STOCK-BASED COMPENSATION

6 Months Ended

Jul. 02, 2011

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 8 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the unvested restricted stock units and restricted stock for the six months ended July 2, 2011:

			Weighted -
			Average
	Number of		Grant Date
	Shares		Fair Value
Unvested, December 25, 2010	24,584		$	3.32
Granted	—		n/a
Vested	(19,445	)	3.86
Unvested, July 2, 2011	5,139		$	1.27

The total fair value of the shares vested during the six months ended July 2, 2011 was $75,019.

A summary of the status of the Company’s outstanding stock options as of July 2, 2011, and changes during the six months ended July 2, 2011, are as follows:

			Weighted -
			Average
	Number of		Exercise
	Shares		Price
Outstanding, December 25, 2010	1,204,715		$	3.83
Granted	—		n/a
Exercised	(26,920	)	1.47
Expired	(7,385	)	7.14
Forfeited	(7,983	)	1.51
Outstanding, July 2, 2011	1,162,427		$	3.88

As of July 2, 2011, outstanding exercisable options had an intrinsic value of $405,237 and a weighted-average remaining contractual life of 4.07 years.

Total unrecognized compensation expense related to all share-based awards outstanding at July 2, 2011, was approximately $394,334 and is to be recorded over a weighted average contractual life of 2.26 years.