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Shareholders' Equity
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6 Months Ended | ||||||||||||||||||
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Jun. 28, 2014
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||
| Shareholders' Equity |
Shareholders’ Equity
Stock options: The 2011 Stock Compensation Plan (the “2011 Plan”) authorizes the granting of awards in any of the following forms: (i) stock options, (ii) stock appreciation rights, and (iii) other share-based awards, including but not limited to restricted stock, restricted stock units or performance shares and expires on the earlier of May 12, 2021, or the date that all shares reserved under the 2011 Plan are issued or no longer available.
The 2011 Plan provides for the issuance of up to 700 shares of Common Stock pursuant to awards granted under the 2011 Plan. Options granted to employees typically vest over two to three years while grants to non-employee directors vest in six months. As of June 28, 2014, 537 options were outstanding under the 2011 Plan. Our 2006 Stock Option Plan (the “2006 Plan”) expired on June 30, 2011, but the options outstanding under the 2006 Plan continue to be exercisable in accordance with their terms. As of June 28, 2014, 381 options were outstanding under the 2006 Plan. Our Restated 1997 Stock Option Plan (the “1997 Plan”) has expired, but the options outstanding under the expired 1997 Plan continue to be exercisable in accordance with their terms. As of June 28, 2014, options to purchase an aggregate of 8 shares were outstanding under the 1997 Plan.
During 2014, we granted 170 stock options from our 2011 Plan with exercise prices ranging from $2.89 per share to $3.47 per share, vesting periods ranging from six months to three years and weighted average fair values ranging from $2.21 per share to $2.94 per share.
The following table summarizes the weighted-average assumptions used to estimate the fair value of stock options granted during fiscal 2014 to date using the Black-Scholes Model:
Stock warrants: As of June 28, 2014, we had warrants outstanding to purchase 278 shares of common stock that were fully vested and have exercise prices ranging from $0.73 per share to $3.55 per share, which begin to expire in October 2019. On June 30, 2014, a warrant was exercised to purchase 254 shares of common stock with a strike price of $0.73 per share. The warrant was exercised on cashless basis and the warrant holder forfeited 47 shares of common stock at a market price of $3.99 per share which resulted in the warrant holder receiving 207 shares.
Preferred Stock: Our amended Articles of Incorporation authorize two million shares of Preferred Stock that may be issued from time to time in one or more series having such rights, powers, preferences and designations as the Board of Directors may determine. To date no such preferred shares have been issued.
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