Stock Based Compensation

3 Months Ended

Jul. 28, 2013

Stock Based Compensation

Stock Based Compensation

5.  Stock Based Compensation

Under our 2009 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 shares.  Any RSUs earned will vest 50% on April 26, 2015 and 50% on April 26, 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. As of July 28, 2013, our unrecognized compensation cost for these RSUs is $3,423.

Restricted Stock —During the first quarter ended July 28, 2013, we issued 88,094 shares of restricted stock with a weighted average grant-date fair value of $7.83 to employees.  Restricted stock awarded to employees under annual long-term incentive grants primarily vests one-third on each anniversary of the grant date. Our aggregate estimate of forfeitures for restricted stock for employees and directors is 10% and 0%, respectively. As of July 28, 2013, our unrecognized compensation cost for unvested restricted stock is $1,838 with a remaining weighted average vesting period of 1.24 years.