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Stock-Based Compensation (Tables)
 12 Months Ended
May 03, 2020
Summary of Stock Option Activity

The following tables summarize stock option activity during fiscal 2020, 2019, and 2018:

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

2019

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Exercise

 

 

 

 

 

 

Exercise

 

 

 

 

 

 

Exercise

 

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

outstanding at beginning of year

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

 

 

15,600

 

 

$

7.14

 

exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,600

)

 

 

7.14

 

outstanding at end of year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 
Summary of Time Vested Restricted Stock Unit Activity

The following table summarizes the time-based restricted stock unit activity during fiscal years 2020, 2019, and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

Shares

 

 

Shares

 

 

Shares

 

outstanding at beginning of year

 

 

10,000

 

 

 

1,200

 

 

 

1,200

 

granted

 

 

34,399

 

 

 

10,000

 

 

 

1,200

 

vested

 

 

—

 

 

 

(1,200

)

 

 

(1,200

)

outstanding at end of year

 

 

44,399

 

 

 

10,000

 

 

 

1,200

 
Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on the grant dates of July 18, 2019, August 2, 2018, and July 13, 2017:

 

 

 

July 18,

 

 

August 2,

 

 

July 13,

 

 

 

2019

 

 

2018

 

 

2017

 

Closing price of our common stock

 

$

18.49

 

 

$

24.35

 

 

$

32.50

 

Expected volatility of our common stock

 

 

30.0

%

 

 

33.5

%

 

 

31.0

%

Expected volatility of peer companies (1) (2)

 

29.9% - 82.3%

 

 

 

16.0

%

 

 

16.5

%

Risk-free interest rate

 

 

1.73

%

 

 

2.74

%

 

 

1.56

%

Dividend yield

 

 

2.10

%

 

 

1.35

%

 

 

1.66

%

Correlation coefficient of peer companies (1) (2)

 

0.00 - 0.43

 

 

 

0.47

 

 

 

0.46

 

 

(1)

The expected volatility and correlation coefficient of our peer companies for fiscal 2020 were based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

(2)

The expected volatility and correlation coefficient of our peer companies for fiscal 2019 and 2018 were based on the Russell 2000 Index, which was approved by the Compensation Committee of our board of directors as the benchmark for determining the market-based total shareholder return component. Since the Russell 2000 Index was the only benchmark for determining the market-based total shareholder return component, no ranges were disclosed for these assumptions.
Summary of Grants of Common Stock to Outside Directors

The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2020, 2019, and 2018:

 

 

 

Common

 

 

(1)

 

 

 

 

 

Stock

 

 

Price Per

 

 

Vesting

Date of Grant

 

Awarded

 

 

Share

 

 

Period

April 1, 2020 - Fiscal 2020

 

 

10,511

 

 

$

6.66

 

 

Immediate

January 2, 2020 - Fiscal 2020

 

 

4,972

 

 

$

14.08

 

 

Immediate

October 1, 2019 - Fiscal 2020

 

 

4,519

 

 

$

15.49

 

 

Immediate

July 1, 2019 - Fiscal 2020

 

 

3,659

 

 

$

19.21

 

 

Immediate

April 1, 2019 - Fiscal 2019

 

 

2,948

 

 

$

19.18

 

 

Immediate

October 1, 2018 - Fiscal 2019

 

 

3,600

 

 

$

23.45

 

 

Immediate

October 2, 2017 - Fiscal 2018

 

 

4,800

 

 

$

33.20

 

 

Immediate

 

(1)

Price per share represents closing price of our common stock on the date of grant.
Time Based Restricted Stock Units [Member]  
Summary of Vested Restricted Stock Units

The following table summarizes information related to our time-based restricted stock units that vested during the fiscal 2020, 2019, and 2018:

 

 

 

Common

 

 

(1)

 

 

(2)

 

 

 

Stock

Shares

 

 

Weighted

Average

 

 

Price Per

 

Fiscal Year

 

Vested

 

 

Fair Value

 

 

Share

 

Fiscal 2020

 

 

—

 

 

$

—

 

 

$

—

 

Fiscal 2019

 

 

1,200

 

 

$

21

 

 

$

17.36

 

Fiscal 2018

 

 

1,200

 

 

$

37

 

 

$

30.90

 

 

(1)

Dollar amounts are in thousands.

(2)

Price per share represents closing price of our common stock on the date the respective award vested.
Performance Based Restricted Stock Units [Member]  
Summary of Vested Restricted Stock Units

The following table summarizes information related to our performance based restricted stock units that vested during the fiscal 2020, 2019, and 2018:

 

 

 

 

 

 

 

(3)

 

 

 

 

 

 

 

 

Common

 

 

Weighted

 

 

Weighted

 

 

 

 

Stock Shares

 

 

Average

 

 

Average Price

 

 

Fiscal Year

 

Vested

 

 

Fair Value

 

 

Per Share

 

 

Fiscal 2020 (1)

 

 

11,351

 

 

$

197

 

 

$

17.36

 

(4)

Fiscal 2020 (2)

 

 

4,961

 

 

$

86

 

 

$

17.36

 

(4)

Fiscal 2019 (1)

 

 

128,632

 

 

$

3,754

 

 

$

29.19

 

(4)

Fiscal 2019 (2)

 

 

10,364

 

 

$

320

 

 

$

30.90

 

(4)

Fiscal 2018 (1)

 

 

102,845

 

 

$

3,342

 

 

$

32.50

 

(4)

Fiscal 2018 (2)

 

 

16,000

 

 

$

520

 

 

$

32.50

 

(4)

 

(1)

Certain senior executives and key employees.

(2)

Non-employee

(3)

Dollar amounts are in thousands.

(4)

The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance based restricted stock units vested.
Management [Member] | Time Based Restricted Stock Units [Member]  
Summary of Grants of Time-Based Restricted Stock Unit Awards

The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management during fiscal years 2020, 2019 and 2018:

 

 

 

 

 

 

 

(1)

 

 

 

 

 

Restricted

 

 

Price

 

 

Vesting

Date of Grant

 

Stock Awarded

 

 

Per Share

 

 

Period

July 18, 2019

 

 

34,399

 

 

$

18.49

 

 

3 years

August 2, 2018

 

 

10,000

 

 

$

24.35

 

 

5 years

June 13, 2017

 

 

1,200

 

 

$

32.50

 

 

1 year

 

(1)

Price per share represents closing price of our common stock on the date the respective award was granted.
Executive officers and key employees [Member]  
Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance based restricted stock units associated with certain senior executives and key employees that were unvested at May 3, 2020:

 

 

 

 

 

 

 

(4)

 

 

 

 

 

 

 

 

 

 

(3)

 

 

Restricted Stock

 

 

 

 

 

 

 

 

 

 

Restricted Stock

 

 

Units Expected

 

 

Price Per

 

 

 

Vesting

Date of Grant

 

Units Awarded

 

 

to Vest

 

 

Share

 

 

 

Period

July 18, 2019 (1)

 

 

93,653

 

 

 

—

 

 

$

19.04

 

(5)

 

3 years

July 18, 2019 (2)

 

 

29,227

 

 

 

—

 

 

$

18.49

 

(8)

 

3 years

August 2, 2018 (1)

 

 

86,599

 

 

 

—

 

 

$

18.51

 

(6)

 

3 years

August 2, 2018 (2)

 

 

47,800

 

 

 

—

 

 

$

24.35

 

(8)

 

3 years

July 13, 2017 (1)

 

 

60,504

 

 

 

3,277

 

 

$

31.85

 

(7)

 

3 years

July 13, 2017 (2)

 

 

37,600

 

 

 

4,365

 

 

$

32.50

 

(8)

 

3 years

 

(1)

Performance-based restricted stock units awarded to certain senior executives.

(2)

Performance-based restricted stock units awarded to key employees.

(3)

Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4)

Compensation cost is based on an assessment each reporting period of the probability that certain performance goals will be met and in turn, the number of shares that are expected to be awarded during the vesting period. These amounts represent the number of shares that are expected to vest based on our assessment as of May 3, 2020.

(5)

Price per share represents the fair market value per share ($1.03 per $1 or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019.

(6)

Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on August 2, 2018.

(7)

Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 13, 2017.

(8)

Price per share represents the closing price of our common stock on the date of grant.