Retirement Plan

12 Months Ended

Mar. 03, 2012

Retirement Plan

7. Retirement Plan

The Company sponsors a defined contribution profit sharing plan, which covers substantially all employees who have completed one year of service and met other eligibility criteria. Contributions to this plan are discretionary and are allocated to employees as a percentage of each covered employee’s wages. The plan also has a 401(k) feature whereby the Company matches employee contributions to the plan. Effective January 1, 2012, the Company amended its matching contribution from 50 percent of employee contributions to the plan up to six percent of an employee’s wages (maximum of three percent) to 100 percent of employee contributions to the plan on the first three percent of an employee’s wages and then 50 percent of employee contributions to the plan over three percent up to five percent of their wages (maximum of four percent). Also effective January 1, 2012, employee contributions and Company matching contributions vest immediately. The Company’s total expense charged to continuing operations for the plan in 2012, 2011 and 2010 amounted to $1,329,000, $844,000 and $2,250,000, respectively.

The Company has a non-qualified deferred compensation plan for highly compensated employees whose contributions are limited under the qualified defined contribution plan. Amounts contributed and deferred under the deferred compensation plans are credited or charged with the performance of investment options offered under the plans and elected by the participants. In the event of bankruptcy, the assets of these plans are available to satisfy the claims of general creditors. The liability for compensation deferred under the Company’s plans was $3,828,000 and $2,661,000 at March 3, 2012 and February 26, 2011, respectively, and is included in “Other long-term liabilities”. Total expense from continuing operations recorded under this plan was $24,000, $164,000 and $84,000 for 2012, 2011 and 2010, respectively.