Note E - Stock Compensation

3 Months Ended

Mar. 19, 2022

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note E – Stock Compensation

The fair value of stock-based compensation is recognized in accordance with the provisions of FASB ASC 718, Stock Compensation.

During the three months ended March 19, 2022, the Company awarded 15,000 restricted stock units to directors and 196,254 restricted stock units to employees. The restricted stock units awarded to directors time vest over two years (one-half one year from grant date and one-half two years from grant date) provided that the director is still a director of the Company at the vest date. Director restricted stock units are subject to forfeiture, except for termination of services as a result of retirement, death or disability, if on the vesting date the director no longer holds a position with the Company. The 2022 restricted stock units awarded to employees time vest over three years (one-third one year from grant, one-third two years from grant and one-third three years from grant) provided that the employee is still employed by the Company on the vesting date.

For the three months ended March 19, 2022 and March 20, 2021, the Company recognized stock based compensation expense of $388 thousand and $111 thousand, respectively. At March 19, 2022 and March 20, 2021, respectively, there was $3.2 million and $1.5 million in unrecognized stock-based compensation expense related to non-vested stock awards.