Stock-Based Compensation

3 Months Ended

Jul. 27, 2013

Stock-Based Compensation

(13) Stock-Based Compensation

For the 13 weeks ended July 27, 2013 and July 28, 2012, the Company recognized stock-based compensation expense in selling and administrative expenses as follows:

	13 weeks ended
	July 27, 2013			July 28, 2012
Restricted stock expense	$	709			3,628
Restricted stock units expense		4,952			705
Stock option expense		(1,439	)		707
Stock-based compensation expense	$	4,222			5,040

On July 8, 2013, the Company announced that William J. Lynch, Jr. resigned from the Company’s Board of Directors and as Chief Executive Officer of the Company, effective immediately. In connection with his termination of employment on July 8, 2013, Mr. Lynch received full vesting in respect of 275,846 restricted stock units granted by the Company to Mr. Lynch, which had an aggregate value of $4,968. As a result of his resignation, Mr. Lynch also forfeited 166,667 shares of restricted stock units and 1,000,000 shares of options, which had an aggregate forfeiture value of $1,119 and $1,690, respectively. The net stock compensation cost for this resignation was $1,883 and was recorded in selling and administrative expenses during the 13 weeks ended July 27, 2013.