STOCK-BASED COMPENSATION

3 Months Ended

Mar. 26, 2016

NOTE 5 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the outstanding stock options for the three months ended March 26, 2016:

			Weighted - Average
	Options		Exercise Price
Outstanding, December 26, 2015	169,260		$	2.02
Exercised	(8,400	)	$	1.48

Outstanding, March 26, 2016	160,860		$	2.05

At March 26, 2016, the aggregate intrinsic value of options exercisable and the intrinsic value of all options outstanding approximated $1,088,549 and had a weighted-average remaining contractual life of 1.27 years.

The following table summarizes the activity for the unvested restricted stock for the three months ended March 26, 2016:

	Unvested		Weighted - Average
	Restricted		Grant Date
	Stock		Fair Value
Unvested, December 26, 2015	116,428		$	7.66
Granted	113,992		$	8.00
Vested	(27,797	)	$	6.45
Forfeited	—		$	—

Unvested, March 26, 2016	202,623		$	8.02

The total fair value of restricted shares vested and recognized as stock-based compensation expense during the three months ended March 26, 2016 was $179,261.

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 three months of 2016 totaled 7,028 and the related stock-based compensation expense recognized during the three months ended March 26, 2016 was $48,125.

Total unrecognized compensation expense related to all share-based awards outstanding at March 26, 2016, was approximately $1,624,232 and is to be recorded over a weighted-average contractual life of 2.4 years.

As of March 26, 2016, 506,520 shares were reserved for the granting of future share-based awards compared to 627,540 shares at December 26, 2015.