7. STOCK PLANS

As discussed previously, all share amounts have been restated to reflect the reverse stock split that became effective on June 7, 2016, and applied retrospectively.

Stock Plans Activity

The following table summarizes the restricted stock units (“RSUs”) activity during the nine months ended September 25, 2016:


		Weighted
		Average Grant
		Date Fair
		Value
Nonvested — December 27, 2015	153,880	$	29.83
Granted	124,690	$	10.62
Vested	(67,335)	$	30.90
Forfeited	(3,730)	$	15.78
Nonvested — September 25, 2016	207,505	$	18.19

The total fair value of the RSUs that vested during the nine months ended September 25, 2016, was $0.8 million.

The following table summarizes the stock appreciation rights (“SARs”) activity during the nine months ended September 25, 2016:


		Weighted		Aggregate
		Average		Intrinsic Value
	SARs	Exercise Price		(in thousands)
Outstanding December 27, 2015	320,125	$	73.49	$	—
Forfeited	(50)	$	27.60
Expired	(8,225)	$	83.46
Outstanding September 25, 2016	311,850	$	73.24	$	—

Stock-Based Compensation

All stock-based payments, including grants of stock appreciation rights, restricted stock units and common stock under equity incentive plans, are recognized in the financial statements based on their grant date fair values. As of September 25, 2016, we had two stock-based compensation plans. Stock-based compensation expenses are reported in the compensation line item in the condensed consolidated statements of operations. Total stock-based compensation expense for the periods presented in this report, are as follows:


	Quarters Ended				Nine Months Ended
	September 25,		September 27,		September 25,		September 27,
(in thousands)	2016		2015		2016		2015
Stock-based compensation expense	$	348	$	498	$	2,105	$	2,750