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(4) Share-Based Payments
6 Months Ended
Jun. 27, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
(4) Share-Based Payments

4)  Share-Based Payments

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted.

 

There were no stock options granted under the Plan during the quarter ended June 27, 2015 or June 28, 2014.  

 

During the quarters ended June 27, 2015 and June 28, 2014 the Company issued 71,500 and 5,000, respectively, as a result of option exercises. No stock options expired during the quarters ended June 27, 2015 or June 28, 2014.  

 

During the quarter ended June 27, 2015 and June 28, 2014 the Company repurchased 40,678 and 2,550 shares, respectively, from employees to facilitate their exercise of stock options.

 

During the three and six months ended June 27, 2015, the Company recognized $75,727 and $142,074, respectively, as shared-based compensation expense related to previously granted shares under the Plan. A tax benefit of $27,879 and $49,379 was recognized as additional paid in capital in the three and six months ended June 27, 2015, respectively, resulting from the excess tax benefit of option exercises.

 

During the three and six months ended June 28, 2014, the Company recognized $83,897 and $156,344, respectively, as shared-based compensation expense related to previously granted shares under the Plan. A tax benefit of $2,670 and $19,956 was recognized as additional paid in capital in the three and six months ended June 28, 2014, resulting from the excess tax benefit of option exercises.