Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Capital Stock

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Note 5 - Capital Stock
 6 Months Ended
Jun. 29, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

5.

Capital stock


Common shares


Authorized shares:


The authorized capital stock of the Company at June 29, 2014 and December 29, 2013 consisted of:


 

(i)

26,000,000 shares of common stock, par value $0.01 per share: Holders are entitled to one vote per share and the right to share in dividends pro rata subject to any preferential dividend rights of any then outstanding preferred stock.


 

(ii)

5,000,000 shares of special voting stock, par value $0.01 per share: From time to time the Company may issue special voting stock in one or more series and will fix the terms of that series at the time it is created.


Issued and outstanding:


The issued and outstanding number of common shares included in shareholders’ equity consisted of the following as of June 29, 2014:


   

Number

of shares

    $  

Common Stock

               

Common shares:

               

Balance at December 29, 2013

    16,417,256     $ 390  

Exchangeable shares converted to common stock

    20       —  

Balance at June 29, 2014

    16,417,276     $ 390  

Total Common stock

    16,417,276     $ 390  

Stock options 


For information regarding the Company’s stock option arrangements, see Note 6 of the consolidated financial statements included in the Form 10-K. During the three and six month period ended June 29, 2014, no options were granted to employees or exercised by existing option holders. A summary of stock option activity for the six month period ended June 29, 2014 is as follows:


   

Number
of options

   

Weighted
average
exercise
price

   

Aggregate
intrinsic
value

   

Weighted
average
remaining
contractual
term (years)

 

Outstanding at December 29, 2013

    435,000     $ 2.50                  

Options forfeited

    (25,000 )   $ 2.38                  

Outstanding at June 29, 2014

    410,000     $ 2.51     $ —       3.4  

Exercisable at June 29, 2014

    220,002     $ 2.78     $ —       3.2  

During the three month periods ended June 29, 2014 and June 30, 2013, the Company recorded stock based compensation expense and a corresponding increase in additional paid-in capital of $60 and $81, respectively. During the six month periods ended June 29, 2014 and June 30, 2013, the Company recorded stock-based compensation expense and a corresponding increase in additional paid-in capital of $105 and $181, respectively. At June 29, 2014, compensation expense of $210 related to non-vested stock options had not been recognized.


Restricted Stock Units


During the three month period ended June 29, 2014, 99,819 restricted stock units were granted.


During the three month periods ended of June 29, 2014 and June 30, 2013 stock based compensation of $33 and $0 was recognized, respectively related to the restricted stock units. During the six month periods ended of June 29, 2014 and June 30, 2013, stock based compensation of $50 and $0 was recognized, respectively related to the restricted stock units.


There were 208,989 restricted stock units outstanding at June 29, 2014, and no outstanding restricted stock units as at December 29, 2013.