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(4) Share-Based Payments
3 Months Ended
Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
(4) Share-Based Payments

(4)  Share-Based Payments

 

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted.

 

There were no stock options granted under the Plan during the quarter ended July 1, 2017 or July 2, 2016.  

 

During the quarter ended July 1, 2017 there were no options exercised and during the quarter ended July 2, 2016 the Company issued 10,000 shares as a result of option exercises. No stock options expired during the quarters ended July 1, 2017 or July 2, 2016.  

During the quarter ended July 1, 2017 there were no shares repurchased and during the quarter ended July 2, 2016 the Company repurchased 5,682 shares from employees to facilitate their exercise of stock options.

 

 

During the three and six months ended July 1, 2017, the Company recognized $37,573 and $111,987, respectively, as shared-based compensation expense related to previously granted shares under the Plan.