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Share-Based Compensation (Tables)
12 Months Ended
Apr. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based compensation expense
Share-based compensation expense was included in the Company’s Consolidated Statements of Operations as follows:
(In thousands)
2017
 
2016
 
2015
Cost of sales
$
503

 
$
445

 
$
586

Selling, general and administration
5,197

 
3,004

 
2,847

Research, development and engineering
737

 
783

 
1,109

Share-based compensation expense
$
6,437

 
$
4,232

 
$
4,542

Fair value assumptions of options and SARs granted
The Black-Scholes pricing model is utilized to determine the fair value of SARs granted and ESPP issued. No SARs were granted in 2017.
The following weighted average assumptions were used in calculating the grant date fair value of SARs during the periods presented:
 
2017
 
2016
 
2015
Risk-free interest rate
%
 
1.94
%
 
2.04
%
Expected dividend yield
%
 
%
 
4.6
%
Expected lives
0.0 years

 
7.4 years

 
7.0 years

Expected volatility
%
 
47
%
 
47
%
Fair value assumptions for ESPP
The following weighted average assumptions were used to estimate the fair value of ESPP shares issued in the periods presented:
 
2017
 
2016
 
2015
Risk-free interest rate
0.68
%
 
0.34
%
 
0.24
%
Expected dividend yield
%
 
%
 
3.2
%
Expected lives
1.1 years

 
1.1 years

 
1.1 years

Expected volatility
45
%
 
35
%
 
41
%
Summary of awards
The total fair value of stock option and SARs awards granted and vested during the period, unvested restricted stock unit awards granted and vested during the period, the intrinsic value of stock options and SARs exercised during the period and the total grant date fair value were:
(In thousands, except per share data)
2017
 
2016
 
2015
Stock-Option and SAR Awards:
 
 
 
 
 
Grant date fair value per share
$

 
$
2.89

 
$
2.12

Total fair value of options and SARs granted

 
1,350

 
1,291

Total fair value of options and SARs vested
820

 
336

 
409

Total intrinsic value of options and SARs exercised
17

 
1

 
18

Unvested Restricted Stock Unit Awards:
 
 
 
 
 
Grant date fair value per share
6.71

 
5.52

 
6.80

Total fair value of awards granted
11,382

 
4,072

 
5,832

Total fair value of awards vested
3,693

 
4,324

 
7,532

Employee Stock Purchase Plan:
 
 
 
 
 
Grant date fair value per share
1.40

 
1.22

 
1.72

Total grant date fair value
473

 
394

 
559

Stock option activity
Information with respect to stock option and SAR activity was as follows:
 
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
(In years)
 
Aggregate
Intrinsic Value
(In thousands)
Outstanding at March 29, 2014
1,898,409

 
$
15.27

 
 
 
 
Granted
634,523

 
6.91

 
 
 
 
Exercised
(8,250
)
 
7.26

 
 
 
 
Expired or forfeited
(295,636
)
 
18.30

 
 
 
 
Outstanding at March 28, 2015
2,229,046

 
$
12.52

 
4.45
 
$

Granted
467,000

 
5.63

 
 
 
 
Exercised
(2,500
)
 
6.71

 
 
 
 
Expired or forfeited
(537,946
)
 
16.53

 
 
 
 
Outstanding at April 2, 2016
2,155,600

 
$
10.03

 
5.35
 
$
904

Granted

 

 
 
 
 
Exercised
(22,500
)
 
6.23

 
 
 
 
Expired or forfeited
(191,097
)
 
19.20

 
 
 
 
Outstanding at April 1, 2017
1,942,003

 
$
9.17

 
4.82
 
$
634

Vested and expected to vest at April 1, 2017
1,928,853

 
$
9.20

 
4.80
 
$
619

Exercisable at April 1, 2017
1,385,837

 
$
10.39

 
3.62
 
$
167

Restricted stock activity
Information with respect to unvested time-based restricted stock unit awards activity was as follows: 
 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Weighted
Average
Remaining
Contractual
Term
(In years)
 
Aggregate
Intrinsic Value
(In thousands)
Outstanding at March 29, 2014
1,115,601

 
$
11.47

 
 
 
 
Awarded
459,295

 
6.33

 
 
 
 
Vested
(672,930
)
 
11.19

 
 
 
 
Forfeited
(66,125
)
 
9.82

 
 
 
 
Outstanding at March 28, 2015
835,841

 
$
8.90

 
1.91
 
$
5,149

Awarded
737,200

 
5.52

 
 
 
 
Vested
(360,349
)
 
11.75

 
 
 
 
Forfeited
(130,888
)
 
7.66

 
 
 
 
Outstanding at April 2, 2016
1,081,804

 
$
6.77

 
1.93
 
$
7,781

Awarded
1,051,445

 
6.63

 
 
 
 
Vested
(483,239
)
 
7.64

 
 
 
 
Forfeited
(42,093
)
 
6.67

 
 
 
 
Outstanding at April 1, 2017
1,607,917

 
$
6.41

 
2.04
 
$
11,168