STOCK-BASED COMPENSATION

9 Months Ended

Sep. 28, 2013

NOTE 6 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the unvested restricted stock for the nine months ended September 28, 2013:

			Weighted -
			Average
			Grant Date
	Shares		Fair Value
Unvested, December 29, 2012	—		$	—
Granted	139,581		4.17
Vested	(22,836	)	4.01
Unvested, September 28, 2013	116,745		4.19

The total fair value of shares vested during the nine months ended September 28, 2013 was $93,515.

A summary of the status of the Company’s outstanding stock options as of September 28, 2013, and changes during the nine months ended September 28, 2013 are as follows:

			Weighted -
			Average
	Number of		Exercise
	Shares		Price
Outstanding, December 29, 2012	1,007,798		$	3.74
Granted	—		—
Exercised	(111,995	)	1.89
Expired	(272,462	)	6.29
Forfeited	(84,015	)	4.29
Outstanding, September 28, 2013	539,326			2.78

As of September 28, 2013, outstanding exercisable options had an intrinsic value of $1,595,848 and a weighted-average remaining contractual life of 2.7 years.

Total unrecognized compensation expense related to all share-based awards outstanding at September 28, 2013, was $489,133 and will be recorded over a weighted average contractual life of 2.5 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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