Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Capital Stock

v3.7.0.1
Note 6 - Capital Stock
 3 Months Ended
Apr. 02, 2017
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
6
.
Capital stock
 
 
Common shares
 
Issued and outstanding:
 
The issued and outstanding number of common shares included in shareholders’ equity consisted of the following:
 
 
 
Number

of shares
 
 
 
$ 
 
                 
Balance at January 1, 2017
    
16,510,180
     $
391
  
Share issuance
    
274,085
      
3
  
Balance as April 2, 2017
    
16,784,265
     $
394
  
  
 
Stock Options
 
For more detailed information regarding the Company’s stock option arrangements, see Note
6
of the consolidated financial statements within the Company’s Form
10
-K for the fiscal period ended
January
1,
2017.
No
stock options were granted during the
three
month period ended
April
2,
2017.
A summary of stock option activity for the
three
month period ended
April
2,
2017
is as follows:
 
 
 
Number

of options
 
 
Weighted
average
exercise
price
 
 
Aggregate
intrinsic
value
 
 
Weighted
average
remaining
contractual
term (years)
 
Outstanding at January 1, 2017
    
616,766
     $
1.82
      
8
      
5.6
  
                                 
Options granted
    
—
     $
—
      
 
      
 
  
Options forfeited
    
—
     $
—
      
 
      
 
  
Outstanding at April 2, 2017
    
616,766
     $
1.82
     $
4
      
5.4
  
Exercisable at April 2, 2017
    
445,080
     $
1.90
     $
—
      
4.1
  
 
During the
three
month periods ended
April
2,
2017
and
April
3,
2016,
the Company recorded stock-based compensation expense related to stock options and a corresponding increase in additional paid-in capital of
$12
and
$21,
respectively.
 
In connection with Mr. Smith’s stock option award grant effective
May
15,
2017
, the Company’s Board of Directors amended the terms of Section
4(c)
of the Company’s
2010
Stock Incentive Plan, as amended, which provision limited the maximum number of shares of common stock for which stock options could be granted to any person in any calendar year to
350,000
shares, to permit, as a
one
-time waiver of such limit, the issuance of stock options covering
671,858
shares to Mr. Smith pursuant to the terms of the Smith Offer Letter.
 
Restricted Stock Units
 
For more detailed information regarding the Company’s Restricted Stock Units (“RSU”) arrangements, see Note
6
of the consolidated financial statements within the Company’s Form
10
-K for the fiscal period ended
January
1,
2017.
There were
68,000
RSUs granted during the
three
months ended
April
2,
2017.
A summary of the RSU activity for the
three
month period ended
April
2,
2017
is as follows:
  
 
 
Outstanding
RSU
 
 
Weighted
average
stock
price
 
 
Weighted
average
remaining
contractual
term (years)
 
Outstanding balance at January 1, 2017
    
1,090,126
     $
1.22
      
1.01
  
RSU forfeited
    
—
     $
—
      
 
  
RSU vested and issued in common shares
    
(274,085
)
    
(1.81
 )    
 
  
RSU granted
    
68,000
      
1.47
      
 
  
Outstanding balance at April 2, 2017
    
884,041
     $
1.06
      
1.11
  
  
Certain RSUs outstanding have a market condition such that the awards are vested and issuable only if the market price of the Company’s stock meets or exceeds a specified target during the vesting period. If the market condition is not met, the RSUs will not vest and will be forfeited.
 
Stock based compensation recognized during the
three
month period ended
April
2,
2017
and
April
3,
2016
related to the restricted stock units was
$191
and
$75.