Stock-Based Compensation

9 Months Ended

Dec. 28, 2013

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

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 214,126 shares were still available for grant at December 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 nine months ended December 28, 2013 was $226,000 and $2.2 million, respectively. The Company recorded stock-based compensation expense of $330,000 and $966,000 for the three and nine months ended December 29, 2012, respectively.

As of December 28, 2013, total unrecognized compensation cost related to stock options was approximately $1.2 million and the related weighted-average period over which it is expected to be recognized is approximately 2.2 years .

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



	Number of Shares
Outstanding at March 30, 2013	399,700
Granted	64,450
Exercised	(4,500	)
Canceled or expired	(7,500	)
Outstanding at December 28, 2013	452,150
Exercisable at December 28, 2013	262,625

- 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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