Stock-Based Compensation

9 Months Ended

Dec. 31, 2016

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

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

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. As of December 31, 2016, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 339,702 shares were still available for grant. 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 upon a change in control (as defined in the plans).

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. As of December 31, 2016, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 339,702 shares were still available for grant. 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 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 31, 2016 was $386,000 and $1.7 million, respectively. The Company recorded stock-based compensation expense of $395,000 and $1.5 million for the three and nine months ended December 26, 2015, respectively.

As of December 31, 2016, total unrecognized compensation cost related to stock options was approximately $3.8 million and the related weighted-average period over which it is expected to be recognized is approximately 3.48 years.

The following table summarizes the option activity within the Company's stock-based compensation plans for the nine months ended December 31, 2016:

	Number of Shares
Outstanding at April 2, 2016	491,980
Granted	116,850
Exercised	(119,275	)
Canceled or expired	(16,125	)
Outstanding at December 31, 2016	473,430
Exercisable at December 31, 2016	246,025