Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Capital Stock

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Note 5 - Capital Stock
 9 Months Ended
Sep. 28, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

5.

Capital stock


Common shares


Issued and outstanding:


 The issued and outstanding number of common shares included in shareholders’ equity consisted of the following as of September 28, 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 September 28, 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 nine month period ended September 28, 2014, no options were granted to employees. A summary of stock option activity for the nine month period ended September 28, 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 or cancelled

    (25,000 )   $ 2.38                  

Outstanding at September 28, 2014

    410,000     $ 2.51     $ —       3.1  

Exercisable at September 28, 2014

    278,336     $ 2.54     $ —       3.1  

During the three month periods ended September 28, 2014 and September 29, 2013, the Company recorded stock-based compensation expense (recovery) and a corresponding increase (recovery) in additional paid-in capital of $28 and ($41), respectively. During the nine month periods ended September 28, 2014 and September 29, 2013, the Company recorded stock-based compensation expense and a corresponding increase in additional paid-in capital of $82 and $140, respectively. At September 28, 2014, compensation expense of $261 related to non-vested stock options had not been recognized.


Restricted Stock Units


Restricted Stock Units are issued under the 2010 Incentive Plan as previously disclosed in the Form 10-K and previous filings with the SEC. The Restricted Stock Units are valued at the closing share price on the date the units are granted. The Restricted Stock Units generally vest on the third anniversary date of the grant.


During the three month period ended September 28, 2014, 12,000 restricted stock units were granted at a stock price of $1.86.


During the three month periods ended of September 28, 2014 and September 29, 2013 stock based compensation of $35 and $0 was recognized and a corresponding increase to paid-in capital, respectively related to the restricted stock units. During the nine months period ended of September 28, 2014 and September 29, 2013, stock based compensation of $86 and $0 was recognized and a corresponding increase to paid-in capital, respectively related to the restricted stock units.


There were 220,989 restricted stock units outstanding at September 28, 2014 with a weighted average stock price of $2.14. There were no restricted stock units issued during 2013 or outstanding as at December 29, 2013.