Note 11 - Share-Based Compenseation

3 Months Ended

Jun. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE K – SHARE-BASED COMPENSATION

Total share-based compensation during the thirteen-week periods ended June 30, 2013 and June 24, 2012 was $147,000 and $56,000, respectively. Total share-based compensation is included in general and administrative expense in our accompanying Consolidated Statements of Earnings. As of June 30, 2013, there was $2,650,000 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately two years and six months, which represents the weighted average remaining requisite service periods for such awards

On September 14, 2010, the Company adopted the 2010 Stock Incentive Plan (“the 2010 Plan”) which provides for the issuance of up to 150,000 shares pursuant to the 2010 Plan together with 171,000 shares that had not been issued under the 2001 Stock Option Plan (the “2001 Plan”) and the 2002 Stock Incentive Plan (the “2002 Plan”) plus any shares subject to any outstanding options or restricted stock grants under the 2001 Plan and the 2002 Plan that subsequently expire unexercised or are otherwise forfeited up to a maximum of an additional 100,000 shares.

During the thirteen weeks ended June 30, 2013, the Company granted 25,000 shares of restricted stock at a fair value of $49.80 per share representing the closing price on the date of grant, which will be fully vested five years from the date of grant. The restrictions on the shares lapse ratably over a five-year period as follows: 5,000 shares on June 4, 2014, 5,000 shares on June 4, 2015, 5,000 shares on June 4, 2016, 5,000 shares on June 4, 2017 and 5,000 shares on June 4, 2018. The compensation expense related to this restricted stock award is expected to be $1,245,000 and will be recognized, commencing on the grant date, over the next five years.

There were no share-based awards granted during the thirteen-week period ended June 24, 2012.

The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands):

	Thirteen weeks ended
	June 30, 2013		June 24, 2012
Stock options	$	56	$	56
Restricted stock		91		-
Total compensation cost	$	147	$	56

Stock options outstanding: 

Transactions with respect to stock options for the thirteen weeks ended June 30, 2013 are as follows:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
Options outstanding at March 31, 2013		429,500		$	13.29		2.73	$	12,437,000
Granted		-			-		-		-
Expired		-			-		-		-
Exercised		(107,500	)	$	9.66		-		-
Options outstanding at June 30, 2013		322,000		$	14.51		2.72	$	12,153,000
Options exercisable at June 30, 2013		233,250		$	13.27		2.63	$	9,091,000

Restricted stock: 

Transactions with respect to restricted stock for the thirteen weeks ended June 30, 2013 are as follows:

				Weighted-
				Average
				Grant-date Fair value
	Shares			Per share
Unvested restricted stock at March 31, 2013		40,000		$	29.29
Granted		25,000		$	49.80
Vested		(-	)		-
Unvested restricted stock at June 30, 2013		65,000		$	37.18