STOCK-BASED COMPENSATION

6 Months Ended

Jun. 28, 2014

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 8 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the unvested restricted stock for the six months ended June 28, 2014:

	Unvested		Weighted - Average
	Restricted		Grant Date
	Stock		Fair Value
Unvested, December 28, 2013	110,431		$	3.99
Granted	60,896		$	4.83
Vested	(31,063	)	$	4.25
Unvested, June 28, 2014	140,264		$	5.10

The total fair value of restricted shares vested and recognized as stock-based compensation expense during the six months ended June 28, 2014 was $143,142.

A summary of the status of the Company’s outstanding stock options as of June 28, 2014, and changes during the six months ended June 28, 2014 are as follows:

			Weighted - Average
	Options		Exercise Price
Outstanding, December 28, 2013	535,431		$	2.79
Granted	—		—
Exercised	(151,504	)	$	3.43
Expired	—		—
Forfeited	—		—
Outstanding, June 28, 2014	383,927		$	2.54

As of June 28, 2014, outstanding exercisable options had an intrinsic value of $1,480,722 and a weighted-average remaining contractual life of 2.2 years.

Total unrecognized compensation expense related to all share-based awards outstanding at June 28, 2014, was $716,031 and will be recorded over a weighted average 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 six months of 2014 totaled 12,432 and stock-based compensation expense recognized during the six months ended June 28, 2014 was $82,500.