Share Based Compensation

12 Months Ended

Mar. 29, 2020

Share-based Payment Arrangement [Abstract]

Performance-Based Restricted Stock Units. Our Board of Directors has approved a performance-based equity compensation arrangement for our executive officers. This performance-based arrangement provides for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on our pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer will be determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 69,632 shares in the aggregate for fiscal 2020. The restricted shares issued, if any, will fully vest two years after the end of the fiscal year on which the performance is based. We record the compensation expense for the outstanding performance share units and then-converted restricted stock over the life of the awards.

The following table represents the restricted stock activity for fiscal 2019 and 2020:


	Shares	Weighted- Average Grant Date Fair Value
Outstanding at beginning of fiscal 2019	51,143	$	45.39
Granted	7,818	31.35
Vested	(24,567)	43.10
Forfeited or expired	(1,511)	47.50
Outstanding at end of fiscal 2019	32,883	$	43.66
Granted	69,252	34.49
Vested	(27,620)	46.01
Forfeited or expired	—
Outstanding at end of fiscal 2020	74,515	$	34.27

The weighted average grant date fair value of performance-based restricted shares issued in fiscal 2020 was $34.49, fiscal 2019 was $31.35 and fiscal 2018 was $47.50. We recorded compensation expense on performance-based restricted stock of approximately $1.5 million for fiscal 2020, $1.3 million for fiscal 2019 and $0.7 million for fiscal 2018, substantially all of which was recorded in selling, general and administrative (“SG&A”) expense in the Consolidated Statements of Income. The total fair value of performance-based restricted stock units vested was $1.3 million in fiscal 2020 and $1.1 million in fiscal 2019. There were no performance-based restricted stock units that vested in fiscal 2018.

Until the performance-based restricted stock units result in the issuance of restricted stock, the amount of expense recorded each period is dependent upon our estimate of the number of shares that will ultimately be issued and our then current common stock price. Upon issuance of restricted stock, we record compensation expense over the remaining vesting period using the award date closing price. Unrecognized compensation expense related to non-vested restricted stock and non-vested restricted share units as of March 29, 2020 was $2.3 million and is expected to be recognized over a weighted average period of 1.4 years.

Restricted Stock Awards. As part of their retainer, our non-employee directors receive restricted stock for their Board services. The restricted stock awards are expensed over a one-year vesting period, based on the market value on the date of grant. The following table represents the Board’s restricted stock activity for fiscal 2019 and 2020:


	Shares	Weighted- Average Grant Date Fair Value
Outstanding at beginning of fiscal 2019	8,484	$	41.25
Granted	8,352	35.90
Vested	(8,484)	41.25
Forfeited or expired	—	—
Outstanding at end of fiscal 2019	8,352	$	35.90
Granted	8,008	43.67
Vested	(8,352)	35.90
Forfeited or expired	—	—
Outstanding at end of fiscal 2020	8,008	$	43.67

Annual expense related to the value of restricted stock was $0.3 million in fiscal 2020, 2019 and 2018, and was recorded in SG&A expense in the Consolidated Statements of Income. Unrecognized compensation expense related to non-vested restricted stock awards as of March 29, 2020 was $0.1 million and is expected to be recognized over a weighted average period of 0.3 years.