Stock Based Compensation

12 Months Ended

May 28, 2022

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 16 - Stock Compensation Plans

On October 2, 2020, shareholders approved the Amended and Restated Cal-Maine Foods, Inc. 2012 Omnibus Long-Term

Incentive Plan (the “LTIP Plan”). The purpose of the LTIP 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 LTIP Plan is

2,000,000

 of which

1,016,573

 shares remain available for issuance, and may be

authorized but unissued shares or treasury shares. Awards may be granted under the LTIP 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 LTIP Plan are restricted stock awards. The restricted stock vests 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 on a straight-line basis over the vesting period. Forfeitures are recognized as they occur.

Total stock-based compensation expense was $

4.1

 million, $

3.8

 million, and $

3.6

 million in fiscal 2022, 2021, and 2020,

respectively.

Our unrecognized compensation expense as a result of non-vested shares was $

7.0

 million at May 28, 2022 and $

6.6

 million at

May 29, 2021. The unrecognized compensation expense will be amortized to stock compensation expense over a period of

2.1

years.

A summary of our equity award activity and related information for our restricted stock is as follows:

Number of 

Shares

Weighted Average Grant

Date Fair Value

Outstanding, May 30, 2020

273,046

$

41.36

Granted

112,860

37.82

Vested

(79,328)

43.96

Forfeited

(4,431)

40.12

Outstanding, May 29, 2021

302,147

$

39.37

Granted

113,142

41.13

Vested

(92,918)

42.45

Forfeited

(4,527)

38.01

Outstanding, May 28, 2022

317,844

$

39.12