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Stock Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Option Valuation Assumptions
February 25, 2020
Expected volatility52.00 %
Dividend yield— %
Expected term (in years)6
Risk-free rate1.21 %
April 6, 2020
Expected volatility76.00 %
Dividend yield— %
Expected term (in years)6
Risk-free rate0.51 %
February 25, 2020
Expected volatility52.00 %
Dividend yield— %
Expected term (in years)6
Risk-free rate1.21 %
April 6, 2020
Expected volatility76.00 %
Dividend yield0.00 %
Expected term (in years)6
Risk-free rate0.51 %
Schedule of Stock Options and Stock Appreciation Rights Award Activity
A summary of option activity under both plans is presented below:
  Number of
Shares		Weighted
Average
Exercise Price		Weighted Average Remaining
Contractual Term
(in years)
Aggregate
Intrinsic Value(1)
(dollars in thousands, except share data and exercise price)
Outstanding at December 29, 2019676,480  $5.48  7.1$471,000  
Granted80,000  $2.72  9.7  
Exercised—  $—  0.0  
Forfeited or expired(2)
95,000  $6.91  0.0
Outstanding at June 30, 2020661,480  $4.94  7.3$—  
Vested and exercisable at June 30, 2020296,480  $7.43  4.6$—  
————————————
(1) The aggregate intrinsic value above is obtained by subtracting the weighted average exercise price from the estimated fair value of the underlying shares and multiplying this result by the related number of options outstanding and exercisable as of the period end date. As of June 30, 2020, there is no intrinsic value as the exercise prices are greater than the fair value. The estimated fair value of the shares is based on the closing price of the stock of $3.19 as of June 30, 2020 and $4.01 as of December 29, 2019.
(2)  Includes the 65,000 shares forfeited by the Company’s former Chief Financial Officer as a result of his October 2019 departure.