Stock Based Compensation

9 Months Ended

Mar. 01, 2014

3. Stock Based Compensation

Total stock based compensation expense for the thirty-nine weeks ended March 1, 2014 and March 2, 2013 was $1.0 million and $712,000, respectively. Liabilities associated with Stock Appreciation Rights (“SARs”) as of March 1, 2014 and June 1, 2013 were $867,000 and $986,000 respectively. The liabilities for our 2005 Stock Appreciation Rights are included in the line item “Accounts payable and accrued expenses” in our Condensed Consolidated Balance Sheets. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at March 1, 2014 was $4.8 million, and will be recorded over a period of 2.4 years. Refer to Note 11 of our June 1, 2013 audited financial statements for further information on our stock compensation plans.

A summary of the Company’s restricted shares activity for the thirty-nine weeks ended March 1, 2014 is as follows:


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding, June 1, 2013		63,000	$	41.08
Granted		63,600		53.53
Vested		(2,600)		(46.35)
Forfeited		(300)		(41.08)
Outstanding, March 1, 2014		123,700	$	47.37

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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