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COMPENSATION PLANS
 3 Months Ended
Mar. 31, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
COMPENSATION PLANS

NOTE 9 - COMPENSATION PLANS

 

In April 2007, the Company adopted and the shareholders approved the 2007 Stock Incentive Plan (the “2007 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors. The Company has reserved 2,550,000 shares for issuance under the 2007 SIP of which 892,200 remain available for future grants as of March 31, 2012.

 

Compensation costs related to all share-based payments recognized in the statements of operations aggregated $0.9 million and $0.5 million for the three months ended March 31, 2012 and April 2, 2011, respectively.

 

Stock Options

 

A summary of changes in options outstanding under the plans is summarized below:

 

 

Shares

Weighted
Average
Exercise
Price

Grant Date
Fair Value

Outstanding at December 31, 2011

328,700

$8.58

$4.42

Granted

—

—

—

Exercised

(36,970)

$7.57

$3.59

Expired

—

—

—

Outstanding at March 31, 2012

291,730

$8.71

$4.52

 

The aggregate intrinsic value (mean market price at March 31, 2012 less the weighted average exercise price) of options outstanding under the plans was approximately $11.8 million.

 

Restricted Stock Units

 

Beginning in the second quarter of 2009, the Company began granting restricted stock units to senior employees in lieu of incentive stock options. These awards vest dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors.  Beginning in 2011, a three year vesting period was added to the performance criteria, which had the effect of requiring both the achievement of the corporate performance objectives and the satisfaction of the vesting period.

 

Restricted stock units issued during the three months ended March 31, 2012 were 91,769. Total compensation costs related to these restricted stock units are $4.1 million. These costs are being recognized ratably over the vesting period which range from three to five years. Total compensation cost related to restricted stock units was $0.8 million and $0.5 million for the three months ended March 31, 2012 and April 2, 2011, respectively.