XML 26 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Tables)
12 Months Ended
Apr. 27, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Stock by Class
The number of shares of common stock, par value $0.50 per share, authorized, issued and outstanding and in treasury, was as follows:
 
 
April 27, 2013
 
April 28, 2012
Authorized
100,000,000

 
100,000,000

Issued and outstanding
38,455,853

 
38,375,678

In treasury
1,342,188

 
1,342,188

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
The table below summarizes the expense related to the equity awards for fiscal 2013, 2012 and 2011.

 
Compensation Expense
 
Fiscal 2013
 
Fiscal 2012
 
Fiscal 2011
2010 Stock Plan:
 
 
 
 
 
RSAs
$
1,486

 
$
1,415

 
$
642

RSUs
532

 
924

 
1,033

Stock options
548

 
553

 
200

Total 2010 Stock Plan
$
2,566

 
$
2,892

 
$
1,875

 
 
 
 
 
 
2007 Stock Plan:
 
 
 
 
 
RSAs
$
233

 
$
309

 
$
343

Stock options
453

 
775

 
788

Total 2007 Stock Plan
$
686

 
$
1,084

 
$
1,131

 
 
 
 
 
 
Total Compensation Expense
$
3,252

 
$
3,976

 
$
3,006

2010 Stock Plan
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity
The following tables summarize the stock option activity and related information for the stock options granted under the 2010 Stock Plan for fiscal 2013 and 2012:
 
 
Summary of Option Activity
 
 
Shares
 
Wtd. Avg. Exercise Price
Outstanding at April 30, 2011
 
128,000

 
$
9.24

Awarded
 
128,000

 
10.70

Exercised
 

 

Cancelled
 
(16,000
)
 
9.97

Outstanding at April 28, 2012
 
240,000

 
$
9.97

Awarded
 
120,000

 
$
8.64

Exercised
 

 

Cancelled
 

 

Outstanding at April 27, 2013
 
360,000

 
$
9.53

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
Options Outstanding
at April 27, 2013
Shares
 
Exercise Price
 
Avg. Remaining Life (Years)
120,000

 
$
9.24

 
7.6
120,000

 
$
10.70

 
8.3
120,000

 
$
8.64

 
9.3
360,000

 
$
9.53

 
 
Options Exercisable
at April 27, 2013
Shares
 
Exercise Price
 
Avg. Remaining Life (Years)
80,000

 
$
9.24

 
7.6
40,000

 
$
10.70

 
8.3
120,000

 
$
9.73

 
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
 
2010 Stock Plan
 
Fiscal 2013
 
Fiscal 2012
 
Fiscal 2011
 
Awards
 
Awards
 
Awards
Average expected volatility
66.15
%
 
52.76
%
 
85.83
%
Average risk-free interest rate
0.39
%
 
0.63
%
 
0.60
%
Dividend yield
2.94
%
 
2.66
%
 
3.49
%
Expected life of options (in years)
7.18

 
7.03

 
7.03

Weighted-average grant-date fair value
$
4.13

 
$
4.27

 
$
5.19

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes the RSA and RSU activity for fiscal 2013 and 2012 under the 2010 Stock Plan:
 
RSA Shares
 
RSU Shares
Unvested and unissued at April 30, 2011
640,000

 
256,000

Awarded
100,000

 

Vested

 
(60,000
)
Forfeited and Cancelled
(40,000
)
 
(16,000
)
Unvested and unissued at April 28, 2012
700,000

 
180,000

Awarded

 

Vested

 
(60,000
)
Forfeited and Cancelled

 

Unvested and unissued at April 27, 2013
700,000

 
120,000

Schedule Of Share-based Compensation, Restricted Stock And Restricted Stock Units Details, By Grant Year And Vesting Period
 
 
 
 
 
 
Weighted Average Value
 
Probable Unearned Compensation Expense at April 27, 2013
 
Target Unearned Compensation Expense at April 27, 2013
Grant Fiscal Year
 
Number of Shares Granted, less Forfeitures
 
Vesting Period
 
 
 
2011
 
600,000

 
5-year RSA cliff, performance based
 
$
9.70

 
$
2,602

 
$
2,602

2011
 
300,000

 
5-year RSU, equal annual installments
 
9.70

 
427

 
N/A

2012
 
100,000

 
One-third per year, beginning in fiscal 2015, performance based
 
8.10

 
482

 
482

2007 Stock Plan
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity
The following tables summarize the stock option activity and related information for the stock options granted under the 2007 Stock Plan as of April 27, 2013:
 
 
Summary of Option Activity
 
Shares
 
Wtd. Avg.
Exercise Price
Outstanding at May 1, 2010
595,500

 
$
4.77

 
 
 
 
Awarded
125,000

 
10.55

Exercised

 

Cancelled

 

Outstanding at April 30, 2011
720,500

 
$
5.77

 
 
 
 
Awarded
52,500

 
8.10

Exercised
(10,000
)
 
6.46

Cancelled
(25,000
)
 
9.73

Outstanding at April 28, 2012
738,000

 
$
5.79

 
 
 
 
Awarded
42,500

 
8.64

Exercised
(2,500
)
 
8.10

Cancelled

 

Outstanding at April 27, 2013
778,000

 
$
5.94

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
Options Outstanding
at April 27, 2013
Shares
 
Exercise Price
 
Avg.
Remaining
Life (Years)
285,000

 
$
2.72

 
6.0
260,000

 
6.46

 
6.3
35,500

 
8.13

 
6.7
105,000

 
10.55

 
7.3
50,000

 
8.10

 
8.5
42,500

 
8.64

 
9.3
778,000

 
$
5.94

 
 
 
Options Exercisable
at April 27, 2013 
Shares
 
Exercise Price
 
Avg.
Remaining
Life (Years)
285,000

 
$
2.72

 
6.0
260,000

 
6.46

 
6.3
35,500

 
8.13

 
6.7
105,000

 
10.55

 
7.3
15,000

 
8.10

 
8.5
700,500

 
$
5.67

 
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
 
Fiscal 2013
Awards
 
Fiscal 2012
Awards
 
Fiscal 2011
Awards
Average expected volatility
66.15
%
 
63.55
%
 
85.59
%
Average risk-free interest rate
0.39
%
 
0.35
%
 
1.09
%
Dividend yield
2.94
%
 
2.84
%
 
3.63
%
Expected life of options
7.18 years

 
7.03 years

 
7.03 years

Weighted-average grant-date fair value
$
4.13

 
$
3.75

 
$
5.88

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes the RSA activity under the 2007 Stock Plan: 
 
Fiscal 2013
 
Fiscal 2012
 
Fiscal 2011
Unvested at beginning of fiscal year

 

 
25,350

Awarded
27,000

 
28,860

 
24,000

Vested
(27,000
)
 
(28,860
)
 
(47,600
)
Forfeited

 

 
(1,750
)
Unvested at end of period

 

 

2000 and 2004 Stock Plans
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity
The following tables summarize the stock option activity and related information for the stock options granted under the 2000 and 2004 Stock Plans for fiscal 2013, 2012 and 2011:
 
Options Outstanding
 
Exercisable Options
 
Shares
 
Wtd. Avg.
Exercise
Price
 
Shares
 
Wtd. Avg.
Exercise
Price
May 1, 2010
529,776

 
$
10.10

 
529,776

 
$
10.10

 
 
 
 
 
 
 
 
Granted

 

 
 

 
 

Exercised
(150,075
)
 
6.85

 
 

 
 

Cancelled
(96,934
)
 
13.03

 
 

 
 

April 30, 2011
282,767

 
$
10.82

 
282,767

 
$
10.82

 
 
 
 
 
 
 
 
Granted

 

 
 

 
 

Exercised
(21,975
)
 
9.02

 
 

 
 

Cancelled
(9,427
)
 
11.32

 
 

 
 

April 28, 2012
251,365

 
10.96

 
251,365

 
10.96

 
 
 
 
 
 
 
 
Granted

 

 
 
 
 
Exercised
(50,675
)
 
11.44

 
 
 
 
Cancelled
(128,105
)
 
10.50

 
 
 
 
April 27, 2013
72,585

 
$
11.44

 
72,585

 
$
11.44

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
Options Outstanding and Exercisable
at April 27, 2013 
Shares
 
Wtd. Avg.
Exercise
Price
 
Avg.
Remaining
Life (Years)
72,585

 
11.44

 
0.1