Note 6. STOCK INCENTIVE PLANS

3 Months Ended

Mar. 29, 2013

Employee Stock Ownership Plan (ESOP), Debt Structure, Indirect Loan, Description

Note 6. STOCK INCENTIVE PLANS

The Company has various stock incentive plans that provide for the granting of stock options, nonqualified stock options, SARs, restricted stock, performance units or shares and other incentive awards to certain employees and directors.  Options have been granted at or above the market price of the Company’s stock at the date of grant, typically vest over a three-year period, and are exercisable not less than twelve months or more than ten years after the date of grant.  SARs have been granted at or above the market price of the Company’s stock at the date of grant, typically vest over periods up to three years, and expire ten years from the date of issue.  No more than 50% of the cumulative number of vested SARs held by an employee can be exercised in any one calendar year.

The following table summarizes stock option activity under each of the Company’s applicable plans:

					Weighted
			Weighted		Average	Aggregate
			Average		Remaining	Intrinsic
			Exercise		Contractual	Value
	Options		Price		Life	(in thousands)
Outstanding at December 31, 2012		18,000	$	4.64
Granted		-	$	-
Exercised		-	$	-
Expired		-	$	-
Cancelled		-	$	-
Outstanding at March 29, 2013		18,000	$	4.64	1.2 years	$	-
Vested and Exercisable at March 29, 2013		18,000	$	4.64	1.2 years	$	-

The following table summarizes SARs activity under each of the Company’s applicable plans:

	SARs
Non-Vested at December 31, 2012		3,334
Granted		-
Vested		(3,334	)
Cancelled		-
Non-Vested at March 29, 2013		-
Total Outstanding at March 29, 2013		192,000

At March 29, 2013 and December 31, 2012, the aggregate liability related to SARs was $112,000 and $33,000, respectively, and is included in accrued expenses in the Condensed Consolidated Balance Sheets.