For a discussion of our share-based incentive plans, refer to Note 8 of our 2023 Form 10-K.

The following table summarizes stock option activity under all equity incentive plans during the 13 weeks ended March 30, 2024:


	Time-Based Stock Options			Performance-Based Stock Options
	Number of Options	Weighted-Average Exercise Price		Number of Options	Weighted-Average Exercise Price
Options outstanding as of December 30, 2023	2,091,523	$	12.97	227,605	$	6.62

Exercised	(453,640)	7.34		(29,775)	3.81

Options outstanding as of March 30, 2024	1,637,883	$	14.53	197,830	$	7.05
Options vested and exercisable as of March 30, 2024	1,627,850	$	14.53	197,830	$	7.05

The following table summarizes restricted stock unit ("RSU") activity under all equity incentive plans during the 13 weeks ended March 30, 2024:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance as of December 30, 2023	857,820	$	28.82
Granted	575,389	25.79
Vested	(339,198)	29.73
Forfeitures	(4,957)	28.08
Unvested balance as of March 30, 2024	1,089,054	$	26.94

The following table summarizes performance-based restricted stock unit ("PSU") activity under the Grocery Outlet Holding Corp. 2019 Incentive Plan during the 13 weeks ended March 30, 2024:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance as of December 30, 2023	1,753,989	$	29.50
Granted (1)	559,861	25.79
Adjustment for expected performance achievement (2)	88,817	27.34
Vested	(301,392)	35.45
Forfeitures	(2,364)	27.77
Unvested balance as of March 30, 2024 (3)	2,098,911	$	27.57

(1)Represents initial grant of PSUs based on performance target level achievement of 100%.

(2)Represents the year-to-date adjustment to previously granted PSUs based on performance expectations as of March 30, 2024.

(3)An additional 648,189 PSUs could potentially be included if the maximum performance level of 200% is reached for all PSUs outstanding as of March 30, 2024.

We recognize compensation expense for stock options, RSUs and PSUs by amortizing the grant date fair value on a straight-line basis over the expected vesting period to the extent we determine the vesting of the grant is probable. We recognize share-based award forfeitures in the period such forfeitures occur.


	13 Weeks Ended
	March 30, 2024		April 1, 2023
Time-based stock options	$	9	$	408

RSUs	3,236		2,495
PSUs	4,897		3,773

Share-based compensation expense	$	8,142	$	6,676