Note O - Share-based Compensation

9 Months Ended

Dec. 27, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE O – SHARE-BASED COMPENSATION

Total share-based compensation for each of the thirteen-week periods ended December 27, 2020 and December 29, 2019 was $29,000. Total share-based compensation for each of the thirty-nine week periods ended December 27, 2020 and December 29, 2019 was $87,000. Total share-based compensation is included in general and administrative expenses in our accompanying Consolidated Statements of Earnings. As of December 27, 2020, there was $83,000 of unamortized compensation expense related to share-based incentive awards. The Company expects to recognize this expense over approximately eight 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				Thirty-nine weeks ended
	December 27, 2020		December 29, 2019		December 27, 2020		December 29, 2019
Stock options	$	21	$	21	$	64	$	64
Restricted stock		8		8		23		23
Total compensation cost	$	29	$	29	$	87	$	87

Stock options:

There were no new share-based awards granted during the thirty-nine week period December 27, 2020.

During the fiscal year ended 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 thirty-nine weeks ended December 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 December 27, 2020	10,000	$	89.90		2.71		-
Options exercisable at December 27, 2020	6,667	$	89.90		2.71		-

Restricted stock:

Transactions with respect to restricted stock for the thirty-nine weeks ended December 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 December 27, 2020		333		$	89.90