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Stock-Based Compensation (Tables) | 6 Months Ended
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Sep. 24, 2016
Stock-Based Compensation |
Schedule of assumptions used to determine fair value of stock options | The fair values of stock options granted during the thirteen and twenty-six weeks ended September 24, 2016 and September 26, 2015 were estimated on the grant dates using the following assumptions:
|  | Thirteen Weeks Ended |  | Twenty-Six Weeks Ended |
|  | September 24, |  | September 26, |  | September 24, |  | September 26, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Expected option term(1) |  |  |  |  | N/A |  |  |  |  |  | 5.5 | years |  |  |  |  | 5.5 | years |  |  |  |  | 5.5 | years |
Expected volatility factor(2) |  |  |  |  | N/A |  |  |  |  |  | 36.3 | % |  | 35.8 | % | - | 36.0 | % |  | 33.3 | % | - | 37.1 | % |
Risk-free interest rate(3) |  |  |  |  | N/A |  |  |  |  |  | 1.6 | % |  | 1.38 | % | - | 1.43 | % |  | 1.6 | % | - | 2.0 | % |
Expected annual dividend yield |  |  |  |  | N/A |  |  |  |  |  | 0 | % |  |  |  |  | 0 | % |  |  |  |  | 0 | % |
| (1) |  | The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected life of the options using the simplified method.
| (2) |  | Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards.
| (3) |  | The risk-free interest rate is determined using the rate on treasury securities with the same term.
Schedule of stock award activity | The following table summarizes the stock award activity for the twenty-six weeks ended September 24, 2016:
|  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  | Grant Date |  | Average |  |  |  |
|  |  |  | Weighted |  | Remaining |  | Aggregate |
|  | Stock |  | Average |  | Contractual |  | Intrinsic |
|  | Options |  | Exercise Price |  | Life (in Years) |  | Value |
|  |  |  |  |  |  |  |  | (in thousands) |
Outstanding at March 26, 2016 |  | 2,447,133 |  | $ | 9.87 |  |  |  |  |  |
Granted |  | 560,892 |  | $ | 7.38 |  |  |  |  |  |
Exercised |  | (134,677) |  | $ | 5.49 |  |  |  | $ | 644 |
Cancelled, forfeited or expired |  | (181,418) |  | $ | 13.96 |  |  |  |  |  |
Outstanding at September 24, 2016 |  | 2,691,930 |  | $ | 9.29 |  | 6.4 |  | $ | 9,498 |
Vested and expected to vest after September 24, 2016 |  | 2,691,930 |  | $ | 9.29 |  | 6.4 |  | $ | 9,498 |
Exercisable at September 24, 2016 |  | 1,076,104 |  | $ | 8.15 |  | 5.9 |  | $ | 4,186 |
Schedule of non-vested stock options | A summary of the status of non-vested stock options as of September 24, 2016 including changes during the twenty-six weeks ended September 24, 2016 is presented below:
|  |  |  | Weighted- |
|  |  |  | Average |
|  |  |  | Grant Date |
|  | Shares |  | Fair Value |
Nonvested at March 26, 2016 |  | 1,335,103 |  | $ | 5.82 |
Granted |  | 560,892 |  | $ | 2.60 |
Vested |  | (123,949) |  | $ | 7.52 |
Nonvested shares forfeited |  | (156,220) |  | $ | 6.20 |
Nonvested at September 24, 2016 |  | 1,615,826 |  | $ | 4.53 |
CEO |
Stock-Based Compensation |
Schedule of assumptions used to determine fair value of stock options | The following significant assumptions were used as of October 29, 2014:
Stock price |  | $ | 16.00 |
Exercise price |  | $ | 16.00 |
Expected option term |  |  | 6.0 | years
Expected volatility |  |  | 55.0 | %
Risk-free interest rate |  |  | 1.8 | %
Expected annual dividend yield |  |  | 0 | %

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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