11. 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 determined the ultimate amount of RSUs to be awarded. The market condition period ended on April 26, 2015 and a gross award of 1,532,417 shares was achieved. Per the terms of the agreement, the awards are issued net of taxes with 50% of the RSUs vesting on April 26, 2015 and the remaining 50% vesting on April 26, 2016. On April 26, 2015 459,473 net shares were issued for the first vested tranche. The fair value of these RSUs was initially 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 was $4,637 to be recognized over the vesting periods. As of April 26, 2015, our unrecognized compensation cost remaining on the second RSU tranche vesting April 26, 2016 was $578 and an estimated 465,679 shares will be issued net of taxes for the second tranche.

Restricted Stock—We have issued 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 of the first three anniversaries 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 11% and 9%, 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 2015, 2014 or 2013.

Subsequent Event—Subsequent to our fiscal year ended April 26, 2015, we granted restricted stock, restricted stock units and stock options to certain employees under the Long-Term Incentive Plan. We issued 102,922 shares of restricted stock with a fair market value of $20.10 per share on the date of grant. We issued 104,982 restricted stock units with a fair market value of $14.89 per unit on the date of grant. The restricted stock and restricted stock units will vest and be converted to stock ratably over three years commencing on the one year anniversary of the grant date. We also issued 378,905 stock options which have a maximum term of seven years and are exercisable in yearly installments of 20% commencing one year after the grant date. The options have a per share grant date fair value of $5.764 utilizing the Black-Scholes-Merton option pricing model. In addition, we granted performance-based restricted stock units ("PRSUs"), with a company performance condition which will determine the number of shares which will ultimately vest, if any, up to 251,964 shares. Any shares earned will vest at the end of three years from the date of grant. Probability of meeting the performance condition will be assessed on a regular basis and compensation cost will be adjusted accordingly.

Stock Compensation Expense—Total stock compensation expense from continuing operations in the accompanying consolidated statements of operations was $3,413, $4,399, and $5,058 for the fiscal years 2015, 2014, and 2013, respectively. We recognize compensation expense for our stock-based 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 2015 is presented below:

	Restricted Stock			Weighted Average Grant-Date Fair Value		Options			Weighted Average Exercise Price
Outstanding at April 27, 2014		553,684		$	7.33		957,860		$	10.12
Granted		229,539			7.92		—			—
Exercised		—			—		(10,000	)		7.39
Vested		(427,233	)		7.58		—			—
Forfeited and expired		(30,916	)		6.86		(542,800	)		9.38

Outstanding at April 26, 2015		325,074		$	7.28		405,060		$	11.18


As of April 26, 2015:
Outstanding exercisable options		n/a					405,060		$	11.18
Weighted average remaining contractual term		0.7 years					3.0 years
Aggregate intrinsic value:
Outstanding exercisable		n/a				$	2,185
Outstanding	$	4,858				$	2,185
Nonvested:
Unrecognized compensation cost	$	784				$	—
Weighted average remaining vesting period		0.7 years					n/a

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

	April 26, 2015		April 27, 2014		April 28, 2013
Restricted Stock:
Fair value of restricted stock vested during the year	$	3,238	$	3,660	$	5,272
Stock Options:
Intrinsic value of stock options exercised		57		—		41
Proceeds from stock option exercises		74		—		668

We have 1,779,225, shares available for future issuance under our equity compensation plan as of April 26, 2015, assuming 465,679 shares will be used with the second tranche of RSUs. Upon issuance of restricted shares, vesting of RSUs 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 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 2015, there was no impact to additional paid-in capital related to the vesting of restricted stock. At April 26, 2015, we have $5,421 of unrecognized 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 26, 2015, 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 2015, 2014 or 2013.