Stock-Based Compensation

9 Months Ended

Jan. 01, 2012

Stock-Based Compensation

10.   Stock-Based Compensation

Our 2007 Equity Incentive Plan, as amended, authorizes the issuance of an aggregate of 2,750,000 shares of our 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 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 January 1, 2012, 810,233 shares of restricted common stock, net of forfeitures, and options to purchase 453,600 shares of common stock, net of cancellations, have been granted under the equity plan. Accordingly, 1,486,167 shares remain available for future grants under the equity plan.

We recorded $0.4 million ($0.2 million, net of tax) and $0.2 million ($0.1 million, net of tax) in stock-based compensation expense during the three periods ended January 1, 2012 and January 2, 2011, respectively. We recorded $2.3 million ($1.4 million, net of tax) and $0.4 million ($0.2 million, net of tax) in stock-based compensation expense during the ten periods ended January 1, 2012 and January 2, 2011, respectively.

Stock Options

No stock options were granted during the ten periods ended January 1, 2012. The following is a summary of stock option activity for the ten periods ended January 1, 2012:

						Weighted
				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		(31,450	)		9.03
Exercised		(47,866	)		7.20
Outstanding at January 1, 2012		722,484		$	10.55		4.60	$	1,161
Exercisable at January 1, 2012		692,484		$	10.66		5.04	$	1,080

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 ten periods ended January 1, 2012, the total intrinsic value of stock options exercised was $0.1 million. Upon the exercise of stock options, shares are issued from the Company’s authorized but unissued shares. At January 1, 2012, total unrecognized stock-based compensation cost related to non-vested stock options totaled less than $0.1 million and is expected to be recognized over approximately 0.7 years.

Restricted Stock

The following is a summary of restricted stock activity for the ten periods ended January 1, 2012:

				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 January 1, 2012		585,417		$	7.95

At January 1, 2012, there was $1.4 million of unrecognized compensation cost related to restricted stock awards, which is expected to be recognized over approximately 1.2 years.