XML 25 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stock-Based Compensation
 6 Months Ended
Jan. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company has a long-term incentive plan to offer incentive and non-qualified stock options, stock appreciation rights, restricted stock or restricted stock units, performance awards and other stock-based awards, including grants of shares under the Sparton Corporation 2010 Long-Term Incentive Plan (the “2010 Plan”).
The following table shows stock-based compensation expense by type of share-based award included in the consolidated statements of income:
 
For the Second Quarter of Fiscal Years
 
For the First Two Quarters of Fiscal Years
 
2017
 
2016
 
2017
 
2016
Fair value expense of stock option awards
$
49

 
$
195

 
$
97

 
$
317

Restricted stock units
525

 
349

 
804

 
567

Restricted and unrestricted stock
394

 
(107
)
 
376

 
(15
)
Total stock-based compensation expense
$
968

 
$
437

 
$
1,277

 
$
869


No stock options were granted during the first or second quarters of fiscal year 2017. During the first and second quarters of fiscal year 2016, the Company awarded an aggregate of 129,798 stock options to certain members of management with an average exercise price of $23.02, of which 5,076 stock options were granted during the second quarter of fiscal year 2016. Unrestricted shares of 16,905 and 14,234 were granted to the Company's board of directors in the second quarters of fiscal year 2017 and 2016, respectively, as part of their annual compensation.
The following is a summary of activity for the first two quarters of fiscal year 2017 related to the 2010 Plan: 
 
Stock Options
 
Restricted stock units
 
Restricted shares
Outstanding at July 3, 2016
115,415

 
79,274

 
52,651

Granted
—

 
79,889

 
—

Forfeited
(10,630
)
 
(6,029
)
 
(26,739
)
Outstanding at January 1, 2017
104,785

 
153,134

 
25,912


As of January 1, 2017, 33,829 stock options were exercisable, of which 356 and 20,011 vested in the second quarter and first two quarters of fiscal year 2017, respectively.