Note 12 - Stock-based Compensation

3 Months Ended

Apr. 01, 2017

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note

12

– Stock-Based Compensation

In

October

2011,

the Company’s stockholders approved the

2011

Equity Incentive Plan, which was subsequently amended and restated in

March

2013

(as amended, the

“2011

Equity Plan”). The

2011

Equity Plan provides directors, executive officers, and other employees of the Company with additional incentives by allowing them to acquire ownership interest in the business and, as a result, encouraging them to contribute to the Company’s success. The Company

may

provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other cash-based or stock-based awards. As of

April

1,

2017,

599,759

shares of common stock are authorized and reserved for issuance under the

2011

Equity Plan. This reserve automatically increases on each

January

 

1

from

2014

through

2023,

by an amount equal to the smaller of (i) 

3.5%

of the number of shares issued and outstanding on the immediately preceding

December

 

31,

or (ii) an amount determined by the Company’s Board of Directors. The restricted shares of common stock granted generally provide for service-based vesting after

two

to

four

years following the grant date. A summary of the changes in unvested shares of the restricted stock during the

three

months ended year ended

April

1,

2017

is presented below.

The following table summarizes the status of restricted stock awards as of

April

1,

2017

and

January

1,

2017,

and changes during

2017:

	Number of Unvested Restricted Shares of Common Stock and Restricted Stock Units			Weighted Average Grant Date Fair Value
Unvested shares as of January 1, 2017		502,773		$	19.35
Granted		18,539		$	35.15
Vested		(66,855	)	$	8.97
Forfeited		-		$	-
Unvested shares as of April 1, 2017		454,457		$	21.52

Share-based compensation expense relating to restricted stock awards during the

three

months ended

April

1,

2017

and

March

31,

2016

was

$753

and

$499,

respectively. Approximately

$6,092

of deferred compensation, which is expected to be recognized over the remaining weighted average vesting period of

2.5

years, is unrecognized at

April

1,

2017.