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Stock-Based Compensation | 12 Months Ended
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Apr. 02, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company maintains stock incentive plans whereby stock option grants or awards of RSUs 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 283,208 shares were still available for grant as of April 2, 2022. Upon option exercise, new shares of the Company's common stock are issued and when RSUs vest, unrestricted shares are issued. The exercise price of stock option awards may not be below 100% of the fair market value of the Company's common stock at the date of grant. Stock options generally expire seven years from the date of grant. Stock options and awards of RSUs 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 RSUs upon a change in control (as defined in the plans). We apply the fair value recognition provisions of ASC 718. Stock compensation expense was approximately $5.1 million, $4.4 million and $3.9 million for fiscal years 2022, 2021 and 2020, respectively. As of April 2, 2022, 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 1.87 years. Stock Options. The following table summarizes stock option activity for fiscal years 2022, 2021 and 2020:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at March 30, 2019 | 411,111 |  |  | $ | 102.71 |  |  |  |  |
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 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (53,550) |  |  | 107.58 |  |  |  |  |
Canceled or expired | (5,286) |  |  | 164.49 |  |  |  |  |
Outstanding at April 2, 2022 | 192,913 |  |  | $ | 157.23 |  |  | 3.34 |  | $ | 16,724 |
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 |
Exercisable at April 2, 2022 | 126,948 |  |  | $ | 149.90 |  |  | 2.82 |  | $ | 11,941 |
There were no grants of stock options in fiscal year 2022. The weighted-average estimated fair value of employee stock options granted during fiscal years 2021 and 2020 was $69.65 and $46.84 per share, respectively, using the following weighted average assumptions:
|  |  | Fiscal Year
|  |  | 2021 |  | 2020
Volatility |  |  | 47.5 | % |  | 36.0 | %
Risk-free interest rate |  |  | 0.3 | % |  | 2.0 | %
Dividend yield |  |  | — | % |  | — | %
Expected option life in years |  |  | 4.56 |  | 4.33
Estimated forfeiture rate |  |  | 7.0 | % |  | 7.0 | %
The total intrinsic value of options exercised during fiscal years 2022, 2021 and 2020 was $7.9 million, $16.7 million and $15.7 million, respectively. Restricted Stock Awards. A summary of RSU activity for fiscal years 2022, 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 |
Awarded | 7,920 |  |  | 16,902 |  |  | 24,822 |
Released | — |  |  | (3,335) |  |  | (3,335) |
Canceled or expired | (805) |  |  | (505) |  |  | (1,310) |
Outstanding at April 2, 2022 | 20,054 |  |  | 17,647 |  |  | 37,701 |
Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2022 | 6,333 |  |  |  |  |
Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2023 | 6,201 |  |  |  |  |
Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2024 | 7,520 |  |  |  |  |

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