K. Common Stock and Stock-Based Compensation

Option Activity

Information related to stock options under the Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 30, 2017		1,156,997		$	158.53
Granted		17,531			191.10
Forfeited		—			—
Expired		—			—
Exercised		(168,773	)		113.82

Outstanding at March 31, 2018		1,005,755		$	178.90		6.97	$	19,949

Exercisable at March 31, 2018		178,692		$	104.02		3.54	$	16,108

Vested and expected to vest at March 31, 2018		374,181		$	143.93		5.58	$	19,015

Of the total options outstanding at March 31, 2018, 53,416 shares were performance-based options for which the performance criteria had yet to be achieved and 574,507 shares were options granted to the former Chief Executive Officer with an estimated 100% forfeiture rate as a result of planned retirement in the second quarter of 2018.

On January 1, 2018, the Company granted options to purchase an aggregate of 17,531 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $82.69 per share, of which all shares relate to performance-based stock options.

On April 2, 2018, David Burwick formally joined the Company as its President and Chief Executive Officer. The Company’s agreement with Mr. Burwick includes a base salary of $750,000, a sign-on bonus of $1.6 million and an annual target bonus of 100% of base salary. In the second quarter of 2018, the Company will grant Mr. Burwick restricted stock awards with a value at date of grant of $14.75 million with service based vesting through 2023 and a performance based stock option with a value at date of grant of $1.0 million and vesting through 2022.

Non-Vested Shares Activity

The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards:


	Number of Shares			Weighted Average Fair Value
Non-vested at December 30, 2017		62,405		$	155.21
Granted		28,087			156.90
Vested		(18,918	)		152.19
Forfeited		(1,012	)		108.71

Non-vested at March 31, 2018		70,562		$	157.36

On January 1, 2018, the Company granted 18,873 shares of restricted stock awards to certain senior managers and key employees, of which all shares vest ratably over service periods of five years. On January 1, 2018, employees elected to purchase 9,214 shares under the investment share program. The weighted average fair value of the restricted stock awards and investment shares, which are sold to employees at discount under its investment share program, was $191.10 and $86.84 per share, respectively.

Stock-Based Compensation

Stock-based compensation expense related to share-based awards recognized in the thirteen weeks ended March 31, 2018 and April 1, 2017 was $1.5 million and $1.6 million, respectively, and was calculated based on awards expected to vest.