STOCK OPTIONS AND AWARDS

12 Months Ended

Jan. 03, 2015

7. Stock Options and Awards

Stock Options

At the end of 2014, the Company had one stock option plan, the 2010 plan, for officers, other key employees, and non-employee directors. Incentive stock options granted under the 2010 plan must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted. Restricted stock awards may also be granted to participants under the 2010 plan with restrictions determined by the Compensation Committee of the Company’s Board of Directors. Under the 2010 plan, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company’s Board of Directors. No options or restricted stock were granted in 2014, 2013 or 2012.

As of January 3, 2015, there were 500,000 shares of common stock reserved and available for future grant under the above noted 2010 plan.

Information with respect to the Company’s stock option plans is summarized below:

	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2011	25,500			13.580
Exercised	(4,500	)		13.580
Outstanding at December 29, 2012	21,000			13.580
Exercised	(1,000	)		13.580
Outstanding at December 28, 2013	20,000			13.580
Exercised	(20,000	)		13.580
Outstanding at January 3, 2015	—

At January 3, 2015, there were no stock options outstanding or exercisable. The total intrinsic value of stock options exercised in 2014 was $59,125.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details