STOCK OPTIONS AND RESTRICTED STOCK |
6 Months Ended |
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Jun. 30, 2016 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Stock Options and Employee Stock Grants |
STOCK OPTIONS AND RESTRICTED STOCK
During the first six months of 2016, no stock options were exercised by officers and employees of the Company. Stock compensation expense for the three and six-month periods ended June 30, 2016 was approximately $91,000 and $189,000, respectively, while stock compensation expense for the three and six-month periods ended July 4, 2015 was approximately $130,000 and $273,000, respectively.
On February 19, 2016, the Compensation & Long-Term Incentive Committee of the Company's Board of Directors approved stock grants under the Company's 2015 Stock Awards Plan to certain management employees of the Company where 50,062 shares with a market price of $7.51 per share were granted under the Plan. The stock awards vest in 20 percent increments annually on a cumulative basis, beginning one year after the date of grant from shares held in treasury with the Company. In order for the awards to vest, the employee must be in the continuous employment of the Company since the date of the award. Any portion of an award that has not vested is forfeited upon termination of employment. The Company may terminate any portion of the award that has not vested upon an employee's failure to comply with all conditions of the award or the 2015 Stock Awards Plan. An employee is not entitled to any voting rights with respect to any shares not yet vested, and the shares are not transferable.
The diluted earnings per share calculations exclude the effect of potentially dilutive shares when the inclusion of those shares in the calculation would have an anti-dilutive effect. As of June 30, 2016 and July 4, 2015 the Company had weighted average shares of common stock, in the form of stock grants and options, of 269,344 and 93,414, respectively, which were not included in the diluted earnings per share calculation as their effect was anti-dilutive.
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