We maintain an omnibus stock incentive plan. This plan provides for the granting of stock options, shares of restricted stock and stock appreciation rights. As of March 27, 2022, the Board of Directors had designated 2 million shares of common stock available for the grant of awards under the plan. Remaining shares available to be granted under the plan as of March 27, 2022 were 177,959. Awards that expire or are canceled without delivery of shares become available for re-issuance under the plan. We issue new shares of common stock to satisfy stock option exercises.

Nonqualified and incentive stock options and shares of restricted stock have been granted to our officers, outside directors and specified associates under our stock incentive plan. Stock options granted under the plan may not be issued with an exercise price less than the fair market value of the common stock on the date the option is granted. Stock options become exercisable as determined at the date of grant by the Compensation Committee of the Board of Directors. The options expire 10 years after the grant date unless an earlier expiration date is set at the time of grant. The options vest 1 to 4 years after the date of grant as determined by the Compensation Committee of the Board of Directors. Shares of restricted stock granted under the plan are subject to vesting criteria determined by the Compensation Committee of the Board of Directors at the time the shares are granted and have a minimum vesting period of one year from the date of grant. Unvested restricted shares granted have voting rights, regardless of whether the shares are vested or unvested, but only have the right to receive cash dividends after such shares become vested. Restricted stock grants vest 1 to 5 years after the date of grant as determined by the Compensation Committee of the Board of Directors.

The fair value of each stock option grant was estimated as of the date of grant using the Black-Scholes pricing model. The fair value of each restricted stock grant was based on the market price of the underlying common stock as of the date of grant. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight-line basis over the vesting period for the entire award.

A summary of stock option activity under our stock incentive plan for the nine months ended March 27, 2022 follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding, June 27, 2021		72,624	$	37.65
Exercised		31,452	$	26.28
Outstanding, March 27, 2022		41,172	$	46.34		1.5	$	49
Exercisable, March 27, 2022		41,172	$	46.34		1.5	$	49

The intrinsic value of stock options exercised and the fair value of stock options that vested during the three and nine month periods presented below were as follows (in thousands):

	Three Months Ended				Nine Months Ended
	March 27, 2022		March 28, 2021		March 27, 2022		March 28, 2021
Intrinsic Value of Options Exercised	$	120	$	555	$	451	$	555
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

No options were granted during the nine month periods ended March 27, 2022 or March 28, 2021.

A summary of restricted stock activity under our stock incentive plan for the nine months ended March 27, 2022 follows:

	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, June 27, 2021		81,975		$	23.31
Granted		43,875		$	42.50
Vested		(38,000	)	$	25.56
Forfeited		(2,750	)	$	32.70
Nonvested Balance, March 27, 2022		85,100		$	31.89

As of March 27, 2022, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of March 27, 2022, there was approximately $1.6 million of total unrecognized compensation cost related to unvested restricted stock grants outstanding under the plan. This cost is expected to be recognized over a remaining weighted average period of 1.1 years. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.