Note 11 - Share-Based Compenseation

9 Months Ended

Dec. 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 December 29, 2013 and December 23, 2012 was $192,000 and $385,000, respectively. Total share-based compensation during the thirty-nine week periods ended December 29, 2013 and December 23, 2012 was $530,000 and $497,000, respectively. Total share-based compensation is included in general and administrative expense in our accompanying Consolidated Statements of Earnings. As of December 29, 2013, there was $2,267,000 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately two years, 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 an aggregate of 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 thirty-nine weeks ended December 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.

During the thirty-nine week period ended December 23, 2012, the Company granted 50,000 shares of restricted stock at a fair value of $29.29 per share representing the closing price on the date of grant, which will be fully vested four years from the date of grant. Upon grant, 10,000 shares immediately vested and 10,000 shares vested on November 1, 2013, the restrictions on the remaining 30,000 shares vest ratably over a three-year period as follows: 10,000 shares on November 1, 2014, 10,000 shares on November 1, 2015 and 10,000 shares on November 1, 2016.

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				Thirty-nine weeks ended
	December 29, 2013		December 23, 2012		December 29, 2013		December 23, 2012
Stock options	$	56	$	56	$	168	$	168
Restricted stock		136		329		362		329
Total compensation cost	$	192	$	385	$	530	$	497

Stock options outstanding: 

Transactions with respect to stock options for the thirty-nine weeks ended December 29, 2013 are as follows:

				Weighted-		Weighted-
				Average		Average		Aggregate
				Exercise		Remaining		Intrinsic
	Shares			Price		Contractual Life		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 December 29, 2013		322,000		$	14.51		2.22	$	11,693,000
Options exercisable at December 29, 2013		233,250		$	13.27		2.13	$	8,758,000

Restricted stock: 

Transactions with respect to restricted stock for the thirty-nine weeks ended December 29, 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		(10,000	)	$	29.29
Unvested restricted stock at December 29, 2013		55,000		$	38.61