Stock-Based Compensation

3 Months Ended

Jun. 28, 2014

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 213,376 shares were still available for grant at June 28, 2014. 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 one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, 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 months ended June 28, 2014 and June 29, 2013 was $282,000 and $1.1 million, respectively.

As of June 28, 2014, total unrecognized compensation cost related to stock options was approximately $773,000 and the related weighted-average period over which it is expected to be recognized is approximately 1.9 years.

The following table summarizes the option activity within the Company's stock-based compensation plans for the three months ended June 28, 2014:

	Number of Shares
Outstanding at March 29, 2014	443,900
Granted	4,000
Exercised	(5,000	)
Canceled or expired	—
Outstanding at June 28, 2014	442,900
Exercisable at June 28, 2014	279,550