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STOCK OPTIONS AND EMPLOYEE STOCK GRANTS
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3 Months Ended |
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Mar. 30, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Stock Options and Employee Stock Grants |
STOCK OPTIONS AND EMPLOYEE STOCK GRANTS
During the first three months of 2013, stock options for 9,269 shares of common stock were exercised by officers and employees for an aggregate exercise price of $94,077. The Company received cash of $69,181 and repurchased 1,752 shares of common stock totaling $24,896.
On February 7, 2013, the Compensation & Long-Term Incentive Committee of the Board of Directors of the Company approved stock option grants under the Company's 2011 Long-Term Incentive Stock Option Plan (the "2011 Plan"). A total of 40,047 options, with an exercise price of $13.70, were granted under the 2011 Plan to certain management employees of the Company. The exercise price was determined using the average of the high and low stock price on the day prior to the grant date. The per share weighted-average fair value of the stock options granted during 2013 was $6.30. The fair value of the option grant was estimated using the Black-Scholes option-pricing model based on a risk-free interest rate of two percent, an expected volatility of 53 percent, an expected life of seven years and a dividend yield of 1.80 percent. The stock options vest in 20 percent increments annually on a cumulative basis, beginning one year after the date of grant. In order for the options to vest, the employee must be in the continuous employment of the Company since the date of the grant. Any portion of the grant that has not vested will be forfeited upon termination of employment. The Company may terminate any portion of the grant that has not vested upon an employee's failure to comply with all conditions of the award or the Plan.
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