Stock-Based Compensation

6 Months Ended

Sep. 28, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company’s common stock, of which 215,626 shares were still available for grant at September 28, 2013. When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a period of up to five years in accordance with plan provisions, or as determined by the plan administrator (the Board’s Compensation Committee, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans).

Stock-based compensation cost charged against income for the three and six months ended September 28, 2013 was $0.8 million and $1.9 million, respectively. The Company recorded stock-based compensation expense of $366,000 and $636,000 for the three and six months ended September 30, 2012, respectively.

As of September 28, 2013, total unrecognized compensation cost related to stock options was approximately $1.3 million and the related weighted-average period over which it is expected to be recognized is approximately 2.4 years.

The following table summarizes the option activity within the Company’s stock-based compensation plans for the six months ended September 28, 2013:

	Number of Shares
Outstanding at March 30, 2013	399,700
Granted	60,450
Exercised	(2,000	)
Canceled or expired	(5,000	)
Outstanding at September 28, 2013	453,150
Exercisable at September 28, 2013	263,125