XML 44 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation
 9 Months Ended
Sep. 28, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 12 — Stock-Based Compensation

 

The cost that has been charged against income for stock-based compensation is set forth below (in thousands):

 

    Three Months Ended     Nine Months Ended  
    September 28,
2012		     September 30,
2011		     September 28,
2012		     September 30,
2011		  
ASC 718 expense   $ 660     $ 363     $ 1,850     $ 978  
Restricted stock expense     170       115       433       320  
Consultant compensation     8       45       34       32  
Total   $ 838     $ 523     $ 2,317     $ 1,330  

  

Stock Option Plans

 

The Amended and Restated 2003 Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted only stock options, restricted stock, unrestricted share grants, and may grant in the future performance contingent shares. Options under the plan are granted at fair market value on the date of grant, become exercisable over a three year period, or as determined by the Board of Directors, and expire over periods not exceeding 10 years from the date of grant. Certain option and share awards provide for accelerated vesting if there is a change in control (as defined in the Plan). Pursuant to the Plan, options for 3,479,111 shares were outstanding at September 28, 2012 with exercise prices ranging between $0.95 and $11.02 per share. Restricted stock grants under the Plan generally vest over a period of one, three or four years. There were 204,500 shares of restricted stock outstanding at September 28, 2012. As of September 28, 2012, there were 969,035 shares authorized and available for grants under the Plan.

 

Assumptions

 

The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination behavior. The expected term of options granted is derived from the historical exercise activity over the past 15 years, and represents the period of time that options granted are expected to be outstanding. The Company has calculated a 9.92% estimated forfeiture rate used in the model for fiscal year 2012 option grants based on historical forfeiture experience. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

 

    Three Months Ended     Nine Months Ended  
    September 28,
2012		     September 30,
2011		     September 28,
2012		     September 30,
2011		  
Expected dividend yield     0 %     0 %     0 %     0 %
Expected volatility     80.28 %     76.99 %     79.48 %     76.93 %
Risk-free interest rate     0.63 %     1.12 %     0.82 %     1.94 %
Expected term (in years)     5.21       5.49       5.21       5.49  

 

A summary of option activity under the Plan as of September 28, 2012 is presented below:

 

 

Options

  

Shares

(000’s)

  
Outstanding at December 30, 2011     3,064  
Granted     677  
Exercised     (223 )
Forfeited or expired     (39 )
Outstanding at September 28, 2012     3,479  
Exercisable at September 28, 2012     2,178