Stock Based Compensation

6 Months Ended

Oct. 02, 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 six months ended October 2, 2011:

	Outstanding				Exercisable
	Shares		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
Outstanding at beginning of period		131,997	$	17.82		66,666	$	17.67
Granted		-		-		-		-
Vested		-		-		27,999		15.43
Exercised		(9,333)		15.43		(9,333)		15.43
Forfeited or expired		-		-		-		-
Outstanding at end of period		122,664	$	18.00		85,332	$	17.18

Compensation expense for the three and six months ended October 2, 2011 and September 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 six months ended October 2, 2011:

	Shares		Weighted- Average Grant 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 of $0.2 million and $0.4 million related to performance share units for the three and six months ended October 2, 2011, respectively. We recorded compensation expense of $0.3 million and $0.5 million related to performance share units for the three and six months ended September 30, 2010, respectively. Substantially all of the compensation expense was recorded in Selling, general and administrative 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 six months ended October 2, 2011:

	Shares		Weighted- Average Grant Date Fair Value
Outstanding at beginning of period		6,996	$	30.00
Granted		6,120		34.31
Vested		(6,996)		30.00
Forfeited or expired		-		-
Outstanding at end of period		6,120	$	34.31

Compensation expense for the quarter ended October 2, 2011 and September 30, 2010 related to restricted stock awards to the Board was 0.1 million. We recorded $0.3 million in compensation expense related to restricted stock awards to the Board for the six month period ended October 2, 2011 and $0.1 million for the six month period ended September 30, 2010.