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Stock Based Compensation
 9 Months Ended
Feb. 27, 2021
Stock Based Compensation [Abstract]  
Stock Based Compensation
Note 10 - Stock Based Compensation
 
On
 
October
 
2,
 
2020,
 
shareholders
 
approved
 
the
 
Amended
 
and
 
Restated
 
Cal-Maine
 
Foods,
 
Inc.
 
2012
 
Omnibus
 
Long-Term
Incentive
 
Plan
 
(the
 
“Plan”).
 
The
 
purpose
 
of
 
the
 
Plan
 
is
 
to
 
assist
 
us
 
and
 
our
 
subsidiaries
 
in
 
attracting
 
and
 
retaining
 
selected
individuals
 
who
 
are
 
expected
 
to
 
contribute
 
to
 
our
 
long-term
 
success.
 
The
 
maximum
 
number
 
of
 
shares
 
of
 
common
 
stock
available
 
for
 
awards
 
under
 
the
 
Plan
 
is
2,000,000
,
 
of
 
which
1,128,488
 
shares
 
remain
 
available
 
for
 
issuance,
 
and
 
may
 
be
authorized but
 
unissued shares
 
or treasury
 
shares. Awards
 
may be
 
granted under
 
the Plan
 
to any
 
employee, any
 
non-employee
member of the Company’s
 
Board of Directors, and
 
any consultant who is
 
a natural person and
 
provides services to us
 
or one of
our subsidiaries (except for incentive stock options, which may be granted
 
only to our employees).
 
The only
 
outstanding awards
 
under the
 
Plan are
 
restricted stock
 
awards. The
 
restricted stock
 
vests one
 
to three
 
years from
 
the
grant
 
date, or
 
upon death
 
or disability,
 
change
 
in control,
 
or retirement
 
(subject to
 
certain requirements).
 
The restricted
 
stock
contains no other service or performance
 
conditions. Restricted stock is awarded in
 
the name of the recipient and, except
 
for the
right of
 
disposal, constitutes
 
issued and
 
outstanding shares
 
of the
 
Company’s
 
common stock
 
for all
 
corporate purposes
 
during
the period
 
of restriction
 
including the
 
right to
 
receive dividends.
 
Compensation
 
expense is
 
a fixed
 
amount based
 
on the
 
grant
date closing price and is amortized over the vesting period.
 
Total
 
stock-based compensation
 
expense was
 
$
2.8
 
million and
 
$
2.7
 
million for
 
the thirty-nine
 
weeks ended
 
February 27,
 
2021
and February 29, 2020, respectively.
 
Unrecognized
 
compensation expense
 
as a
 
result of
 
non-vested
 
shares of
 
restricted stock
 
outstanding under
 
the 2012
 
Omnibus
Long-Term
 
Incentive Plan
 
at February
 
27, 2021
 
of $
7.5
 
million will
 
be recorded
 
over a
 
weighted average
 
period of
2.3
 
years.
 
Refer
 
to
 
Note
 
16
 
of
 
our
 
audited
 
financial
 
statements
 
in
 
our
2020
 
Annual
 
Report
 
for
 
further
 
information
 
on
 
our
 
stock
compensation plans.
 
The Company’s restricted share activity
 
for the thirty-nine weeks ended February 27, 2021 follows:
Number of
Shares
Weighted
Average Grant
Date Fair Value
Outstanding, May 30, 2020
273,046
$
41.36
Granted
110,560
37.71
Vested
(79,328)
43.96
Forfeited
(4,431)
40.12
Outstanding, February 27, 2021
299,847
$
39.35