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Stock-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of the changes in outstanding nonvested shares.

+ 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)(2)
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+ References

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-Publisher FASB
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-Paragraph 2
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