Stock Based Compensation

3 Months Ended

Mar. 30, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation

6. Stock Based Compensation

During the quarter ended March 30, 2012, the Company issued 1,366,390 restricted stock units at a weighted average grant-date fair value of $3.90 per share. As of March 30, 2012, the Company had 3,147,696 restricted stock units outstanding at a weighted average grant-date fair value of $3.68 per share. As of March 30, 2012, $8.0 million of total restricted stock unit compensation expense related to nonvested awards had not been recognized and is expected to be recognized over a weighted average period of 2.35 years.

As of March 30, 2012, the Company had 552,839 shares of common stock subject to vesting requirements outstanding at a weighted average grant-date fair value of $3.40 per share. As of March 30, 2012, $1.0 million of compensation expense related to common stock subject to vesting requirements had not been recognized and is expected to be recognized over a weighted average period of 1.82 years.

During the quarter ended March 30, 2012, the Company's Board of Directors' Compensation Committee approved the exchange of one-half of the existing restricted stock unit bonus opportunity for the Chief Executive Officer and Chief Operating Officer for the fiscal years 2012 through 2015 for a one-time performance-based stock option grant of 1,912,500 options and 1,004,063 options, respectively, each with an exercise price of $4.00 per share. These performance-based stock option grants vest one-half upon the achievement of at least 50% growth (from fiscal year 2011) of pro forma earnings per share (as defined) and the remaining half vests upon the achievement of at least 50% growth of pro forma EBITDA (as defined). Each metric can be achieved at any time during the six-year term of the award based on a trailing twelve month period measured quarterly.

As of March 30, 2012, the Company had 3,835,905 options outstanding at a weighted average exercise price of $4.34 per share.