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Stock-Based Compensation | 12 Months Ended
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Dec. 29, 2012
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 7. Stock-Based Compensation We have two stock-based compensation plans covering officers, directors and certain employees and consultants: the 2004 Equity Incentive Plan (the “2004 Plan”) and the 2006 Long Term Equity Incentive Plan (the “2006 Plan”). The plans are designed to motivate and retain individuals who are responsible for the attainment of our primary long-term performance goals. The plans provide a means whereby our employees and directors develop a sense of proprietorship and personal involvement in our development and financial success and encourage them to devote their best efforts to our business. Although we do not have a formal policy on the matter, we issue new shares of our common stock to participants, upon the exercise of options or vesting of restricted stock, out of the total amount of common shares authorized for issuance under the 2004 Plan and the 2006 Plan. The 2004 Plan provides for the grant of nonqualified stock options, incentive stock options and restricted shares of our common stock to participants of the plan selected by our Board of Directors or a committee of the Board that administers the 2004 Plan. We reserved 2,222,222 shares of our common stock for issuance under the 2004 Plan. The terms and conditions of awards under the 2004 Plan are determined by the administrator for each grant. The 2006 Plan permits the grant of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards to participants of the 2006 plan selected by our Board of Directors or a committee of the Board that administers the 2006 Plan. We reserved 12,200,000 shares of our common stock for issuance under the 2006 Plan. The terms and conditions of awards under the 2006 Plan are determined by the administrator for each grant. Awards issued under the 2006 Plan are subject to accelerated vesting in the event of a change in control as such event is defined in the 2006 Plan. On January 10, 2012, January 18, 2012, April 18, 2012, August 6, 2012 and August 31, 2012, the Compensation Committee granted 2,025,335, 7,500, 10,000, 15,000 and 10,000 restricted shares of our common stock to certain members of our management and certain directors, respectively. There were no stock options granted during fiscal 2012, 2011 or fiscal 2010. We recognize compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to market or performance conditions, in which case we recognize compensation expense over the requisite service period of each separate vesting tranche to the extent the occurrence of such conditions are probable. All compensation expense related to our share-based payment awards is recorded in “Selling, general and administrative” expense in the Consolidated Statements of Operations. As of December 29, 2012, there was $2.5 million of total unrecognized compensation expense related to restricted stock. The unrecognized compensation expense for restricted stock is expected to be recognized over weighted average term of 1.4 years. As of December 31, 2011, there was $2.3 million of total unrecognized compensation expense related to restricted stock. There was no future compensation expense remaining for options as of December 29, 2012 and December 31, 2011. As of December 29, 2012, the weighted average remaining contractual term for our options and restricted stock was 4.9 years and 1.3 years, respectively. As of December 31, 2011, the weighted average remaining contractual term for our options and restricted stock was 5.9 years and 1.2 years, respectively. The maximum contractual term for stock options and restricted stock is 10 years and 1 to 5 years, respectively. For fiscal 2012, fiscal 2011 and fiscal 2010, our total stock-based compensation expense was $2.8 million, $2.0 million, and $4.0 million, respectively. We also recognized related income tax benefits of $1.1 million, $0.8 million and $1.5 million, respectively which has been offset by a valuation allowance. The total fair value of the options vested in fiscal 2011 and fiscal 2010 was $0.7 million and $1.0 million, respectively. There were no options vested in fiscal 2012. For restricted stock, the total fair value vested in 2012, fiscal 2011 and fiscal 2010 was $2.3 million, $2.2 million and $1.5 million, respectively. There were no stock option exercises during fiscal 2012, fiscal 2011 or fiscal 2010. We present the benefits of tax deductions in excess of recognized compensation expense as both a financing cash inflow and an operating cash outflow in our Consolidated Statements of Cash Flows when present. There were no excess tax benefits in fiscal 2012, fiscal 2011 or fiscal 2010. On December 14, 2010, the Compensation Committee approved an amendment to the 2008 Performance Share Award Agreement under the 2006 Plan. The Amendment provides that the Company may, at the discretion of the Compensation Committee, settle grants pursuant to Performance Share Award Agreements either in (i) one share of common stock of the Company for each Performance Share (as defined in the 2006 Plan) earned or (ii) a lump sum cash payment equal to the Fair Market Value (as defined in the 2006 Plan) of one share of common stock of the Company for each Performance Share earned. The Amendment was determined to be a modification of the award and an adjustment related to the difference in fair value was recorded in fiscal 2010. The award, which impacts eight employees, was classified as a liability award and was marked to market. On January 1, 2011, the fair value of these awards was based on the closing price of our common stock on December 31, 2010 of $3.66. These awards were settled in cash on January 7, 2011. Our restricted stock units were also settled in cash upon vesting and were considered liability awards. Therefore, these are not included in the computation of the basic and diluted earnings per share. The tables below summarize activity and include certain additional information related to our outstanding employee stock options for the three years ended December 29, 2012. There have been no new employee stock option grants for the three years ended December 29, 2012.
|  | Shares |  |  | Weighted Average Exercise Price |
Options outstanding at January 2, 2010 |  |  | 928,315 |  |  | $ | 6.34 |
Options granted |  |  | — |  |  |  | — |
Options exercised |  |  | — |  |  |  | — |
Options forfeited |  |  | (2,300 | ) |  |  | 14.01 |
Options expired |  |  | (1,200 | ) |  |  | 14.01 |
Options outstanding at January 1, 2011 |  |  | 924,815 |  |  |  | 6.31 |
Options granted |  |  | — |  |  |  | — |
Options exercised |  |  | — |  |  |  | — |
Options forfeited |  |  | — |  |  |  | — |
Options expired |  |  | (19,499 | ) |  |  | 12.53 |
Options outstanding at December 31, 2011 |  |  | 905,316 |  |  |  | 6.18 |
Options granted |  |  | — |  |  |  | — |
Options exercised |  |  | — |  |  |  | — |
Options forfeited |  |  | — |  |  |  | — |
Options expired |  |  | — |  |  |  | — |
Options outstanding at December 29, 2012 |  |  | 905,316 |  |  |  | 6.18 |
Options exercisable at December 29, 2012 |  |  | 905,316 |  |  | $ | 6.18 |
|  | Outstanding |  |  | Exercisable |  |  |  |
Price Range |  |  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Remaining Contractual Life (in Years) |  |  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Remaining Contractual Life (in Years) |
$4.66 |  |  | 750,000 |  |  | $ | 4.66 |  |  |  | 5.2 |  |  |  | 750,000 |  |  | $ | 4.66 |  |  |  | 5.2 |
$10.29-$14.01 |  |  | 155,316 |  |  | $ | 13.51 |  |  |  | 3.3 |  |  |  | 155,316 |  |  | $ | 13.51 |  |  |  | 3.3 |
|  |  | 905,316 |  |  |  |  |  |  |  | 4.9 |  |  |  | 905,316 |  |  |  |  |  |  |  | 4.9 |
The following tables summarize activity for our performance shares, restricted stock awards and restricted stock unit awards during fiscal 2012, fiscal 2011 and fiscal 2010:
|  | Restricted Stock |  |  | Performance Shares |  |  | Restricted Stock Units |
|  | Number of Awards |  |  | Weighted Average Fair Value |  |  | Number of Awards |  |  | Number of Awards (1) |
Outstanding at January 2, 2010 |  |  | 1,539,129 |  |  | $ | 4.42 |  |  |  | 180,605 |  |  |  | 144,550 |
Granted |  |  | 747,737 |  |  |  | 3.07 |  |  |  | — |  |  |  | — |
Increase due to assumption changes |  |  | — |  |  |  | — |  |  |  | 112,955 |  |  |  | — |
Vested |  |  | (340,578 | ) |  |  | 4.49 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (32,000 | ) |  |  | 3.47 |  |  |  | (52,725 | ) |  |  | (16,600 | )
Outstanding at January 1, 2011 |  |  | 1,914,288 |  |  |  | 2.67 |  |  |  | 240,835 |  |  |  | 127,950 |
Granted |  |  | 819,240 |  |  |  | 3.14 |  |  |  | — |  |  |  | — |
Vested |  |  | (364,303 | ) |  |  | 6.16 |  |  |  | (240,835 | ) |  |  | (63,200 | )
Forfeited |  |  | (7,801 | ) |  |  | 3.26 |  |  |  | — |  |  |  | (15,400 | )
Outstanding at December 31, 2011 |  |  | 2,361,424 |  |  |  | 3.22 |  |  |  | — |  |  |  | 49,350 |
Granted |  |  | 2,067,835 |  |  |  | 1.52 |  |  |  | — |  |  |  | — |
Vested |  |  | (681,484 | ) |  |  | 3.39 |  |  |  | — |  |  |  | (48,250 | )
Forfeited |  |  | (193,037 | ) |  |  | 2.76 |  |  |  | — |  |  |  | (1,100 | )
Outstanding at December 29, 2012 |  |  | 3,554,738 |  |  | $ | 1.22 |  |  |  | — |  |  |  | — |
(1) | As the restricted stock units will be settled in cash, the fair value of these awards is marked-to-market each reporting period through the date of settlement. During fiscal 2012 and fiscal 2011, certain restricted stock units vested and approximately $0.1 million and $0.2 million, respectively was paid out to settle these awards.

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- 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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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