Stock-Based Compensation

3 Months Ended

Jul. 05, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

As of July 5, 2020, the Company maintains the 2017 Equity Incentive Plan (“2017 EIP”). The 2017 EIP reserved 4,173,554 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market condition-based on total shareholder return (“TSR”) and performance condition-based share units (“PSU”) and other forms of equity-based compensation.

The Company recognized stock-based compensation expense associated with its equity incentive plans of $5,053 for the first quarter of fiscal 2021 and $3,874 for the first quarter of fiscal 2020. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards.

During the first quarter of fiscal 2021, the Company granted to non-employee directors 3,353 restricted stock units, pursuant to the 2017 EIP. The awards vest immediately upon the date of grant and are settled in shares of common stock.

Common stock activity during the first quarter of fiscal 2021 included the vesting of 120,390 restricted stock units, 65,096 TSRs and the exercise of 8,323 stock options.

As of July 5, 2020, there were 778,939 non-qualified stock options, 755,489 restricted stock units, 128,375 TSRs and 101,406 PSUs outstanding.