Stock Based Compensation and Stock Options

9 Months Ended

Sep. 28, 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 September 28, 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 nine months of 2013 or 2012.

As of September 28, 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 September 28, 2013, there were 520,000 shares of common stock reserved under all option plans for future issuance.

	Nine Months Ended September 28, 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		(1,000	)			13.580		(4,500	)			13.580
Outstanding at end of period		20,000				13.580		21,000				13.580

Options Outstanding and Exercisable
Range of Exercise Prices	Outstanding as of September 28, 2013	Weighted- Average Remaining Contractual Life	Weighted- Average Exercise Price
$13.58	20,000	1.2	$13.580

At September 28, 2013, outstanding and exercisable options had an intrinsic value of $41,600.  The total intrinsic value of stock options exercised in the first nine months of 2013 was $1,590.