Stock-Based Compensation

6 Months Ended

Oct. 09, 2011

Stock-Based Compensation

9. Stock-Based Compensation

Our 2007 Equity Incentive Plan, as amended, authorizes the issuance of an aggregate of 2,750,000 shares of our Class A common stock under the equity plan, authorizes the issuance upon the exercise of incentive stock options of an aggregate of 2,000,000 share of Class A common stock and limits the maximum number of shares for which an employee of the Company may be granted equity awards under the equity plan during any calendar year to 750,000shares. As of October 9, 2011, 810,233 shares of restricted Class A common stock, net of forfeitures, and options to purchase 467,800 shares of Class A common stock, net of cancellations, have been granted under the equity plan. Accordingly, 1,471,967 shares remain available for future grants under the equity plan.

We recorded $0.3 million ($0.2 million, net of tax) and $0.1 million (less than $0.1 million, net of tax) in stock-based compensation expense during the three periods ended October 9, 2011 and October 10, 2010, respectively. We recorded $1.9 million ($1.3 million, net of tax) and $0.2 million (less than $0.1 million, net of tax) in stock-based compensation expense during the seven periods ended October 9, 2011 and October 10, 2010, respectively.

Stock Options

No stock options were granted during the seven periods ended October 9, 2011. The following is a summary of stock option activity for the seven periods ended October 9, 2011:

				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual			Intrinsic
	Shares			Price		Life			Value
				(per share)		(in years)		(in thousands)
Outstanding at March 27, 2011		801,800		$	10.29		5.42		$	514
Granted		-			-
Canceled/Expired		(17,250	)		7.18
Exercised		(28,250	)		7.94
Outstanding at October 9, 2011		756,300		$	10.46		4.79		$	431
Exercisable at October 9, 2011		726,300		$	10.58		5.28		$	414

The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option. For the seven periods ended October 9, 2011, the total intrinsic value of stock options exercised was less than $0.1 million. Upon the exercise of stock options, shares are issued from the Company’s authorized but unissued shares. At October 9, 2011, total unrecognized stock-based compensation cost related to non-vested stock options totaled $0.1 million and is expected to be recognized over approximately 1.0 year.

Restricted Stock

The following is a summary of restricted stock activity for the seven periods ended October 9, 2011:

				Weighted
				Average
				Grant Date
	Shares			Fair Value
				(per share)
Nonvested at March 27, 2011		472,917		$	8.12
Granted		165,000			7.64
Forfeited		-			-
Vested		(52,500	)		8.53
Nonvested at October 9, 2011		585,417		$	7.95

At October 9, 2011, there was $1.7 million of unrecognized compensation cost related to restricted stock awards, which is expected to be recognized over approximately 1.2 years.