Stockholders' Equity

6 Months Ended

Jun. 29, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 11 – Stockholders’ Equity

On January 12, 2012, we granted restricted share awards totaling 54,719 shares to our senior executives and other officers. Of these shares, 23,551 shares are time-based grants with awards vesting in equal amounts on each of the first four anniversary dates of the grant and 31,168 shares are performance-based grants with the awards vesting in equal amounts on each of the first three anniversary dates of the grant, subject to the Company attaining certain fully diluted earnings per share targets. These awards were valued at $17.16, representing the closing price of the Company’s common stock on January 12, 2012. During the 13 weeks ended June 29, 2012 the Company reversed $82 of expense previously recognized on performance-based grants because it has been determined that it is not probable that we will reach the fully diluted earnings per share targets for 2012. During the 13 and 26 weeks ended June 29, 2012, the Company recognized compensation expense totaling $15 and $40 on time-based grants of restricted shares.

On February 27, 2012, we granted restricted share awards totaling 22,000 shares to a number of our employees. The awards were valued at $19.72 per share, representing the closing price of the Company’s stock on February 27, 2012. The awards will vest in equal amounts on each of the first four anniversary dates of the grant. During the 13 and 26 weeks ended June 29, 2012, we recognized compensation expense of $27 and $36, respectively with respect to these awards.

On May 17, 2012, the Company granted restricted share awards totaling 7,208 shares to its four independent directors which vest on the date of our 2013 annual stockholders’ meeting. These shares were valued at $20.53 each (the closing price of our common stock on May 17, 2012). The shares issued to John D Austin were forfeited on May 24, 2012 when he resigned from the board of directors. During the 13 and 26 weeks ended June 29, 2012, we recognized expense of $9 related to these grants.

On May 24, 2012, the Company granted restricted share awards totaling 1,948 shares to Dominick Cerbone upon his agreement to join the board of directors. These shares will vest on the date of our 2013 annual stockholders’ meeting. These shares were valued at $18.99 each (the closing price of our common stock on May 24, 2012). During the 13 and 26 weeks ended June 29, 2012, we recognized expense of $3 related to these grants.

During the 13 and 26 weeks ended June 29, 2012 we recognized compensation expense totaling $129 and $272 for restricted share awards issued in fiscal 2011 to our employees and independent outside directors.

As of June 29, 2012 there were 1,465,629 shares available for grant in the 2011 Omnibus Equity Incentive Plan.