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Stock-Based Compensation | 12 Months Ended
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Apr. 03, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 295,571 shares were still available for grant as of April 3, 2021. Upon option exercise, new shares of the Company's common stock are issued and when restricted stock vests, restricted stock shares issued become unrestricted. Stock option awards may not be granted below 100% of the fair market value of the Company's common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock vest over a defined period or based on certain performance criteria, as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors), but typically is no more than five years. The stock incentive plans provide for accelerated vesting of stock option awards and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans). We apply the fair value recognition provisions of ASC 718. Stock compensation expense decreased income before income taxes by approximately $4.4 million, $3.9 million and $3.4 million for fiscal years 2021, 2020 and 2019, respectively. As of April 3, 2021, total unrecognized compensation cost was approximately $6.3 million and the related weighted-average period over which it is expected to be recognized is approximately 2.12 years. Stock Options. The following table summarizes stock option activity for fiscal years 2021, 2020 and 2019:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at March 31, 2018 | 418,205 |  |  | $ | 79.73 |  |  |  |  |
Granted | 73,750 |  |  | 194.08 |  |  |  |  |
Exercised | (74,144) |  |  | 53.78 |  |  |  |  |
Canceled or expired | (6,700) |  |  | 150.34 |  |  |  |  |
Outstanding at March 30, 2019 | 411,111 |  |  | $ | 102.71 |  |  | 3.74 |  | $ | 61,025 |
Granted | 74,750 |  |  | 145.24 |  |  |  |  |
Exercised | (120,687) |  |  | 63.66 |  |  |  |  |
Canceled or expired | (1,000) |  |  | 99.65 |  |  |  |  |
Outstanding at March 28, 2020 | 364,174 |  |  | $ | 123.93 |  |  | 4.02 |  | $ | 49,000 |
Granted | 39,800 |  |  | 177.61 |  |  |  |  |
Exercised | (131,567) |  |  | 90.49 |  |  |  |  |
Canceled or expired | (20,658) |  |  | 148.95 |  |  |  |  |
Outstanding at April 3, 2021 | 251,749 |  |  | $ | 146.86 |  |  | 4.04 |  | $ | 34,266 |
Exercisable at March 30, 2019 | 197,663 |  |  | $ | 71.28 |  |  | 2.35 |  | $ | 31,296 |
Exercisable at March 28, 2020 | 179,133 |  |  | $ | 100.82 |  |  | 2.83 |  | $ | 25,423 |
Exercisable at April 3, 2021 | 108,588 |  |  | $ | 132.48 |  |  | 3.22 |  | $ | 15,549 |
The weighted-average estimated fair value of employee stock options granted during fiscal years 2021, 2020 and 2019 was $69.65, $46.84 and $64.55 per share, respectively. The total intrinsic value of options exercised during fiscal years 2021, 2020 and 2019 was $16.7 million, $15.7 million and $12.3 million, respectively. The fair values of options granted were estimated at the date of grant using the following weighted average assumptions:
| Fiscal Year
| 2021 |  | 2020 |  | 2019
Volatility | 47.5 | % |  | 36.0 | % |  | 31.5 | %
Risk-free interest rate | 0.3 | % |  | 2.0 | % |  | 2.7 | %
Dividend yield | — | % |  | — | % |  | — | %
Expected option life in years | 4.56 |  | 4.33 |  | 5.18
Estimated forfeiture rate | 7.0 | % |  | 7.0 | % |  | 7.0 | %
Restricted Stock Awards. A summary of restricted stock award activity for fiscal years 2021 and 2020 is as follows:
| Number of Shares
| Performance-Based Awards |  | Service-Based Awards |  | Total
Outstanding at March 30, 2019 | — |  |  | — |  |  | — |
Awarded | 7,305 |  |  | 4,900 |  |  | 12,205 |
Released | — |  |  | (400) |  |  | (400) |
Canceled or expired | — |  |  | — |  |  | — |
Outstanding at March 28, 2020 | 7,305 |  |  | 4,500 |  |  | 11,805 |
Awarded | 7,450 |  |  | 3,550 |  |  | 11,000 |
Released | — |  |  | (3,465) |  |  | (3,465) |
Canceled or expired | (1,816) |  |  | — |  |  | (1,816) |
Outstanding at April 3, 2021 | 12,939 |  |  | 4,585 |  |  | 17,524 |
Unvested target stock awards that may vest based upon performance conditions through fiscal year 2022 | 6,438 |  |  |  |  |
Unvested target stock awards that may vest based upon performance conditions through fiscal year 2023 | 6,501 |  |  |  |  |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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