XML 45 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK OPTION AND BENEFIT PLANS (Tables)
 12 Months Ended
Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Grant Date Fair Value for Awards Estimated Using Option Valuation Method with Weighted Average Assumptions
On October 28, 2016, the Company granted 10,000 SARs under the 2010 Incentive Plan to certain key employees and outside directors at a strike price of $8.04 and a grant date fair value of $2.30, as of July 1, 2017, 10,000 remain outstanding. The grant date fair value for the awards granted during fiscal year 2017, were estimated using the Black Scholes option valuation method with the following weighted average assumptions as of October 28, 2016:
 
Fiscal Year 2017
 
October 28, 2016
Expected dividend yield
—%
Risk – free interest rate
1.63%
Expected volatility
33.43%
Expected life
4.00
On July 26, 2016, the Company granted 242,500 SARs under the 2010 Incentive Plan to certain key employees and outside directors at a strike price of $8.18 and a grant date fair value of $2.42, as of July 1, 2017, 242,500 remain outstanding. The grant date fair value for the awards granted during fiscal year 2017, were estimated using the Black Scholes option valuation method with the following weighted average assumptions as of July 26, 2016:
 
Fiscal Year 2017
 
July 26, 2016
Expected dividend yield
—%
Risk – free interest rate
0.93%
Expected volatility
36.13%
Expected life
4.00
On July 29, 2015, the Company granted 248,166 SARs under the 2010 Incentive Plan to certain key employees and outside directors at a strike price of $10.26 and a grant date fair value of $3.65, as of July 1, 2017, 233,333 remain outstanding. The grant date fair value for the awards granted during fiscal year 2016, were estimated using the Black Scholes option valuation method with the following weighted average assumptions as of July 29, 2015:
 
Fiscal Year 2016
 
July 29, 2015
Expected dividend yield
—%
Risk – free interest rate
1.39%
Expected volatility
43.66%
Expected life
4.00
On October 31, 2014, the Company granted 213,166 SARs under the 2010 Incentive Plan to certain key employees and outside directors at a strike price of $8.22 and a grant date fair value of $3.04, as of July 1, 2017, 205,833 remain outstanding. The grant date fair value for the awards granted during fiscal year 2016, were estimated using the Black Scholes option valuation method with the following weighted average assumptions as of October 31, 2014:
 
Fiscal Year 2015
 
October 31, 2014
Expected dividend yield
—%
Risk – free interest rate
1.39%
Expected volatility
45.67%
Expected life
4.00
Summarizes Option/SARs Activity of All Plans
The following table summarizes the Company’s Options and SARs activity for all plans from June 28, 2014 through July 1, 2017:
 
 
SARs
Available
For Grant
 
SARs
Outstanding
 
Aggregate
Intrinsic
Value (in
thousands)
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life (in
years)
Balances, June 28, 2014
69,002

 
1,065,928

 
$
4,096

 
$
7.01

 
1.8
Shares authorized
1,000,000

 
 
 
 
 
—

 
 
SARs granted
(213,166
)
 
213,166

 
 
 
8.22

 
 
SARs forfeited
—

 
—

 
 
 
—

 
 
Options/SARs exercised
—

 
(465,263
)
 
1,877

 
5.84

 
 
Balances, June 27, 2015
855,836

 
813,831

 
$
2,312

 
$
7.99

 
2.5
Shares authorized
—

 
 
 
 
 
 
 
 
SARs granted
(248,166
)
 
248,166

 
 
 
10.26

 
 
SARs forfeited
26,999

 
(26,999
)
 
 
 
9.48

 
 
SARs exercised
—

 
(63,333
)
 
165

 
4.56

 
 
Balances, July 2, 2016
634,669

 
971,665

 
$
339

 
$
8.75

 
2.4
Shares authorized
—

 

 

 

 

SARs granted
(252,500
)
 
252,500

 

 
8.17

 

SARs forfeited
12,166

 
(12,166
)
 

 
8.60

 

SARs exercised
—

 
(127,000
)
 
385

 
4.77

 

Balances, July 1, 2017
394,335

 
1,084,999

 
$
—

 
$
9.09

 
2.3
Exercisable at July 1, 2017
 
 
393,333

 
$
—

 
$
9.43

 
0.6
Additional Information Regarding Options Outstanding
Additional information regarding SARs outstanding and exercisable as of July 1, 2017, is as follows:
Range of
Exercise Prices
 
Number Outstanding
 
Weighted Avg.
Remaining
Contractual Life (yrs.)
 
Weighted Avg.
Exercise Price
 
Number
Exercisable
 
Weighted
Avg. Exercise
Price
$4.40 – $7.90
 
192,500

 
0.1
 
$
7.44

 
192,500

 
$
7.44

7.91 – 9.91
 
458,333

 
3.3
 
8.19

 
—

 
—

9.92 – 11.34
 
434,166

 
2.2
 
10.76

 
200,833

 
11.34

$4.40 to $11.34
 
1,084,999

 
2.3
 
$
9.09

 
393,333

 
$
9.43