Stock Based Compensation

9 Months Ended

Jan. 01, 2012

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 nine months ended January 1, 2012:

	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		(12,333	)		15.43		(12,333	)		15.43
Forfeited or expired		-			-		-			-
Outstanding at end of period		119,664		$	18.07		82,332		$	17.24

Compensation expense for the three and nine months ended January 1, 2012 and December 31, 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 quarters of each of fiscal 2011 and 2012. These performance-based arrangements provide 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.

The following table represents the restricted stock activity for the nine months ended January 1, 2012:

	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 $0.6 million related to performance share units for the three and nine months ended January 1, 2012, respectively. We recorded compensation expense of $0.4 million and $0.9 million related to performance share units for the three and nine months ended December 31, 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 an annual grant of restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which is one year from the date of issuance, based on the market value on the date of grant. The following table represents the Board’s restricted stock activity for the nine months ended January 1, 2012:

		Date Fair Value		Date Fair Value
	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 January 1, 2012 related to restricted stock awards to the Board was $0.1 million. Compensation expense for the quarter ended December 31, 2010 was not material. We recorded $0.2 million in compensation expense related to restricted stock awards to the Board for the nine month period ended January 1, 2012 and $0.1 million for the nine month period ended December 31, 2010.