STOCK INCENTIVE PLANS

9 Months Ended

Sep. 26, 2014

STOCK INCENTIVE PLANS [Abstract]

STOCK INCENTIVE PLANS

Note 7.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:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2013		12,000		$	4.80
Granted		-		$	-
Exercised		-		$	-
Expired		(6,000	)	$	5.91
Cancelled		-		$	-
Outstanding at September 26, 2014		6,000		$	3.69	0.7 years	$	-
Vested and Exercisable at September 26, 2014		6,000		$	3.69	0.7 years	$	-

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

	SARs
Non-Vested at December 31, 2013		-
Granted		4,000
Vested		(4,000	)
Cancelled		-
Non-Vested at September 26, 2014		-
Total Outstanding at September 26, 2014		50,000

At September 26, 2014 and December 31, 2013, the aggregate liability related to SARs was $70,000 and $20,000, respectively, and is included in accrued expenses in the Condensed Consolidated Balance Sheets.