Stock Based Compensation and Stock Options

9 Months Ended

Sep. 27, 2014

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 27, 2014 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 2014 or 2013.

As of September 27, 2014, 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 27, 2014, there were 520,000 shares of common stock reserved under all option plans for future issuance.

	Nine Months Ended September 27, 2014					Year Ended December 28, 2013
	Shares		Weighted - Average Exercise Price			Shares			Weighted - Average Exercise Price
Outstanding at beginning of period		20,000		$	13.580		21,000			$	13.580
Exercised		—			—		(1,000	)			13.580
Outstanding at end of period		20,000			13.580		20,000				13.580

Options Outstanding and Exercisable
Range of Exercise Prices		Outstanding as of September 27, 2014		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price
$	13.58		20,000		0.2	$	13.580

At September 27, 2014, outstanding and exercisable options had an intrinsic value of $38,000.