Stock-Based Compensation (Tables)

12 Months Ended

Mar. 28, 2020

Stock-Based Compensation

Schedule of assumptions used to determine fair value of stock options

The fair values of stock options granted in fiscal 2020, 2019, and 2018 were estimated on the grant dates using the following assumptions:

	Fiscal Year Ended
	March 28,					March 30,					March 31,
	2020					2019					2018
Expected option term(1)	6.3		-	7.0	years				5.3	years				5.5	years
Expected volatility factor(2)	35.3	%	-	38.1	%	36.1	%	-	37.7	%	34.0	%	-	35.5	%
Risk-free interest rate(3)	0.5	%	-	2.3	%	2.2	%	-	2.8	%	1.8	%	-	2.7	%
Expected annual dividend yield				0	%				0	%				0	%

(1) The Company has limited historical information regarding the expected option term. Accordingly, the Company determined the expected life of the options using the simplified method.

(2) Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards.

(3) The risk-free interest rate is determined using the rate on treasury securities with the same term.

Schedule of stock award activity

				Weighted
		Grant Date		Average
		Weighted		Remaining	Aggregate
	Stock	Average		Contractual	Intrinsic
	Options	Exercise Price		Life (in Years)	Value
					(in thousands)
Outstanding at March 30, 2019	1,293,347	$	15.40
Granted	354,225	$	28.36
Exercised	(404,583)	$	12.86		$	9,922
Cancelled, forfeited or expired	(21,766)	$	17.76
Outstanding at March 28, 2020	1,221,223	$	19.96	6.1	$	2,465
Vested and expected to vest after March 28, 2020	1,221,223	$	19.96	6.1	$	2,465
Exercisable at March 28, 2020	289,966	$	20.60	3.9	$	309

Schedule of non-vested stock options

A summary of the status of non-vested stock options as of March 28, 2020 and changes during fiscal 2020 is presented below:

		Weighted-
		Average
		Grant Date
	Shares	Fair Value
Nonvested at March 30, 2019	917,850	$	5.48
Granted	354,225	$	9.52
Vested	(322,711)	$	5.82
Nonvested shares forfeited	(18,107)	$	5.47
Nonvested at March 28, 2020	931,257	$	6.90

CEO

Stock-Based Compensation

Schedule of assumptions used to determine fair value of stock options

Stock price	$	28.63
Exercise price	$	28.63
Expected option term		7.0	years
Expected volatility		35.3	%
Risk-free interest rate		2.3	%
Expected annual dividend yield		0	%