Share-Based Compensation

6 Months Ended

Jun. 26, 2019

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

Total share-based compensation cost included as a component of general and administrative expenses was as follows:



	Quarter Ended				Two Quarters Ended
	June 26, 2019		June 27, 2018		June 26, 2019		June 27, 2018
	(In thousands)
Performance share awards	$	2,463	$	942	$	4,461	$	2,020
Restricted stock units for board members	250		269		505		541
Total share-based compensation	$	2,713	$	1,211	$	4,966	$	2,561

Performance Share Units

During the two quarters ended June 26, 2019, we granted certain employees 0.3 million performance share units with a grant date fair value of $20.47 per share that vest based on the total shareholder return (“TSR”) of our common stock compared to the TSRs of a group of peer companies and 0.3 million performance share units with a grant date fair value of $17.58 per share that vest based on our Adjusted EPS growth rate versus plan, as defined under the terms of the award. The performance period for these performance share units is the three year fiscal period beginning December 27, 2018 and ending December 29, 2021. They will vest and be earned (from 0% to 150% of the target award for each such increment) at the end of the performance period.

During the two quarters ended June 26, 2019, we issued 0.3 million shares of common stock related to vested performance share units. In addition 0.4 million shares of common stock were deferred and 0.2 million shares of common stock were withheld in lieu of taxes related to vested performance share units.

As of June 26, 2019, we had approximately $18.1 million of unrecognized compensation cost related to all unvested performance share awards outstanding, which have a weighted average remaining contractual term of 2.1 years.

Restricted Stock Units for Board Members

During the two quarters ended June 26, 2019, we granted less than 0.1 million restricted stock units (which are equity classified) with a weighted average grant date fair value of $19.44 per unit to non-employee members of our Board of Directors. The restricted stock units vest after a one year service period. A director may elect to convert these awards into shares of common stock either on a specific date in the future (while still serving as a member of our Board of Directors), upon termination as a member of our Board of Directors, or in three equal annual installments commencing after termination of service as a member of our Board. During the two quarters ended June 26, 2019, 0.1 million restricted stock units were converted into shares of common stock. As of June 26, 2019, we had approximately $0.7 million of unrecognized compensation cost related to all unvested restricted stock unit awards outstanding, which have a weighted average remaining contractual term of 0.9 years.