Stock Based Compensation

9 Months Ended

Jan. 22, 2012

Stock Based Compensation

Stock Based Compensation

7.  Stock Based Compensation

Under our amended and restated Long Term Incentive Plans we have issued restricted stock and stock options.

Restricted Stock —During the nine months ended January 22, 2012, we issued 500,992 shares of restricted stock with a weighted average grant-date fair value of $8.73 to employees and 257,003 shares of restricted stock with a weighted average grant-date fair value of $5.37 to directors.  Restricted stock awarded to employees under annual long-term incentive grants 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. Restricted stock awarded under our October 2008 tender offer vested in October 2011. Our estimate of forfeitures for restricted stock for employees is 5%. No forfeiture rate is estimated for directors. As of January 22, 2012, our unrecognized compensation cost for unvested restricted stock is $3,961 with a remaining weighted average vesting period of 1.1 years.

Stock Options - We have issued incentive stock options and nonqualified stock options which have a maximum term of 10 years and are, generally, vested and exercisable in yearly installments of 20% commencing one year after the date of grant. We currently estimate our aggregate forfeiture rates at 13%. As of January 22, 2012, our unrecognized compensation cost for unvested stock options was $327 with a weighted average vesting period of 1.4 years.