	21.00	466,225	4.1	$	21.00
$34.62	7,411	5.4	$	34.62	7,411	5.4	$	34.62
$36.41	1,108	5.9	$	36.41	1,108	5.9	$	36.41
$38.91	2,060	6.4	$	38.91	—	—	$	—
$39.91	3,022	7.2	$	39.91	—	—	$	—
$54.36	3,028	8.2	$	54.36	—	—	$	—
$35.89	6,170	9.2	$	35.89	—	—	$	—

Under the 2015 Plan, we may grant performance stock units and other types of performance-based equity awards that vest based on the outcome of certain performance criteria that are established and approved by the Compensation Committee of the Board of Directors. The actual number of equity awards earned is based on the level of performance achieved over a predetermined performance period, relative to established financial goals, none of which are considered market conditions.

For performance stock units granted during fiscal 2020, the amount of awards that can be earned ranges from 0% to 125% of the number of performance stock units granted, based on the achievement of approved financial goals over a one-year performance

period. In addition to the performance conditions, performance stock units are also subject to a requisite service period and the awards vest ratably over four years. The fair value of performance stock units is determined based on the closing market price of our Class A common stock on the date of grant. Compensation expense related to the performance stock units is recognized using a graded-vesting attribution method over the vesting period based on the most probable outcome of the performance conditions.


		Performance Stock Units	Weighted Average Grant Date Fair Value












Outstanding as of December 25, 2019		117,517	$	51.97
	Granted	79,388	57.20
	Performance achievement(1)	7,792	52.47
	Vested	(50,242)	49.34
	Forfeited	(17,234)	54.45

Outstanding as of December 30, 2020		137,221	$	55.67

As of December 30, 2020, there were 137,221 performance stock units outstanding, of which none were vested. The weighted average grant date fair value of share awards granted during fiscal 2020, fiscal 2019 and fiscal 2018 were $57.20, $52.47, and $58.46, respectively. The total fair value of awards that vested during fiscal 2020, fiscal 2019 and fiscal 2018 was $2,730, $3,456 and $2,310, respectively. As of December 30, 2020, total unrecognized compensation expense related to unvested performance stock units was $966, which is expected to be recognized over a weighted-average period of 1.9 years.

Under the 2015 Plan, we may grant restricted stock units to employees, directors and officers. The restricted stock units granted generally vest equally over periods ranging from one to five years. The fair value of restricted stock units is determined based on the closing market price of our Class A common stock on the date of grant. Compensation expense related to the restricted stock units is recognized using a straight-line attribution method over the vesting period.


		Restricted Stock Units	Weighted Average Grant Date Fair Value










Outstanding as of December 25, 2019		152,098	$	49.87
	Granted	170,528	57.41
	Vested	(41,974)	50.66
	Forfeited	(22,159)	54.46

Outstanding as of December 30, 2020		258,493	$	54.33

As of December 30, 2020, there were 258,493 restricted stock units outstanding, of which none were vested. The weighted average grant date fair value of share awards granted during fiscal 2020, fiscal 2019 and fiscal 2018 were $57.41, $52.51, and $49.12, respectively. The total fair value of shares vested during fiscal 2020, fiscal 2019 and fiscal 2018 was $2,463, $947 and $867, respectively. As of December 30, 2020, total unrecognized compensation expense related to unvested restricted stock units was $10,654, which is expected to be recognized over a weighted-average period of 2.8 years.