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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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

Schedule of payment award, employee stock purchase plan, valuation assumptions

The following table summarizes the assumptions used to compute the current fair value of our cash-settled SARs:

Expected volatility		71.81	%
Risk-free interest rate		1.04	%
Expected term (in years)		1.54
Expected dividend yield		Not applicable

Schedule of activity for performance shares

The following table summarizes activity for our performance share awards during fiscal 2016:

	Performance Shares
	Number of Awards			Weighted Average Fair Value
Outstanding as of January 2, 2016	126,306			$	9.00
Granted	—			—
Vested (1) (2)	(54,556	)		29.06
Forfeited	(4,750	)		9.80
Outstanding at December 31, 2016	67,000			$	9.35

⁽¹⁾  The total fair value vested in each of fiscal 2016 and fiscal 2015 was $1.6 million. In fiscal 2014, the total fair value vested was $1.7 million.

⁽²⁾  In prior fiscal years, certain participants in the 2013 performance share awards 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 vested 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 the prior fiscal years when this determination was made. These liability awards were subsequently marked to market on a quarterly basis. The final remaining 46,941 shares of this type outstanding as of the fiscal 2015 year-end vested on or before June 2016, and no such shares remained outstanding as of December 31, 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 December 31, 2016. The maximum contractual term for stock options was ten years from the grant date, and the remaining outstanding final tranche of options as of December 31, 2016, presented below, expire on March 10, 2018. There were no new employee stock option grants and no stock option exercises during fiscal years 2016, 2015, and 2014.

	Options
	Shares			Weighted Average Exercise Price
Outstanding as of January 2, 2016	75,900			$	47.70
Granted	—			—
Exercised	—			—
Forfeited	—			—
Expired	(900	)		140.10
Outstanding and exercisable as of December 31, 2016	75,000			$	46.60

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

Total share-based compensation expense from our share-based awards, net of estimated forfeitures, as described above, was as follows:

	Fiscal Year Ended December 31, 2016 (1)				Fiscal Year Ended January 2, 2016 (1)				Fiscal Year Ended January 3, 2015 (1)
	(In thousands)
Restricted Stock	$	983			$	1,606			$	1,941
Performance Shares (2)	92				127				1,725
Cash-settled Stock Appreciation Rights (4)	375				—				—
Restricted Stock Units and Options (3)	889				94				174
Total	$	2,339			$	1,827			$	3,840

⁽¹⁾  See “Performance shares”, above, for a discussion of the modifications to certain 2013 performance share awards originally recorded as equity awards and subsequently recorded as liability awards. This modification resulted in an adjustment to then immediately fully expense the awards reclassified as liability awards in the fiscal year modified, and to subsequently mark to market all outstanding liability awards on a quarterly basis. Share-based compensation expense relating to these shares was immaterial for fiscal 2016, and all of these awards fully vested in June 2016. A credit to share-based compensation expense of $0.2 million was recorded during fiscal 2015 on these performance shares, and expense of $1.2 million was recorded in fiscal 2014.

⁽²⁾  All compensation expense for performance shares is related to the 2013 Performance Share Awards, as no compensation expense is being recorded on the 2015 Performance Shares.

⁽³⁾  For all fiscal years presented, there was no compensation expense for options. All compensation expense presented pertains to Restricted Stock Units.

⁽⁴⁾  We began issuing these awards in fiscal 2016; therefore, there is no such expense for fiscal 2015 or fiscal 2014.

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 2016:

	Restricted Stock Awards
	Number of Awards			Weighted Average Fair Value
Outstanding as of January 2, 2016	170,335			$	14.60
Granted	—			—
Vested (1)	(69,825	)		16.32
Forfeited	(1,950	)		18.29
Outstanding as of December 31, 2016	98,560			$	13.19

⁽¹⁾  The total fair value vested in fiscal 2016, fiscal 2015, and fiscal 2014 was $1.1 million, $1.5 million, and $2.4 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 2016:

	Restricted Stock Units
	Number of Awards			Weighted Average Fair Value
Outstanding as of January 2, 2016	140,179			$	10.00
Granted	200,732			6.24
Vested (1)	(65,711	)		9.61
Forfeited	(4,750	)		9.80
Outstanding as of December 31, 2016	270,450			$	7.32

⁽¹⁾  The total fair value of restricted stock units vested in fiscal 2016 was $0.6 million. No restricted stock units vested in fiscal years 2015 or 2014.

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- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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