Texas Roadhouse, Inc. and SubsidiariesNotes to Consolidated Financial Statements(Tabular amounts in thousands, except share and per share data)F-26
PSUs outstanding. Share - based compensation activity by type of grant as of December 25, 2018 and changes during the
period then ended are presented below.
Summary Details for RSUs
Weighted-Average Weighted-Average
Grant Date Fair Remaining Contractual Aggregate
Shares Value Term (years) Intrinsic Value
Outstanding at December 26, 2017 .............. 949,991 $ 43.62
Granted ..................................... 439, 259 60.79
Forfeited .................................... (35,077) 47.66
Vested ...................................... (529,228) 42.20
Outstanding at December 25, 2018 .............. 824,945 $ 53.51 1.3 $ 46,870
As of December 25, 2018, with respect to unvested RSUs, there was $22.0 million of unrecognized compensation
cost that is expected to be recognized over a weighted-average period of 1.3 years. The vesting terms of the RSUs range
from approximately 1.0 to 5.0 years. The total intrinsic value of RSUs vested during the years ended December 25,
2018, December 26, 2017 and December 27, 2016 was $32.1 million, $23.4 million and $21.5 million, respectively. The
excess tax benefit associated with vested RSUs for the years ended December 25, 2018 and December 26, 2017 was $1.9
million and $1.6 million, respectively, which was recognized in the income tax provision. The excess tax benefit
associated with vested RSUs for the year ended December 27, 2016 was $1.5 million which was recorded in additional
paid-in-capital in the consolidated balance sheets.
Summary Details for PSUs
Weighted-Average Weighted-Average
Grant Date Fair Remaining Contractual Aggregate
Shares Value Term (years) Intrinsic Value
Outstanding at December 26, 2017 ............... 205,000 $ 46.16
Granted ...................................... — —
Incremental Performance Shares (1) .............. 40,576 39.88
Forfeited ..................................... — —
Vested ....................................... (155,576) 39.88
Outstanding at December 25, 2018 ............... 90,000 $ 54.18 0.1 $ 5,113
(1) Additional shares from the November 2016 PSU grant that vested in January 2018 due to exceeding the initial 100%
target.
Beginning in 2015, we granted PSUs to certain of our executives subject to a one-year vesting and the achievement
of certain earnings targets, which determine the number of units to vest at the end of the vesting period. Share-based
compensation is recognized for the number of units expected to vest at the end of the period and is expensed beginning
on the grant date and through the performance period. For each grant, PSUs vest after meeting the performance and
service conditions. The total intrinsic value of PSUs vested during the years ended December 25, 2018, December 26,
2017 and December 27, 2016 was $8.9 million, $8.6 million and $5.0 million, respectively.
On January 8, 2019, 142,169 shares vested related to the December 2017 PSU grant and are expected to be
distributed during the 13 weeks ending March 26, 2019. This included 90,000 granted shares and 52,169 incremental
shares due to the grant exceeding the initial 100% target. As of December 25, 2018, with respect to unvested PSUs,
there was $0.3 million of unrecognized compensation cost that is expected to be recognized over a weighted-average
period of 0.1 year. The excess tax benefit associated with vested PSUs for the years ended December 25, 2018 and
December 26, 2017 was $0.7 million and $0.8 million, respectively, which was recognized within the income tax
provision.