Stock Based Compensation

12 Months Ended

Apr. 28, 2013

Stock Based Compensation

Stock Based Compensation

13. Stock Based Compensation

        Under our amended and restated Long Term Incentive Plan, we have issued restricted stock units, restricted stock and stock options.

        Restricted Stock Units—During fiscal 2013 we granted restricted stock units ("RSUs") containing market performance conditions which will determine the ultimate amount of RSUs, if any, to be awarded up to 1,714,286 units. Any RSUs earned will vest 50% on April 26, 2015 and 50% on April 24, 2016. The fair value of these RSUs is determined utilizing a lattice pricing model which considers a range of assumptions including volatility and risk-free interest rates. The aggregate compensation cost related to these RSUs is $4,932 to be recognized over the vesting periods. Our current estimate of forfeitures is 0% and as of April 28, 2013, our unrecognized compensation cost for these RSUs is $3,817.

        Restricted Stock—We issue shares of restricted common stock to employees and directors under our Long Term Incentive Plan. Restricted stock awarded to employees primarily vests one-third on each anniversary of the grant date and for directors' vests one-half on the grant date and one-half on the first anniversary of the grant date. Our aggregate estimate of forfeitures for restricted stock for employees and directors is 10% and 0%, respectively.

        Stock Options—We have issued incentive stock options and nonqualified stock options which have a maximum term of 10 years and are, generally, exercisable in yearly installments of 20% commencing one year after the date of grant. There were no stock options granted in fiscal 2013, 2012 or 2011.

        Stock Compensation Expense—Total stock compensation expense from continuing operations in the accompanying consolidated statements of operations was $5,079, $7,642, and $7,442 for the fiscal years 2013, 2012, and 2011, respectively. We recognize compensation expense for these awards on a straight-line basis over the requisite service period for each separately vesting portion of the award.

        Activity Under Our Share Based Plans—A summary of restricted stock and option activity for fiscal 2013 is presented below:

	Restricted Stock			Weighted Average Grant-Date Fair Value		Options			Weighted Average Exercise Price
Outstanding at April 29, 2012		890,525		$	8.99		1,271,710		$	11.33
Granted		541,712			6.18		—			—
Exercised		—			—		(100,000	)		6.69
Vested		(599,566	)		8.79		—			—
Forfeited and expired		(27,973	)		6.83		(157,050	)		18.30
Outstanding at April 28, 2013		804,698		$	7.32		1,014,660		$	10.71
As of April 28, 2013:
Outstanding exercisable options		n/a					952,660		$	10.83
Weighted average remaining contractual term		0.9 years					4.5
Aggregate intrinsic value:
Outstanding exercisable		n/a				$	213
Outstanding	$	5,669				$	267
Nonvested:
Unrecognized compensation cost	$	1,934				$	59
Weighted average remaining vesting period		0.9 years					1.0 years

        Additional information relating to our share based plans is as follows:

	April 28, 2013		April 29, 2012		April 24, 2011
Restricted Stock:
Fair value of restricted stock vested during the year	$	5,272	$	7,317	$	4,457
Stock Options:
Intrinsic value of stock options exercised		41		5		11
Proceeds from stock option exercises		668		13		23

        We have 822,271, shares available for future issuance under our equity compensation plan as of April 28, 2013, assuming the maximum number of RSUs is awarded upon vesting. Upon issuance of restricted shares or exercise of stock options, shares may be issued from available treasury or common shares.

        Tax effect of Stock Based Compensation—Upon the exercise of certain stock options, vested restricted stock and vested RSUs, the tax benefit (provision) related to stock compensation, subject to certain limitations, is recognized as an addition to or deduction from additional paid in capital. During fiscal year 2013, we reduced our additional paid in capital by $10, reflecting a tax provision related to the impact of restricted stock vesting. At April 28, 2013, we have deferred $1,433 of tax benefits associated with stock exercises and restricted stock vesting due to our net operating loss position.

        Stock Repurchase—Our Board of Directors has approved a stock repurchase program, as amended, allowing up to 6,000,000 shares of our common stock to be repurchased. As of April 28, 2013, we have repurchased 4,895,792 shares of common stock, and retired 553,800 shares of common stock under this stock repurchase program. No shares were repurchased in fiscal years 2013, 2012 or 2011.