Note 11 - Share-Based Compenseation

6 Months Ended

Sep. 29, 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 September 29, 2013 and September 23, 2012 was $191,000 and $56,000, respectively. Total share-based compensation during the twenty-six week periods ended September 29, 2013 and September 23, 2012 was $338,000 and $112,000, respectively. Total share-based compensation is included in general and administrative expense in our accompanying Consolidated Statements of Earnings. As of September 29, 2013, there was $2,458,000 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately two years and three 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 twenty-six weeks ended September 29, 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 twenty-six week period ended September 23, 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				Twenty-six weeks ended
	September 29, 2013		September 23, 2012		September 29, 2013		September 23, 2012
Stock options	$	56	$	56	$	112	$	112
Restricted stock		135		-		226		-
Total compensation cost	$	191	$	56	$	338	$	112

Stock options outstanding: 

Transactions with respect to stock options for the twenty-six weeks ended September 29, 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 September 29, 2013		322,000		$	14.51		2.47	$	12,949,000
Options exercisable at September 29, 2013		233,250		$	13.27		2.38	$	9,667,000

Restricted stock: 

Transactions with respect to restricted stock for the twenty-six weeks ended September 29, 2013 are as follows:

	Shares			Weighted- Average Grant-date Fair value Per share
Unvested restricted stock at March 31, 2013		40,000		$	29.29
Granted		25,000		$	49.80
Vested		(-	)		-
Unvested restricted stock at September 29, 2013		65,000		$	37.18