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Note 4 - Stock-based Compensation

3 Months Ended

Apr. 01, 2017

Notes to Financial Statements

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

4

. Stock-based Compensation

For the

thirteen

weeks ended

April

1,

2017

and

April

2,

2016,

selling, general and administrative expenses include

$1.0

million and

$0.7

million of stock-based compensation expense, respectively. As of

April

1,

2017,

there was

$5.9

million of total unrecognized compensation expense related to nonvested restricted stock and option awards which is expected to be recognized over a weighted-average period of

1.8

years.

The following table is a summary of the balances and activity related to stock options for the

thirteen

weeks ended

April

1,

2017:

		Options
		Shares				Weighted Average Exercise Price
Outstanding, December 31, 2016			757,784			$	9.91
Granted			72,051				8.85
Exercised			769				6.21
Forfeited			23,549				13.49
Canceled or expired			—				—
Outstanding, April 1, 2017			805,517			$	9.71

The following table is a summary of the balances and activity for

time-based and performance-based restricted stock for the

thirteen

weeks ended

April

1,

2017:

		Restricted Stock								Performance Shares
		Shares				Weighted Average Grant Date Fair Value				Shares				Weighted Average Grant Date Fair Value
Outstanding, December 31, 2016			316,116			$	13.30				241,141			$	15.39
Granted			205,878				8.85				83,897				8.85
Vested			104,795				13.01				6,473				20.54
Forfeited			18,337				13.42				15,098				14.21
Canceled or expired			—				—				13,704				13.68
Outstanding, April 1, 2017			398,862			$	11.07				289,763			$	13.66

The total fair value of shares

of time-based and performance-based restricted stock vested during the

thirteen

weeks ended

April

1,

2017

and

April

2,

2016

was

$1.5

million and

$1.2

million, respectively.

In

March

2017,

the Company awarded

three

-year performance-based restricted stock subject to the achievement of pre-established consolidated total

pre-tax income goals for fiscal

2017,

2018

and

2019.

These shares have a payout opportunity ranging from

25%

to

200%

of the target number of shares. In

2017,

13,704

performance shares issued in fiscal

2016

were canceled as the pre-established pre-tax income objectives for

2016

were not achieved.

The outstanding performance shares as of

April

1,

2017

consist of the following:

		Performance Shares
Earned shares subject to time-based restrictions at actual			6,473
Unearned shares subject to performance-based restrictions at target:
2015 - 2017 consolidated total revenues			50,000
2016 - 2018 consolidated total revenues			149,393
2017 - 2019 consolidated pre-tax income			83,897
Performance shares outstanding, April 1, 2017			289,763

X

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-URI http://asc.fasb.org/subtopic&trid=2208855

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X

- References

No definition available.

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