Stock-Based Compensation

3 Months Ended

Jun. 30, 2018

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. As of June 30, 2018, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 356,272 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 months ended June 30, 2018 and July 1, 2017 was $599,000 and $513,000, respectively.

As of June 30, 2018, total unrecognized compensation cost related to stock options was approximately $3.0 million and the related weighted-average period over which the expense is expected to be recognized is approximately 2.87 years.

The following table summarizes the option activity within the Company's stock-based compensation plans for the three months ended June 30, 2018:

	Number of Options
Outstanding at March 31, 2018	418,205
Granted	4,000
Exercised	(33,683	)
Canceled or expired	—
Outstanding at June 30, 2018	388,522
Exercisable at June 30, 2018	171,038

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 June 30, 2018, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 356,272 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).