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Common Stock and Share-Based Compensation
 3 Months Ended
Mar. 30, 2019
Common Stock and Share-Based Compensation
L.
Common Stock and Stock-Based Compensation
Option Activity
Information related to stock options under the Restated 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 29, 2018
 
 
366,829
 
 
$
155.75
 
 
 
 
 
 
 
 
 
Granted
 
 
15,524
 
 
 
312.74
 
 
 
 
 
 
 
 
 
Forfeited
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
Expired
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
Exercised
 
 
(33,983
)
 
 
85.78
 
 
 
 
 
 
 
 
 
Outstanding at March 30, 2019
 
 
348,370
 
 
$
169.58
 
 
 
5.63
 
 
$
43,879
 
Exercisable at March 30, 2019
 
 
135,926
 
 
$
127.73
 
 
 
3.43
 
 
$
22,717
 
Vested and expected to vest at March 30, 2019
 
 
316,274
 
 
$
166.69
 
 
 
5.49
 
 
$
40,747
 
Of the total options outstanding at March 30, 2019, 65,306 shares were performance-based options for which the performance criteria had yet to be achieved.
On March 1, 2019, the Company granted options to purchase an aggregate of 14,680 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $136.00 per share, of which all shares relate to performance-based stock options.
On March 14, 2019, the Company granted options to purchase an aggregate of 844 shares of the Company’s Class A Common Stock to the Company’s newly appointed non-employee Director. These options have a weighted average fair value of $136.10 per share, of which all shares vested immediately.
 
Non-Vested Shares Activity
The following table summarizes vesting activities of shares issued under the investment share program and restricted stock:
 
 
 
Number of Shares
 
 
Weighted Average Fair Value
 
Non-vested at December 29, 2018
 
 
126,720
 
 
$
192.74
 
Granted
 
 
24,579
 
 
$
258.92
 
Vested
 
 
(20,230
)
 
$
163.83
 
Forfeited
 
 
(611
)
 
$
134.61
 
Non-vested at March 30, 2019
 
 
130,458
 
 
$
209.96
 
On January 1, 2019, the Company granted a key employee 207 shares of restricted stock units with a weighted average fair value of $240.84 and vests ratable over the service period of four years.
On March 1, 2019, the Company granted 16,471 shares of restricted stock units to certain officers, senior managers and key employees, of which all shares vest ratably over service periods of four years. On March 1, 2019, employees elected to purchase 7,901 shares under the Company’s investment share program. The weighted average fair value of the restricted stock units and investment shares, which are sold to employees at discount under its investment share program, was $312.56 and $147.98 per share, respectively.
Stock-Based Compensation
Stock-based compensation expense related to share-based awards recognized in the thirteen weeks ended March 30, 2019 and March 31, 2018 was $2.1 million and $1.5 million, respectively, and was calculated based on awards expected to vest.