Stock-Based Compensation (Tables)

6 Months Ended

Sep. 28, 2019

Stock-Based Compensation

Schedule of assumptions used to determine fair value of stock options

The fair values of stock options granted during the thirteen and twenty-six weeks ended September 28, 2019 and September 29, 2018 were estimated on the grant dates using the following assumptions:

	Thirteen Weeks Ended					Twenty-Six Weeks Ended
		September 28,	September 29,			September 28,					September 29,
		2019	2018			2019					2018
Expected option term(1)		N/A		5.3	years		6.3	-	7.0	years				5.3	years
Expected volatility factor(2)		N/A		36.5	%	35.3	%	-	35.6	%	36.1	%	-	36.5	%
Risk-free interest rate(3)		N/A		2.8	%				2.3	%				2.8	%
Expected annual dividend yield		N/A		0.0	%				0	%				0	%

(1) The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected life of the options using the simplified method.

(2) Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards.

(3) The risk-free interest rate is determined using the rate on treasury securities with the same term.

Schedule of stock award activity

The following table summarizes the stock award activity for the twenty-six weeks ended September 28, 2019:

		Grant Date		Weighted
		Weighted		Average	Aggregate
	Stock	Average		Remaining	Intrinsic
	Options	Exercise Price		Contractual Life	Value
				(in years)	(in thousands)
Outstanding at March 30, 2019	1,293,347	$	15.40
Granted	344,225	$	28.63
Exercised	(164,105)	$	11.71		$	3,526
Cancelled, forfeited or expired	(4,225)	$	30.57
Outstanding at September 28, 2019	1,469,242	$	18.87	6.2	$	23,315
Vested and expected to vest after September 28, 2019	1,469,242	$	18.87	6.2	$	23,315
Exercisable at September 28, 2019	445,419	$	17.14	4.4	$	7,841

Schedule of non-vested stock options

A summary of the status of non-vested stock options as of September 28, 2019 including changes during the twenty-six weeks ended September 28, 2019 is presented below:

		Weighted-
		Average
		Grant Date
	Shares	Fair Value
Nonvested at March 30, 2019	917,850	$	5.48
Granted	344,225	$	9.61
Vested	(237,541)	$	5.18
Nonvested shares forfeited	(711)	$	8.71
Nonvested at September 28, 2019	1,023,823	$	6.94

CEO

Stock-Based Compensation

Schedule of assumptions used to determine fair value of stock options

Stock price	$	28.63
Exercise price	$	28.63
Expected option term		7.0	years
Expected volatility		35.3	%
Risk-free interest rate		2.3	%
Expected annual dividend yield		0	%