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Note 11 - Share-based Compensation
 3 Months Ended
Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

11.  Share-Based Compensation


Share-based compensation expense related to stock options was $0.1 million for each of the three months ended March 29, 2015 and March 30, 2014.


The Company uses the Black Scholes option pricing model to estimate the fair value and compensation cost associated with employee incentive stock options which requires the consideration of historical employee exercise behavior data and the use of a number of assumptions including volatility of the Company’s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options. There were zero and 5,000 options granted during the three months ended March 29, 2015 and March 30, 2014, respectively. The weighted-average grant-date fair value of the stock options issued during the three months ended March 30, 2014 was $4.96.    


The following table summarizes Lakes’ stock option activity during the three months ended March 29, 2015 and March 30, 2014:


   

Number of Common Shares

         
   

Options

Outstanding

   

Exercisable

   

Available

for Grant

   

Weighted-Average

Exercise

Price

 
                                 

2015

                               

Balance at December 28, 2014

    755,617       616,792       276,635     $ 6.09  

Exercised

    (2,500 )             —       6.14  

Balance at March 29, 2015

    753,117       677,870       276,635       6.09  
                                 

2014

                               

Balance at December 29, 2013

    798,171       585,769       263,424     $ 5.97  

Forfeited/cancelled/expired

    (18,211 )             17,211       4.85  

Exercised

    (3,500 )             —       3.78  
Granted     5,000               (5,000 )     9.16  

Balance at March 30, 2014

    781,460       629,483       275,635       5.88  

As of March 29, 2015, the options outstanding had a weighted average remaining contractual life of 5.6 years, weighted average exercise price of $6.09 and aggregate intrinsic value of $2.0 million. The options exercisable have a weighted average exercise price of $6.03, a weighted average remaining contractual life of 5.3 years and aggregate intrinsic value of $1.9 million as of March 29, 2015.


There were 2,500 and 3,500 options exercised during the three months ended March 29, 2015 and March 30, 2014, respectively. The total intrinsic value of options exercised during each of the three months ended March 29, 2015 and March 30, 2014 was less than $0.1 million. Lakes’ unrecognized share-based compensation expense related to stock options was approximately $0.2 million as of March 29, 2015, which is expected to be recognized over a weighted-average period of 1.1 years.


Lakes issues new shares of common stock upon the exercise of options.