The 2003 Plan provides for, among other awards, grants of restricted stock units and stock options to directors, officers and key employees at the fair market value at the date of grant. At March 25, 2017, 1.3 million restricted stock units or stock options were available for future grant under the 2003 Plan.

Restricted Stock: The Company grants performance-based restricted stock units as a primary component of executive compensation. The units generally vest following the third fiscal year from the date of grant subject to certain cumulative diluted earnings per share growth targets over the eligible period. Compensation cost ultimately recognized for performance-based restricted stock units will equal the grant date fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, the Company records compensation cost based on the estimated level of achievement of the performance conditions.

The following table summarizes the performance-based restricted stock units vested and shares issued during fiscal years 2016 and 2017:

Total

Grant Date

Number

Fair

Target

Date

Measurement

of Units

Value

Level

Shares

Granted

Period

Granted

Per Unit

Achieved

Issued

April 2012

April 2012 - March 2015

13.11

May 2015

April 2013

April 2013 - March 2016

6.17

May 2016

The following table summarizes the non-vested performance-based restricted stock units outstanding as of March 25, 2017:

		Total	Grant Date		Estimated
		Number	Fair		Level of
Date	Measurement	of Units	Value		Achievement at
Granted	Period	Granted	Per Unit		March 25, 2017
April 2014	April 2014 - March 2017	51	$	9.28	50% of target level
April 2015	April 2015 – March 2018	63	$	9.59	50% of target level
April 2016	April 2016 – March 2019	84	$	10.13	100% of target level

Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, was $0.3 million and $0.2 million in fiscal years 2017 and 2016, respectively. Unearned compensation totaled $0.7 million as of March 25, 2017.

During fiscal year 2017, no stock options were awarded. During fiscal year 2016, the Company’s Board of Directors granted a stock award of two thousand shares of common stock under the 2003 Plan to a retiring board member. The award vested in the second quarter of fiscal year 2016. There was no expense relating to these stock awards, based on grant date fair value in fiscal year 2017. The expense related to these stock awards was less than $0.1 million in fiscal year 2016.

Stock Options: Options generally vest over a period of up to four years, using either a graded schedule or on a straight-line basis, and expire ten years from the date of grant. The expense relating to options is recognized on a straight-line basis over the requisite service period for the entire award.

The following table summarizes the Company’s options for fiscal years 2017 and 2016:

			Weighted		Weighted
			Average		Average
	Number		Exercise		Remaining	Aggregate
	of		Price Per		Contractual	Intrinsic
	Shares		Share		Term (in Years)	Value
Outstanding as of March 28, 2015	561		$	6.83
Exercised	(50	)		5.35
Forfeited	(1	)		4.26
Redeemed	(16	)		5.68
Outstanding as of March 26, 2016	494			7.03
Exercised	(59	)		7.00
Forfeited	(5	)		8.95
Redeemed	(188	)		6.40
Outstanding as of March 25, 2017	242			7.48	3	$	1,217
Exercisable as of March 25, 2017	182		$	7.45	2	$	920

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of fiscal year 2017 and the exercise price, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all holders exercised their options on March 25, 2017. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock.

During both of fiscal years 2017 and 2016, total expense relating to stock options was $0.1 million. Total unrecognized compensation cost related to non-vested stock options as of March 25, 2017 was less than $0.1 million, which is expected to be recognized over a weighted average period of one year. The aggregate intrinsic value of stock options exercised in fiscal years 2017 and 2016 was $0.3 million and $0.2 million, respectively. Cash received from the exercise of options in fiscal years 2017 and 2016 was $0.4 million and $0.3 million, respectively.