STOCK-BASED COMPENSATION

6 Months Ended

Jun. 25, 2016

NOTE 5 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the outstanding stock options for the six months ended June 25, 2016:

			Weighted - Average
	Options		Exercise Price
Outstanding, December 26, 2015	169,260		$	2.02
Exercised	(86,910	)	$	1.90

Outstanding, June 25, 2016	82,350		$	2.15

At June 25, 2016, the aggregate intrinsic value of options exercisable and the intrinsic value of all options outstanding approximated $832,201 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 six months ended June 25, 2016:

	Unvested		Weighted - Average
	Restricted		Grant Date
	Stock		Fair Value
Unvested, December 26, 2015	116,428		$	7.66
Granted	113,992		$	8.00
Vested	(53,830	)	$	7.00
Forfeited	—		$	—

Unvested, June 25, 2016	176,590		$	8.08

The total fair value of restricted shares vested and recognized as stock-based compensation expense during the six months ended June 25, 2016 was $376,970.

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 six months of 2016 totaled 12,474 and the related stock-based compensation expense recognized during the six months ended June 25, 2016 was $96,250.

Total unrecognized compensation expense related to all share-based awards outstanding at June 25, 2016, was approximately $1,426,523 and is to be recorded over a weighted-average contractual life of 2.2 years.

On May 25, 2016, the Company held its annual meeting of stockholders at which the Company’s stockholders approved the 2016 Long-Term Incentive Plan (the “Plan”) which had previously been approved by the Board of Directors and recommended to the stockholders. The Plan is effective until May 25, 2026; provided, however, any awards issued prior to the Plan’s termination will remain outstanding in accordance with their terms. The Plan authorizes the issuance of 1,000,000 shares of the Company’s Class A Common Stock with certain officers being limited to receiving grants of 100,000 shares in any one year. Employees, contractors and non-employee directors of the Company and its subsidiaries are eligible to receive awards under the Plan. The following types of awards may be granted under the Plan: (1) stock options (incentive and non-qualified); (2) stock appreciation rights; (3) restricted stock and restricted stock units; (4) dividend equivalent rights; (5) performance awards based on achieving specified performance goals; and (6) other awards. On May 25, 2016, awards issued under prior plans totaled 290,598 thus, as of June 25, 2016, 1,290,598 shares were reserved for the granting of future share-based awards compared to 627,540 shares at December 26, 2015.