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Share-Based Compensation (Tables)

12 Months Ended

Jan. 02, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of activity for performance shares

The following table summarizes activity for our performance share awards during fiscal 2015:

	Performance Shares
	Number of Awards			Weighted Average Fair Value
Outstanding as of January 3, 2015	1,102,089			$	1.56
Granted	727,500			0.94
Vested (1) (2)	(551,041	)		2.90
Forfeited	(15,481	)		1.59
Outstanding as of January 2, 2016 (2)	1,263,067			$	0.90

⁽¹⁾  The total fair value vested in fiscal 2015, fiscal 2014, and fiscal 2013 was $1.6 million, $1.7 million and $1.5 million, respectively.

⁽²⁾  During fiscal 2015, a total of six individuals participating in the plan were no longer employed by the Company or otherwise eligible to meet the service condition of these awards. The Compensation Committee approved an amendment to the applicable Performance Share Award Agreements to allow these shares to vest, if and when they vest for individuals employed by the Company. These amendments were determined to be modifications of the awards, from equity-based awards to liability awards, and adjustments related to the difference in fair value were recorded in fiscal 2015. Liability awards are subsequently marked to market on a quarterly basis. As of January 2, 2016, the fair value of the performance shares was based on the closing price of our common stock on January 2, 2016, of $0.53. Of these shares, 414,284 shares vested in fiscal 2015, and 469,418 of these shares were remaining as of January 2, 2016. The remaining performance shares are expected to vest during fiscal 2016.

Schedule of outstanding employee stock options

The tables below summarize activity and include certain additional information related to our outstanding stock options granted under the 2004 Plan and 2006 Plan for the year ended January 2, 2016. The maximum contractual term for stock options is ten years. There have been no new employee stock option grants and no stock option exercises during fiscal years 2015, 2014, and 2013.

	Options
	Shares			Weighted Average Exercise Price
Outstanding as of January 3, 2015	784,500			$	5.05
Granted	—			—
Exercised	—			—
Forfeited	—			—
Expired	(25,500	)		12.99
Outstanding and exercisable as of January 2, 2016	759,000			$	4.77

Schedule of expense for restricted stock, performance shares, restricted stock units, and stock options, net of estimated forfeitures

Total share-based compensation expense from restricted stock, performance shares, and stock options, net of estimated forfeitures, was as follows:

	Fiscal Year Ended January 2, 2016 (1)				Fiscal Year Ended January 3, 2015 (2)				Fiscal Year Ended January 4, 2014 (3)
	(In thousands)
Restricted Stock	$	1,606			$	1,941			$	3,521
Performance Shares	127				1,725				2,596
Restricted Stock Units and Options (4)	94				174				—
Total	$	1,827			$	3,840			$	6,117

⁽¹⁾  See “Performance shares”, above, for a discussion of the modifications to certain performance share awards, now recorded as liability awards. This amendment resulted in an adjustment to fully expense the awards reclassified as liability awards during 2015, and to mark to market all outstanding liability awards on a quarterly basis. A credit to share-based compensation expense of $0.2 million was accordingly recorded during fiscal 2015 on these outstanding performance shares.

⁽²⁾  See “Performance shares”, above, for a discussion of the 2014 modification to certain performance share awards, now recorded as liability awards. These amendments resulted in an adjustment to fully expense the awards reclassified as liability awards during 2014, and to mark to market the outstanding liability awards on a quarterly basis. Share-based compensation expense of $1.2 million was accordingly recorded during fiscal 2014 on these performance shares.

⁽³⁾  Approximately $2.9 million of total share-based compensation during fiscal 2013 was related to the restructuring event discussed in Footnote 4.

⁽⁴⁾  For all fiscal years presented, there was no compensation expense for options. All compensation expense presented pertains to Restricted Stock Units.

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of activity for restricted stock and restricted stock units

The following table summarizes activity for our restricted stock awards during fiscal 2015:

	Restricted Stock Awards
	Number of Awards			Weighted Average Fair Value
Outstanding as of January 3, 2015	2,189,178			$	1.68
Granted	600,000			0.99
Vested (1)	(1,062,782	)		1.39
Forfeited	(23,000	)		1.70
Outstanding as of January 2, 2016	1,703,396			$	1.46

⁽¹⁾  The total fair value vested in fiscal 2015, fiscal 2014, and fiscal 2013 was $1.5 million, $2.4 million, and $6.4 million, respectively.

Restricted Stock Units (RSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of activity for restricted stock and restricted stock units

The following table summarizes activity for our restricted stock units during fiscal 2015:

	Restricted Stock Units
	Number of Awards			Weighted Average Fair Value
Outstanding as of January 3, 2015	54,054			$	1.13
Granted	1,448,661			1.00
Vested (1)	—			—
Forfeited	(100,909	)		0.99
Outstanding as of January 2, 2016	1,401,806			$	1.00

⁽¹⁾  No restricted stock units vested in fiscal 2015, fiscal 2014, or fiscal 2013.

Stock options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of share-based compensation, shares authorized under stock option plans, by exercise price range

		Outstanding and Exercisable
Price		Number of Options			Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in Years)
$4.66		750,000			$	4.66			2.2
$14.01		9,000			$	14.01			0.4
		759,000							2.2

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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