There were no stock options granted during the 13 week and 26 week periods ended December 29, 2012 and December 24, 2011.
(b) Restricted Share Unit Plan
The Company has established a cash-settled RSU Plan, as amended, as part of its overall compensation plan. An RSU is a notional unit equivalent in value to one Subordinate Voting Share of the Company. The RSU Plan is administered by the Board of Directors, with the advice of the Committee. Under the RSU Plan, certain eligible officers, employees and directors of the Company are eligible to receive a grant of RSUs that generally vest over periods not exceeding three years, as determined by the Committee. Upon the exercise of the vested RSUs, a cash payment equal to the market value of the exercised vested RSUs will be paid to the participant. The market value is based on the five-day average daily closing prices of the Subordinate Voting Shares on the TSX immediately prior to the applicable payment date. RSU expense is recognized on a graded vesting schedule and is determined based on the fair value of the liability incurred at each financial position date until the award is settled. The fair value of the liability is measured by applying the Black-Scholes Option Pricing Model, taking into account the extent to which participants have rendered services to date.
The following transactions occurred during each of the 13 week and 26 week periods ended December 29, 2012 and December 24, 2011, respectively, with respect to the RSU Plan:
13 Weeks Ended 26 Weeks Ended -------------------------------------------------------- December 29, December 24, December 29, December 24, 2012 2011 2012 2011 --------------------------------------------------------Outstanding at beginning of period 156,639 166,770 167,536 122,300 Granted - - 25,000 61,100 Redeemed (166) - (36,063) (16,130) Forfeited (334) - (334) (500) --------------------------------------------------------Outstanding at end of period 156,139 166,770 156,139 166,770RSU vested at end of period 37,765 16,300 37,765 16,300Liability at end of period $ 1,440 $ 895 $ 1,440 $ 895
(c) Deferred Share Unit Plan
The cash-settled DSU Plan, as amended, was established for non-management directors. Under the DSU Plan, non-management directors of the Company may receive an annual grant of DSUs at the discretion of the Board of Directors on the advice of the Committee, and can also elect to receive their annual retainers and meeting fees in DSUs. A DSU is a notional unit equivalent in value to one Subordinate Voting Share of the Company based on the five-day average daily closing prices of the Subordinate Voting Shares on the TSX immediately prior to the date on which the value of the DSU is determined. The fair value of the liability is measured at each financial position date by applying the Black-Scholes Option Pricing Model until the award is settled.
The following transactions occurred during each of the 13 week and 26 week periods ended December 29, 2012 and December 24, 2011, respectively, with respect to the DSU Plan:
13 Weeks Ended 26 Weeks Ended -------------------------------------------------------- December 29, December 24, December 29, December 24, 2012 2011 2012 2011 --------------------------------------------------------Outstanding at beginning of period 83,136 103,920 103,920 103,920 Granted - - - - Redeemed - - (20,784) - --------------------------------------------------------Outstanding at end of period 83,136 103,920 83,136 103,920Danier stock price at end of period $ 12.40 $ 10.15 $ 12.40 $ 10.15Liability at end of period $ 1,031 $ 1,055 $ 1,031 $ 1,055
