STOCK-BASED COMPENSATION

9 Months Ended

Sep. 26, 2015

NOTE 6 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the outstanding stock options for the nine months ended September 26, 2015:

			Weighted - Average
	Options		Exercise Price
Outstanding, December 27, 2014	351,808		$	2.61
Exercised	(167,995	)	$	3.29

Outstanding, September 26, 2015	183,813		$	1.98

At September 26, 2015, the aggregate intrinsic value of options exercisable and the intrinsic value of all options outstanding approximated $1,133,439 and had a weighted-average remaining contractual life of 1.64 years.

The following table summarizes the activity for the unvested restricted stock for the nine months ended September 26, 2015:

	Unvested		Weighted - Average
	Restricted		Grant Date
	Stock		Fair Value
Unvested, December 27, 2014	105,817		$	5.19
Granted	122,890		$	8.43
Vested	(72,557	)	$	5.90
Forfeited	(13,761	)	$	7.87

Unvested, September 26, 2015	142,389		$	7.37

The total fair value of restricted shares vested and recognized as stock-based compensation expense during the nine months ended September 26, 2015 was $427,798.

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 to outside directors during the first nine months of 2015 totaled 18,634 and the related stock-based compensation expense recognized during the nine months ended September 26, 2015 was $144,375.

Total unrecognized compensation expense related to all share-based awards outstanding at September 26, 2015, was approximately $1,097,840 and is to be recorded over a weighted-average contractual life of 2.0 years.

As of September 26, 2015, 633,315 shares were reserved for the granting of future share-based awards compared to 761,078 shares at December 27, 2014.