Stock-Based Compensation (Notes)

3 Months Ended

Mar. 29, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based compensation expense in both the three months ended March 29, 2015 and March 30, 2014 was $0.3 million. As of March 29, 2015, the total unrecognized stock-based compensation expense relating to non-vested shares was approximately $3.5 million, which the Company expects to recognize over a remaining weighted average vesting period for non-vested shares of 2.7 years. The Company expects to record an additional $1.1 million as compensation expense for the remainder of 2015.

On January 15, 2015, the Company granted 274,200 non-vested shares to officers of the Company. These shares vest and become non-forfeitable 25% per year and are being expensed over their four-year vesting period. On March 27, 2015, the Company granted 11,905 non-vested shares to a new member of the board of directors of the Company. These shares vest and become non-forfeitable 20% per year and are being expensed over their five-year vesting period.

A summary of all non-vested shares activity for the three months ended March 29, 2015 was as follows:



	Shares		Weighted Average Grant Date Price
Non-vested at December 28, 2014	395,427		$	6.68
Granted	286,105		8.15
Vested	(68,563	)	10.11
Forfeited	(9,706	)	6.18
Nonvested at March 29, 2015	603,263		$	6.99

The fair value of the non-vested shares is based on the closing price on the date of grant.

- 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.

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