Note O - Share-based Compensation

6 Months Ended

Sep. 27, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE O – SHARE-BASED COMPENSATION

Total share-based compensation during the thirteen week periods ended September 27, 2020 and September 29, 2019 was $29,000 and $30,000, respectively. Total share-based compensation during the twenty-six week periods ended September 27, 2020 and September 29, 2019 was $58,000. Total share-based compensation is included in general and administrative expenses in our accompanying Consolidated Statements of Earnings. As of September 27, 2020, there was $111,000 of unamortized compensation expense related to share-based incentive awards. The Company expects to recognize this expense over approximately eleven months, which represents the weighted average remaining requisite service periods for such awards.

The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	Sept. 27, 2020		Sept. 29, 2019		Sept. 27, 2020		Sept. 29, 2019
Stock options	$	21	$	22	$	42	$	43
Restricted stock		8		8		16		15
Total compensation cost	$	29	$	30	$	58	$	58

Stock options: 

There were no new share-based awards granted during the twenty-six week period ended September 27, 2020.

During the fiscal year March 31, 2019, the Company granted options to purchase 10,000 shares at an exercise price of $89.90 per share, all of which expire five years from the date of grant. All such stock options vest ratably over a three-year period commencing September 12, 2019.

Transactions with respect to stock options for the twenty-six weeks ended September 27, 2020 are as follows:

	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value (in thousands)
Options outstanding at March 29, 2020		10,000	$	89.90		3.45		-
Granted		-		-		-		-
Exercised		-		-		-		-
Options outstanding at September 27, 2020		10,000	$	89.90		2.96		-
Options exercisable at September 27, 2020		6,667	$	89.90		2.96		-

Restricted stock: 

Transactions with respect to restricted stock for the twenty-six weeks ended September 27, 2020 are as follows:

	Shares			Weighted- Average Grant-date Fair value Per share
Unvested restricted stock at March 29, 2020		667		$	89.90
Granted		-			-
Vested		(334	)	$	89.90
Unvested restricted stock at September 27, 2020		333		$	89.90