Stock-Based Compensation Plans

3 Months Ended

Sep. 29, 2011

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

Note 8 — Stock-Based Compensation Plans

At our annual meeting of stockholders on October 30, 2008, our stockholders approved a new equity incentive plan (the “2008 Equity Incentive Plan”) pursuant to which awards of options and stock-based awards may be made to members of the Board of Directors, employees and other individuals providing services to our Company. A total of 1,000,000 shares of Common Stock are authorized for grants of awards, which may be in the form of options, restricted stock, restricted stock units, stock appreciation rights (“SARs”), Common Stock or dividends and dividend equivalents. As of September 29, 2011, 794,834 shares of Common Stock remain authorized for future grants of awards. The 2008 Equity Incentive Plan replaced a stock option plan approved at our annual meeting of stockholders on October 28, 1998 (the “1998 Equity Incentive Plan”) pursuant to which awards of options and stock-based awards could be made. All outstanding options issued pursuant to the 1998 Equity Incentive Plan will continue to be governed by the terms of the 1998 Equity Incentive Plan.

The following is a summary of stock option activity for the first quarter of fiscal 2012:

Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic  Value
Outstanding at June 30, 2011		287,875		$	11.99
Activity:
Granted		—			—
Exercised		(1,750	)		6.05
Forfeited		(16,750	)		11.75
Outstanding at September 29, 2011		269,375		$	12.05		3.83	$	49
Exercisable at September 29, 2011		248,125		$	12.32		3.60	$	47

There were no stock option grants awarded during the first quarter of fiscal 2012 or the first quarter of fiscal 2011.

The following is a summary of non-vested stock options for the first quarter of fiscal 2012:

Options	Shares			Weighted Average Grant Date Fair Value
Non-vested at June 30, 2011		21,875		$	4.81
Activity:
Granted		—			—
Vested		(375	)		4.68
Forfeited		(250	)		4.45
Non-vested, at September 29, 2011		21,250		$	4.81

There was no restricted stock unit activity during the first quarter of fiscal 2012. 187,500 restricted stock units with a weighted average grant date fair value of $11.34 were outstanding at September 29, 2011.

Compensation expense attributable to stock-based compensation during the first quarter of fiscal 2012 and fiscal 2011 was $205 and $152, respectively. As of September 29, 2011, there was $845 of total unrecognized compensation cost related to non-vested, share-based compensation arrangements granted under our stock-based compensation plans. We expect to recognize that cost over a weighted average period of 0.58 years.

We also have 10,000 SARs outstanding that were granted to a marketing consultant during the first quarter of fiscal 2011 and are being accounted for as a liability award whereby the fair value is measured at the end of each reporting period. These SARs vest over a three year period and have a ten year term. The amount of expense recognized during the first quarter of fiscal 2011 and 2012 related to the SARs was not material.