Popeye's 2015 Annual Report Download - page 78

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Popeyes Louisiana Kitchen, Inc.
Notes to Consolidated Financial Statements
For Fiscal Years 2015, 2014, and 2013 — (Continued)
Restricted Stock Awards
The following table summarizes the restricted stock awards activity for the 52 week period ended December 27, 2015:
(share awards in thousands) Shares
Weighted
Average
Grant
Date Fair
Value
Unvested restricted stock awards:
Outstanding beginning of year 32 $ 33.77
Granted 49 $ 59.62
Vested (19) $ 29.42
Canceled (4) $ 52.73
Outstanding end of year 58 $ 55.60
The grant date fair values of the restricted stock awards are based on the Company's closing stock price on the date of the
grant. The weighted average grant date fair value of restricted share awards granted during 2014 and 2013 were $40.57 and
$35.77, respectively.
These awards are amortized as expense on a graded basis over the three-year vesting period. The Company recognized
approximately $1.3 million, $0.4 million, and $0.2 million, in stock-based compensation expense associated with these awards
during 2015, 2014, and 2013, respectively. During the vesting period, recipients of the shares are entitled to dividends on such
shares, provided that such shares are not forfeited. Dividends are accumulated and paid out at the end of the vesting period.
As of December 27, 2015, there was approximately $1.9 million of total unrecognized compensation cost related to unvested
restricted stock awards which are expected to be recognized over a weighted average period of approximately 1.9 years. The
total fair value at grant date of awards which vested during 2015, 2014, and 2013, was $0.6 million, $0.1 million, and $0.1
million, respectively.
Restricted Share Units
The Company grants restricted stock units (RSUs) to members of its board of directors pursuant to the incentive stock plan.
The Company recognized $0.7 million, $0.6 million, and $0.6 million in stock-based compensation expense associated with
these awards during the 2015, 2014, and 2013, respectively. As of December 27, 2015, there was approximately $0.3 million
of total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted average
period of approximately 0.4 years.
The following table summarizes the restricted share unit activity for the 52 week period ended December 27, 2015.
(share awards in thousands) Units
Weighted
Average
Grant
Date Fair
Value
Unvested restricted stock units:
Outstanding beginning of year 177 $ 16.86
Granted 12 56.95
Vested (79) 15.92
Outstanding end of year 110 $ 21.97
The weighted average grant date fair value of restricted share units vested in 2014 and 2013 was $13.56 and $11.98,
respectively. The weighted average grant date fair value of restricted share units granted during 2014 and 2013 were $37.20 and
$34.42, respectively.
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