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Common Stock and Stock-Based Compensation
6 Months Ended
Jun. 26, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Common Stock and Stock-Based Compensation

N.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 26, 2020

 

 

241,847

 

 

$

228.58

 

 

 

 

 

 

 

 

 

Granted

 

 

20,420

 

 

 

1,031.01

 

 

 

 

 

 

 

 

 

Forfeited

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Expired

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Exercised

 

 

(32,835

)

 

 

197.25

 

 

 

 

 

 

 

 

 

Outstanding at June 26, 2021

 

 

229,432

 

 

$

304.49

 

 

 

5.93

 

 

$

167,692

 

Exercisable at June 26, 2021

 

 

81,317

 

 

$

228.58

 

 

 

5.07

 

 

$

65,631

 

Vested and expected to vest at June 26, 2021

 

 

210,177

 

 

$

300.67

 

 

 

5.89

 

 

$

154,424

 

 

Of the total options outstanding at June 26, 2021, 23,019 shares were performance-based options for which the performance criteria had yet to be achieved.

On March 1, 2021, the Company granted options to purchase an aggregate of 8,063 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $449.93 per share, of which all shares relate to performance-based stock options.

On March 1, 2021 the Company granted options to purchase an aggregate of 10,935 shares of the Company’s Class A Common Stock to the Chief Executive Officer with a weighted average fair value of $457.25 per share, of which all shares relate to service-based stock options.

On May 19, 2021, the Company granted options to purchase an aggregate of 1,422 shares of the Company’s Class A Common Stock to the Company’s non-employee Directors. These options have a weighted average fair value of $484.33 per share. All of the options vested immediately on the date of the grant

Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows:

 

Non-Vested Shares Activity

 

 

2021

 

Expected Volatility

 

 

36.1

%

Risk-free interest rate

 

 

1.5

%

Expected Dividends

 

 

0.0

%

Exercise factor

 

2.6 times

 

Discount for post-vesting restrictions

 

 

0.0

%

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 26, 2020

 

 

114,316

 

 

$

263.47

 

Granted

 

 

17,632

 

 

 

880.81

 

Vested

 

 

(41,923

)

 

 

227.42

 

Forfeited

 

 

(445

)

 

 

291.63

 

Non-vested at June 26, 2021

 

 

89,580

 

 

$

402.53

 

 

Of the total shares outstanding at June 26, 2021, 2,696 shares were performance-based shares for which the performance criteria had yet to be achieved.

 

 

On March 1, 2021, the Company granted a combined 7,817 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. Additionally on March 1, 2020, the Company granted 4,861 shares of restricted stock units to the Chief Executive Officer, of which all shares vest over five years. On March 1, 2021, employees elected to purchase a combined 4,954 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 $1,028.71 and $502.32 per share, respectively.

Stock-Based Compensation

The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying condensed consolidated statements of comprehensive income:

 

 

Thirteen weeks ended

 

 

Twenty-six weeks ended

 

 

 

June 26,

2021

 

 

June 27,

2020

 

 

June 26,

2021

 

 

June 27,

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Amounts included in advertising, promotional and selling expenses

 

$

1,268

 

 

$

1,147

 

 

$

2,940

 

 

$

1,852

 

Amounts included in general and administrative expenses

 

 

4,066

 

 

 

3,390

 

 

 

7,351

 

 

 

5,251

 

Total stock-based compensation expense

 

$

5,334

 

 

$

4,537

 

 

$

10,291

 

 

$

7,103