Note N - Share-based Compensation

9 Months Ended

Dec. 29, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE N – SHARE-BASED COMPENSATION

Total share-based compensation during the thirteen and thirty-nine week periods ended December 29, 2024 and December 24, 2023 was $288 and $187, and $705 and $546, respectively. Total share-based compensation is included in general and administrative expenses in our accompanying Condensed Consolidated Statements of Earnings. As of December 29, 2024, there was $3,569 of unamortized compensation expense related to share-based awards. We expect to recognize this expense over approximately 39 months, which represents the weighted average remaining requisite service periods for such awards.

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

	Thirteen weeks ended				Thirty-nine weeks ended
	December 29, 2024		December 24, 2023		December 29, 2024		December 24, 2023
Stock options	$	119	$	18	$	198	$	39
Restricted stock units		169		169		507		507
Total compensation cost	$	288	$	187	$	705	$	546

Stock options:

During the thirty-nine week period ended December 29, 2024, the Company granted options to purchase 110,000 shares at an exercise price of $74.47 per share, all of which expire five years from the date of grant. All such options vest ratably over a four-year period commencing August 19, 2024.

The weighted average option fair value, as determined using the Black-Scholes option valuation model, and the assumptions used to estimate these values for stock options granted during the thirty-nine week period ended December 29, 2024 are as follows:

Weighted average option fair values	$	14.67
Expected life (years)		4.4
Interest rate		3.75	%
Volatility		24.50	%
Dividend yield		2.69	%

The expected dividend yield is based on historical and projected dividend yields. The Company estimates volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life of the option. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected historical exercise patterns and employment termination behavior.

Transactions with respect to stock options for the thirty-nine weeks ended December 29, 2024 are as follows:

			Weighted-		Weighted-		Aggregate
			Average		Average		Intrinsic
			Exercise		Remaining		Value
	Shares		Price		Contractual Life		(in thousands)
Options outstanding at March 31, 2024		20,000	$	73.25		3.36	$	23
Granted		110,000	$	74.47		4.64		-
Exercised		-		-		-		-
Options outstanding at December 29, 2024		130,000	$	74.28		4.33	$	608
Options exercisable at December 29, 2024		10,000	$	70.88		2.11	$	81

Restricted stock units:

Transactions with respect to restricted stock units for the thirty-nine weeks ended December 29, 2024 are as follows:

				Weighted
				Average
				Grant-date Fair value
	Shares			Per share
Unvested restricted stock units at March 31, 2024		40,000		$	67.59
Granted		-			-
Vested		(10,000	)	$	67.59
Unvested restricted stock units at December 29, 2024		30,000		$	67.59