STOCK-BASED COMPENSATION.

9 Months Ended

Sep. 27, 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 nine months ended September 27, 2014:

	Unvested		Weighted - Average
	Restricted		Grant Date
	Stock		Fair Value
Unvested, December 28, 2013	110,431		$	3.99
Granted	60,896		$	6.87
Vested	(48,287	)	$	4.69
Unvested, September 27, 2014	123,040		$	5.14

The total fair value of restricted shares vested and recognized as stock-based compensation expense during the nine months ended September 27, 2014 was $226,336.

A summary of the status of the Company’s outstanding stock options as of September 27, 2014, and changes during the nine months ended September 27, 2014 are as follows:

			Weighted - Average
	Options		Exercise Price
Outstanding, December 28, 2013	535,431		$	2.79
Granted	—		—
Exercised	(174,639	)	$	3.24
Expired	—		—
Forfeited	—		—
Outstanding, September 27, 2014	360,792		$	2.58

As of September 27, 2014, outstanding exercisable options had an intrinsic value of $1,931,538 and a weighted-average remaining contractual life of 1.9 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 nine months of 2014 totaled 19,838 and stock-based compensation expense recognized during the nine months ended September 27, 2014 was $130,625.

Total unrecognized compensation expense related to all share-based awards outstanding at September 27, 2014, was $680,962 and will be recorded over a weighted average contractual life of 1.9 years.