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Stock-Based Compensation (Tables)

3 Months Ended

Jul. 01, 2023

Stock-Based Compensation

Schedule of stock award activity

The following table summarizes the stock award activity for the thirteen weeks ended July 1, 2023:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Grant Date		​	Weighted	​	​	​
​	​	​	​	Weighted		​	Average	​	Aggregate
​	​	Stock	​	Average		​	Remaining	​	Intrinsic
​		Options		Exercise Price			Contractual Life		Value
​	​	​	​	​	​	​	(in years)	​	(in thousands)
Outstanding at April 1, 2023		739,480	​	$	31.60	​	​	​	​	​
Granted		—	​	$	—	​	​	​	​	​
Exercised	​	(27,219)	​	$	12.68	​	​	​	$	1,532
Cancelled, forfeited or expired		—	​	$	—	​	​	​	​	​
Outstanding at July 1, 2023		712,261	​	$	32.32		5.7	​	$	37,498
Vested and expected to vest after July 1, 2023		712,261	​	$	32.32		5.7	​	$	37,498
Exercisable at July 1, 2023		549,564	​	$	25.12		5.1	​	$	32,740

Schedule of non-vested stock options

A summary of the status of non-vested stock options as of July 1, 2023 including changes during the thirteen weeks ended July 1, 2023 is presented below:

​

​	​	​	​	​	​
​		​		Weighted-
​	​	​	​	Average
​	​	​	​	Grant Date
​		Shares		Fair Value
Nonvested at April 1, 2023		480,252	​	$	16.26
Granted		—	​	$	—
Vested		(317,555)	​	$	9.34
Nonvested shares forfeited		—	​	$	—
Nonvested at July 1, 2023		162,697	​	$	29.62

CEO

Stock-Based Compensation

Schedule of assumptions used to determine fair value of stock options

The following significant assumptions were used as of May 12, 2022, the date of grant:

​

​	​	​	​	​
Stock price		$	86.96
Exercise price	​	$	86.96	​
Expected option term (1)	​		6.5	years
Expected volatility (2)	​		65.9	%
Risk-free interest rate (3)	​	​	2.8	%
Expected annual dividend yield	​	​	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 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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Tabular disclosure of the changes in outstanding nonvested shares.

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