STOCK-BASED COMPENSATION

3 Months Ended

Mar. 29, 2014

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 7 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the unvested restricted stock for the three months ended March 29, 2014:

	Unvested		Weighted - Average
	Restricted		Grant Date
	Stock		Fair Value
Unvested, December 28, 2013	110,431		$	3.99
Granted	60,896		$	4.83
Vested	(13,840	)	$	4.05
Unvested, March 29, 2014	157,487		$	5.07

The total fair value of restricted shares vested and recognized as stock-based compensation expense during the three months ended March 29, 2014 was $59,951.

A summary of the status of the Company’s outstanding stock options as of March 29, 2014, and changes during the three months ended March 29, 2014 are as follows:

			Weighted - Average
	Options		Exercise Price
Outstanding, December 28, 2013	535,431		$	2.79
Granted	—		—
Exercised	(27,203	)	$	1.78
Expired	—		—
Forfeited	—		—
Outstanding, March 29, 2014	508,228		$	2.85

As of March 29, 2014, outstanding exercisable options had an intrinsic value of $2,150,475 and a weighted-average remaining contractual life of 2.2 years.

Beginning in 2012, as a part of annual director compensation, a stock award is paid to each of the Company’s outside directors equal to $27,500 divided by the closing sales price on the grant date. The grants are made in quarterly increments. Shares granted during the first quarter of 2014 totaled 5,352 and stock-based compensation expense recognized during the three months ended March 29, 2014 was $41,250.

Total unrecognized compensation expense related to all share-based awards outstanding at March 29, 2014, was $799,225 and will be recorded over a weighted average contractual life of 2.5 years.