Stock-Based Compensation

6 Months Ended

Oct. 04, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

As of October 4, 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 $5,533 for the second quarter of fiscal 2021 and $4,994 for the second quarter of fiscal 2020. Stock-based compensation was $10,586 and $8,868 for the six months of fiscal 2021 and fiscal 2020, respectively. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards.

During fiscal 2021, the Company granted to non-employee directors 38,171 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.

During fiscal 2021, the Company granted to management and other key employees 295,068 non-qualified stock options that vest ratably over three years from the date of grant and 283,101 restricted stock units that vest ratably over four years from the date of grant.

Common stock activity during fiscal 2021 included the vesting of 199,499 restricted stock units, 65,096 TSRs and the exercise of 34,369 stock options.

As of October 4, 2020, there were 1,025,768 non-qualified stock options, 932,976 restricted stock units, 125,537 TSRs and 99,608 PSUs outstanding.