Note 4 - Stock-based Compensation

6 Months Ended

Jul. 02, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

4. Stock-based Compensation

For the thirteen and twenty-six weeks ended July 2, 2016, selling, general and administrative expense includes $0.8 million and $1.5 million, respectively, of stock-based compensation expense. For the thirteen and twenty-six weeks ended July 4, 2015, selling, general and administrative expense includes $0.5 million and $1.0 million, respectively, of stock-based compensation expense. As of July 2, 2016, there was $6.0 million of total unrecognized compensation expense related to unvested restricted stock and option awards which is expected to be recognized over a weighted-average period of 1.5 years.

The following table is a summary of the balances and activity for the plan related to time-based and earned performance-based restricted stock for the thirteen weeks ended July 2, 2016:

	Restricted Stock				Performance Shares
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding, January 2, 2016		276,553	$	11.93		84,062	$	20.70
Granted		200,547		13.60		175,945		13.69
Vested		146,391		11.16		7,039		20.56
Forfeited		4,171		13.35		—		—
Canceled or expired		—		—		12,493		20.56
Outstanding, July 2, 2016		326,538	$	13.30		240,475	$	15.58

In March 2016, the Company awarded performance-based restricted stock subject to the achievement of pre-established net income objectives for fiscal 2016. Additionally, the Company awarded three-year performance-based restricted stock subject to the achievement of pre-established cumulative consolidated total net revenue goals for fiscal 2016, 2017 and 2018. These shares have a payout opportunity ranging from 50% to 200% of the target number of shares. In 2016, the number of shares earned relating to the performance shares issued in 2015 subject to the achievement of pre-established pre-tax income objectives for fiscal 2015 was 21,118.

The total fair value of shares vested during the twenty-six weeks ended July 2, 2016 and July 4, 2015 was $1.6 million and $3.9 million, respectively.

The following table is a summary of the balances and activity for stock options for the twenty-six weeks ended July 2, 2016:

	Options
	Shares		Weighted Average Exercise Price
Outstanding, January 2, 2016		574,851	$	8.30
Granted		211,995		13.69
Exercised		23,311		5.90
Forfeited		—		—
Canceled or expired		—		—
Outstanding, July 2, 2016		763,535	$	9.87

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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