Stock Based Compensation

3 Months Ended

Jul. 03, 2011

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 9 – Stock Based Compensation

Stock Option Awards. The following table represents the stock option activity for the quarter ended July 3, 2011:

	Outstanding				Exercisable
			Weighted-				Weighted-
			Average				Average
			Exercise				Exercise
	Shares		Price		Shares		Price
Outstanding at beginning of period		131,997	$	17.82		66,666	$	17.67
Granted		-		-		-		-
Vested		-		-		27,999		15.43
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at end of period		131,997	$	17.82		94,665	$	17.01

Compensation expense for the quarter ended July 3, 2011 and June 30, 2010 related to stock options was not material.

Performance-Based Restricted Stock Units. Our Board of Directors approved a performance-based equity compensation arrangement for our executive officers during the first quarter of fiscal 2009. 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 45,081 shares in the aggregate for fiscal 2012. The restricted shares issued will fully vest two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and then-converted restricted stock over the life of the awards.

On June 8, 2011 and June 2, 2010, we awarded performance-based restricted stock units to our executive officers under this arrangement. The following table represents the restricted stock activity for the quarter ended July 3, 2011:

			Weighted-
			Average Grant
	Shares		Date Fair Value
Outstanding at beginning of period		11,667	$	25.81
Granted		33,321		35.39
Vested		-		-
Forfeited or expired		-		-
Outstanding at end of period		44,988	$	32.91

We recorded compensation expense related to performance share units of $0.1 million for the quarter ended July 3, 2011 and $0.2 million for the quarter ended June 30, 2010, substantially all of which was recorded in Selling, general and administrative (“SG&A”) expenses in the Condensed Consolidated Statements of Income.

Restricted Stock Awards. As part of their retainer, each non-employee Director receives restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which begins on the date of issuance and ends on the date of the next Annual Meeting of Shareholders, based on the market value on the date of grant. The following table represents the Board’s restricted stock activity for the quarter ended July 3, 2011:

			Weighted-
			Average Grant
	Shares		Date Fair Value
Outstanding at beginning of period		6,996	$	30.00
Granted		-		-
Vested		-		-
Forfeited or expired		-		-
Outstanding at end of period		6,996	$	30.00

Compensation expense for the quarter ended July 3, 2011 and June 30, 2010 related to restricted stock awards to the Board was not material.