Stock Based Compensation and Stock Options

3 Months Ended

Mar. 30, 2013

Stock Based Compensation and Stock Options [Abstract]

Stock Based Compensation and Stock Options

Note J – Stock Based Compensation and Stock Options

The Company has stock option plans for officers, other key employees, and non-employee directors. As of March 30, 2013 two plans have shares reserved for future issuance, the 1995 and 2010 plans.  Incentive stock options granted under the 1995 and 2010 plans must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted. Restricted stock awards may also be granted to participants under the 2010 plan with restrictions determined by the Compensation Committee of the Company's Board of Directors. Under the 1995 and 2010 plans, nonqualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company's Board of Directors. No options or restricted stock were granted in the first quarter of 2013 or 2012.

As of March 30, 2013, there were 500,000 shares available for future grant under the above noted 2010 plan and there were no shares available for grant under the 1995 plan.  As of March 30, 2013, there were 521,000 shares of common stock reserved under all option plans for future issuance.

	Three Months Ended March 30, 2013			Year Ended December 29, 2012
	Shares	Weighted - Average Exercise Price		Shares		Weighted - Average Exercise Price
Outstanding at beginning of period	21,000		$13.580	25,500			$13.580
Exercised	—		—	(4,500	)		13.580
Outstanding at end of period	21,000		13.580	21,000			13.580

Options Outstanding and Exercisable
Range of Exercise Prices	Outstanding as of March 30, 2013	Weighted- Average Remaining Contractual Life	Weighted- Average Exercise Price
$13.58	21,000	1.7	13.580

At March 30, 2013, outstanding and exercisable options had an intrinsic value of $83,160.