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Note 11 - Share Based Compensation | 12 Months Ended
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Dec. 30, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. SHARE BASED COMPENSATION At December 30, 2017, the Company had two share-based employee compensation plans. The Company measures the fair value of share-based awards, if and when granted, based on the Black-Scholes method and using the closing market price of the Company’s common stock on the date of grant. Awards vest over periods ranging from one to three years and expire within 10 years of issuance. Share-based compensation expense related to time-based awards is amortized in accordance with applicable vesting periods using the straight-line method. The Company vests performance-based awards only when the performance metrics are likely to be achieved and the associated awards are therefore likely to vest. Performance-based share awards that are likely to vest are also expensed on a straight-line basis over the vesting period but may vest on a retroactive basis or be reversed, depending on when it is determined that they are likely to vest, or in the case of a reversal when they are later determined to be unlikely to vest. Share-based compensation expense of $ 770 and $901 was recognized for the fiscal years ended December 30, 2017 and December 31, 2016, respectively. Share based compensation for the fiscal years ended December 30, 2017 and December 31, 2016 did not include any expense associated with performance-based awards since they were, as of December 30, 2017 and December 31, 2016 , determined to be unlikely to vest. As of December 30, 2017, the Company had approximately $0.4 million of total unrecognized compensation cost related to all time-based non-vested share-based awards granted under the Company’s various share-based plans, which the Company expects to recognize over fiscal 2017. These amounts do not include a) performance-based restricted stock units, b) the cost of any additional share-based awards that may be granted in future periods or c) the impact of any potential changes in the Company’s forfeiture rate. During fiscal 2016, the Company’s Compensation Committee of the Board of Directors adopted a Long Term Incentive Plan (“LTIP”) for certain executives. The LTIP is anticipated to issue restricted share units each fiscal year that are contingent upon achieving certain performance metrics as defined by the Compensation Committee over a three fiscal year performance period. The Company issued 200,000 such performance-based restricted share units in fiscal 2017. As of December 30, 2017, these performance-based restricted share units were deemed unlikely to vest and therefore no expense has been recognized . 2014 Omnibus Equity Compensation Plan (the 2014 Plan) The 2014 Plan, approved by the Company ’s stockholders in December 2014, provides for the issuance of up to 625,000 shares of the Company’s common stock to officers, non-employee directors, employees of the Company and its subsidiaries or consultants and advisors utilized by the Company. The Compensation Committee of the Board of Directors determines the vesting period at the time of grant. In fiscal 2016, the Company amended the 2014 Plan with shareholder approval to increase the aggregate number of shares of stock reserved for issuance under the Plan by an additional 500,000 shares so that the total number of shares of stock reserved for issuance under the Plan shall be 1,125,000 shares and to extend the expiration date of the Plan to December 1, 2026. As of December 30, 2017, under the 2014 Plan, 87,034 time-based and 400,000 performance-based restricted share units were outstanding and 332,232 shares were available for awards thereunder. Employee Stock Purchase Plan The Company implemented the 2001 Employee Stock Purchase Plan (the “Purchase Plan”) with shareholder approval, effective January 1, 2001. Under the Purchase Plan, employees meeting certain specific employment qualifications are eligible to participate and can purchase shares of common stock semi-annually through payroll deductions at the lower of 85% of the fair market value of the stock at the commencement or end of the offering period. The purchase plan permits eligible employees to purchase shares of common stock through payroll deductions for up to 10% of qualified compensation , subject to maximum purchases in any one fiscal year of 3,000 shares. In fiscal 2015, the Company amended the Purchase Plan with shareholder approval to increase the aggregate number of shares of stock reserved for issuance or transfer under the Plan by an additional 300,000 shares so that the total number of shares of stock reserved for issuance or transfer under the Plan shall be 1,100,000 shares and to extend the expiration date of the Plan to December 31, 2025. During the fiscal years ended December 30, 2017 and December 31, 2016, there were 90,931 and 81,225 shares issued under the Purchase Plan for net proceeds of $394 and $368, respectively. As of December 30, 2017, there were 177,280 shares available for issuance under the Purchase Plan. Compensation expense, representing the discount to the quoted market price, for the Purchase Plan for the fiscal years ended December 30, 2017 and December 31, 2016 was $114 and $108, respectively. Stock Option Awards Transactions related to all stock options under all plans are as follows:
|  | All Stock Options Outstanding |
|  | Shares |  |  | Weighted Average Exercise Price |
Options outstanding as of January 2, 2016 |  |  | 44,500 |  |  | $ | 8.12 |
Options granted |  |  | - |  |  |  |  |
Options exercised, net |  |  | (2,500 | ) |  | $ | 5.62 |
Options forfeited/cancelled |  |  | - |  |  |  |  |
Options outstanding as of December 31, 2016 |  |  | 42,000 |  |  | $ | 8.27 |
Options exercisable as of December 31, 2016 |  |  | 27,000 |  |  | $ | 9.47 |
Intrinsic value of outstanding stock options as of December 31, 2016 |  | $ | 6 |  |  |  |  |
Intrinsic value of stock options exercised in fiscal year ended December 31, 2016 |  | $ | 3 |  |  |  |  |
Weighted average grant date fair value of stock options issued during fiscal year ended December 31, 2016 |  |  | N/A |  |  |  |  |
Options outstanding as of December 31, 2016 |  |  | 42,000 |  |  | $ | 8.27 |
Options granted |  |  | - |  |  |  |  |
Options exercised, net |  |  | (11,917 | ) |  | $ | 6.00 |
Options forfeited in cashless exercises |  |  | (5,083 | ) |  | $ | 6.10 |
Options forfeited/cancelled |  |  | (25,000 | ) |  | $ | 9.81 |
Options outstanding as of December 30, 2017 |  |  | - |  |  |  |  |
Options exercisable as of December 30, 2017 |  |  | - |  |  |  |  |
Intrinsic value of outstanding stock options as of December 30, 2017 |  |  | - |  |  |  |  |
Intrinsic value of stock options exercised in fiscal year ended December 30, 2017 |  |  | 17 |  |  |  |  |
Weighted average grant date fair value of stock options issued during fiscal year ended December 30, 2017 |  |  | - |  |  |  |  |
Stock Option Awards (Continued) A summary of the status of our nonvested stock options outstanding as of December 30, 2017, and changes during the year then ended is presented as follows:
Nonvested Stock Options |  | Shares |  |  | Weigh ted-Average Grant-Date Fair Value |
Nonvested at December 31, 2016 |  |  | 15,000 |  |  | $ | 2.33 |
Vested |  |  | 15,000 |  |  | $ | 2.33 |
Forfeited |  |  | - |  |  |  | - |
Issued nonvested |  |  | - |  |  |  | - |
Nonvested at December 30, 2017 |  |  | - |  |  |  | - |
Time-Based Restricted Stock Units From time-to-time the Company issues time-based restricted stock units. These time-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period assuming the grantee’s restricted stock unit fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for time-based restricted stock units that ultimately do not vest are forfeited. To date, the Company has only issued time-based restricted stock units under the 2007 and 2014 Plans. The following summarizes the activity in the time-based restricted stock units under the 2007 and 2014 Plans during the fifty-two week period ended December 30, 2017:
|  | Number of Time-Based Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding non-vested at December 31, 2016 |  |  | 197,734 |  |  | $ | 7.33 |
Granted |  |  | 87,034 |  |  | $ | 5.88 |
Vested |  |  | (197,734 | ) |  | $ | 7.33 |
Forfeited or expired |  |  | - |  |  |  | - |
Outstanding non-vested at December 30, 2017 |  |  | 87,034 |  |  | $ | 5.88 |
Based on the closing price of the Company ’s common stock of $6.25 per share on December 29, 2017 ( the last trading day prior to December 30, 2017), the intrinsic value of the time-based non-vested restricted stock units at December 30, 2017 was approximately $0.5 million. As of December 30, 2017, there was approximately $0.4 million of total unrecognized compensation cost related to time-based restricted stock units, which is expected to be recognized over the vesting period of the restricted stock units. Performance Based Restricted Stock Units From time-to-time the Company issues performance-based restricted stock units to its executives. Performance-based restricted stock units are typically vested based on certain multi-year performance metrics as determined by the Board of Directors Compensation Committee. These performance-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period on any stock units that actually vest, if any. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for performance-based restricted stock units that ultimately do not vest are forfeited. To date, the Company has only issued performance-based restricted stock units under the 2014 Plan. The following summarizes the activity in the performance-based restricted stock units during 2017:
|  | Number of Performance- Based Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding non-vested at December 31, 2016 |  |  | 200,000 |  |  | $ | 5.36 |
Granted |  |  | 200,000 |  |  | $ | 4.85 |
Vested |  |  | - |  |  |  | - |
Forfeited or expired |  |  | - |  |  |  | - |
Outstanding non-vested at December 30, 2017 |  |  | 400,000 |  |  | $ | 5.11 |
As of December 30, 2017, the Company considers the metrics related to 400,000 of the performance-based restricted stock units unlikely to be achieved, thus no performance condition is probable of achievement and no compensation cost has been recognized on the performance-based restricted stock units. The Company will reassess at each reporting date whether achievement of any performance condition is probable and would begin recognizing compensation cost if and when achievement of the performance condition becomes probable. The Company will then recognize the appropriate expense cumulatively in the year performance becomes probable and recognize the remaining compensation cost over the remaining requisite service period.
|  | Number of Restricted Stock Units (in thousands) |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding non-vested at January 2, 2016 |  |  | 209 |  |  | $ | 7.10 |
Granted – time-based vesting |  |  | 63 |  |  | $ | 5.98 |
Granted – performance-based vesting |  |  | 200 |  |  | $ | 5.36 |
Vested |  |  | (74 | ) |  | $ | 5.56 |
Forfeited or expired |  |  | - |  |  |  | - |
Outstanding non-vested at December 31, 2016 |  |  | 398 |  |  | $ | 6.34 |
Granted – time-based vesting |  |  | 87 |  |  | $ | 5.88 |
Granted – performance-based vesting |  |  | 200 |  |  | $ | 4.85 |
Vested |  |  | (198 | ) |  | $ | 7.33 |
Forfeited or expired |  |  | - |  |  |  | - |
Outstanding non-vested at December 30, 2017 |  |  | 487 |  |  | $ | 5.24 |
Based on the closing price of the Company ’s common stock of $6.25 per share on December 29, 2017, the intrinsic value of the non-vested time-based restricted share units at December 30, 2017 was $0.5 million. This amount does not include any intrinsic value that may be associated with the performance-based restricted share units that are deemed unlikely to vest.

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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 FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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