Note K - Share-based Compensation

3 Months Ended

Jun. 29, 2014

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 29, 2014 and June 30, 2013 was $191,000 and $147,000, respectively. Total share-based compensation is included in general and administrative expense in our accompanying Consolidated Statements of Earnings. As of June 29, 2014, there was $1,884,000 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately one year and six months, which represents the weighted average remaining requisite service periods for such awards.

There were no share-based awards granted during the thirteen-week period ended June 29, 2014.

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 on the annual anniversary of the date of grant. 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 five years.

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 29, 2014		June 30, 2013
Stock options	$	56	$	56
Restricted stock		135		91
Total compensation cost	$	191	$	147

Stock options outstanding: 

Transactions with respect to stock options for the thirteen weeks ended June 29, 2014 are as follows:

				Weighted-		Weighted-
				Average		Average		Aggregate
				Exercise		Remaining		Intrinsic
	Shares			Price		Contractual Life		Value
Options outstanding at March 30, 2014		279,500		$	15.22		2.07	$	9,381,000
Granted		-			-		-		-
Expired		-			-		-		-
Exercised		(22,000	)	$	8.38		-		-
Options outstanding at June 29, 2014		257,500		$	15.80		1.95	$	9,996,000
Options exercisable at June 29, 2014		213,125		$	15.39		1.95	$	8,360,000

Restricted stock: 

Transactions with respect to restricted stock for the thirteen weeks ended June 29, 2014 are as follows:

				Weighted-
				Average
				Grant-date Fair value
	Shares			Per share
Unvested restricted stock at March 30, 2014		55,000		$	38.61
Granted		-			-
Vested		(5,000	)	$	49.80
Unvested restricted stock at June 29, 2014		50,000		$	37.49