STOCK OPTIONS AND AWARDS

12 Months Ended

Jan. 02, 2016

7. Stock Options and Awards

Stock Options

At the end of 2015, the Company had one stock option plan, the 2010 plan, for officers, other key employees, and non-employee directors. Incentive stock options granted under the 2010 plan 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 2010 plan, non-qualified 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 2015, 2014 or 2013.

As of January 2, 2016, there were 500,000 shares of common stock reserved and available for future grant under the above noted 2010 plan.

Information with respect to the Company’s stock option plans is summarized below:

	Shares		Weighted Average Exercise Price
Outstanding at December 29, 2012	21,000			$13.58
Exercised	(1,000	)		13.58
Outstanding at December 28, 2013	20,000			13.58
Exercised	(20,000	)		13.58
Outstanding at January 3, 2015	—
Exercised	—
Outstanding at January 2, 2016	—

At January 2, 2016, there were no stock options outstanding or exercisable. The total intrinsic value of stock options exercised in 2014 and 2013 was $59,125 and $1,590, respectively.