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COMPENSATION PLANS

3 Months Ended

Mar. 30, 2019

Share-based Payment Arrangement [Abstract]

NOTE 10 - COMPENSATION PLANS

In May 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 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 750,000 shares for issuance under the 2017 SIP, of which 475,000 shares remain available for future grants as of March 30, 2019.

Restricted Stock Units

The Company grants performance-based and retention-based restricted stock units to senior employees in lieu of incentive stock options. The vesting of the performance-based awards is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors and a three-year vesting period. The retention-based awards are subject only to the three-year vesting period. There were 67,900 restricted stock units issued during the three months ended March 30, 2019. Total compensation costs related to these restricted stock units are $3.7 million.

Compensation costs related to all outstanding restricted stock units recognized in the statements of income aggregated $1.5 million and $1.1 million for the three months ended March 30, 2019 and March 31, 2018, respectively.

Stock Options

A summary of changes in options outstanding under a prior plan is detailed below:

	Shares		Weighted Average Exercise Price		Grant Date Fair Value
Outstanding at December 31, 2018		5,472	$	9.60	$	7.20
Granted		—		—		—
Exercised		—		—		—
Expired		—		—		—
Outstanding at March 30, 2019		5,472	$	9.60	$	7.20

The aggregate intrinsic value (mean market price at March 30, 2019 less the weighted average exercise price) of options outstanding under the prior plan was approximately $0.2 million.