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Stock-Based Compensation (Tables)

9 Months Ended

Dec. 28, 2019

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 thirty-nine weeks ended December 28, 2019 and December 29, 2018 were estimated on the grant dates using the following assumptions:

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Thirteen Weeks Ended

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Thirty-Nine Weeks Ended

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December 28,

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December 29,

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December 28,

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December 29,

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2019

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2018

2019

2018

Expected option term(1)

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N/A

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N/A

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6.3

-

7.0

years

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5.3

years

Expected volatility factor(2)

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N/A

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N/A

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35.3

%

-

35.6

%

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36.1

%

-

36.5

%

Risk-free interest rate(3)

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N/A

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N/A

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2.3

%

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2.8

%

Expected annual dividend yield

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N/A

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N/A

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0

%

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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.

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Schedule of stock award activity

The following table summarizes the stock award activity for the thirty-nine weeks ended December 28, 2019:

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Grant Date		​	Weighted	​	​	​
​	​	​	​	Weighted		​	Average	​	Aggregate
​	​	Stock	​	Average		​	Remaining	​	Intrinsic
​		Options		Exercise Price			Contractual Life		Value
​	​	​	​	​	​	​	(in years)	​	(in thousands)
Outstanding at March 30, 2019		1,293,347	​	$	15.40	​	​	​	​	​
Granted		344,225	​	$	28.63	​	​	​	​	​
Exercised	​	(364,536)	​	$	12.93	​	​	​	$	8,996
Cancelled, forfeited or expired		(5,401)	​	$	27.50	​	​	​	​	​
Outstanding at December 28, 2019		1,267,635	​	$	19.66		6.2	​	$	29,933
Vested and expected to vest after December 28, 2019		1,267,635	​	$	19.66		6.2	​	$	29,933
Exercisable at December 28, 2019		283,134	​	$	19.26		4.1	​	$	6,799

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Schedule of non-vested stock options

A summary of the status of non-vested stock options as of December 28, 2019 including changes during the thirty-nine weeks ended December 28, 2019 is presented below:

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​		​		Weighted-
​	​	​	​	Average
​	​	​	​	Grant Date
​		Shares		Fair Value
Nonvested at March 30, 2019		917,850	​	$	5.48
Granted		344,225	​	$	9.61
Vested		(275,757)	​	$	5.45
Nonvested shares forfeited		(1,817)	​	$	7.04
Nonvested at December 28, 2019		984,501	​	$	6.93

CEO

Stock-Based Compensation

Schedule of assumptions used to determine fair value of stock options

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​	​	​	​	​
Stock price		$	28.63
Exercise price	​	$	28.63	​
Expected option term	​		7.0	years
Expected volatility	​		35.3	%
Risk-free interest rate	​	​	2.3	%
Expected annual dividend yield	​	​	0	%

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- Definition

Tabular disclosure of the changes in outstanding nonvested shares.

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