Share-Based Payments (Tables)

3 Months Ended

Mar. 28, 2020

Share-Based Payments

Schedule of stock option activity

The following table details our stock option activity for the first quarter of fiscal 2020 (dollars in thousands, except per share data):

		Weighted		Weighted Average
		Average		Contractual Life	Aggregate
	Options	Exercise Price		Remaining (Years)	Intrinsic Value
Outstanding at December 28, 2019	1,110,212	$	31.20	6.4	$	—
Granted	—	$	—
Exercised	—	$	—
Forfeited	(7,989)	$	27.32
Cancelled	—	$	—
Outstanding at March 28, 2020	1,102,223	$	31.23	6.2	$	—
Exercisable at March 28, 2020	884,897	$	32.47	5.7	$	—

Schedule of compensation expense recognized for share-based payments

The following table sets forth the compensation expense recognized for share-based payments (performance share LTIAs, restricted stock, stock options, non-employee director stock grants and other share based payments) during the first quarter of 2020 and 2019 and where that expense is reflected in our consolidated statements of operations (in thousands):

	Thirteen Weeks Ended
	March 28,		March 30,
Consolidated Statements of Operations Location	2020		2019
Compensation expense included in cost of goods sold	$	17	$	173
Compensation expense included in selling, general and administrative expenses		406		407
Total compensation expense for share-based payments	$	423	$	580

Schedule of non-vested performance share LTIAs

		Weighted Average
	Number of	Grant Date Fair Value
	Performance Shares(1)	(per share)(2)
Outstanding at December 28, 2019	661,305	$	22.37
Granted	459,882	$	10.83
Vested	—	$	—
Forfeited	(133,900)	$	32.85
Outstanding at March 28, 2020	987,287	$	15.57

(1) Solely for purposes of this table, the number of performance shares is based on the participants earning the maximum number of performance shares (i.e., 200% of the target number of performance shares).

(2) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes), reduced by the present value of expected dividends using the risk-free interest-rate, as the award holders are not entitled to dividends or dividend equivalents during the vesting period.

Restricted stock activity

		Weighted Average
	Number of Shares	Grant Date Fair Value
	of Restricted Stock	(per share)(1)
Outstanding at December 28, 2019	32,059	$	24.33
Granted	75,848	$	16.50
Vested	—	$	—
Forfeited	—	$	—
Outstanding at March 28, 2020	107,907	$	18.83

(1) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes).

Schedule of number of shares of common stock issued by entity upon the vesting of performance share long-term incentive awards other share based compensation

	Thirteen Weeks Ended
	March 28,		March 30,
	2020		2019
Number of performance shares vested		—		102,893
Shares withheld to fund statutory minimum tax withholding		—		(36,965)
Shares of common stock issued for performance share LTIAs		—		65,928
Shares of restricted common stock issued to employees		75,848		—
Total shares of common stock issued		75,848		65,928