Stock-Based Compensation

3 Months Ended

Jun. 29, 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 272,076 shares were still available for grant at June 29, 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 months ended June 29, 2013 and June 30, 2012, was $1.1 million and $270,000, respectively.

As of June 29, 2013, total unrecognized compensation cost related to stock options was approximately $872,000 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 29, 2013:

	Number of Shares
Outstanding at March 30, 2013	399,700
Granted	4,000
Exercised	(2,000	)
Canceled or expired	(5,000	)
Outstanding at June 29, 2013	396,700
Exercisable at June 29, 2013	197,850