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Stock-Based Compensation | 12 Months Ended
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Apr. 01, 2023
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 were approved by the Company's stockholders, permit the award of up to 1,650,000 shares of the Company's common stock, of which 271,080 shares were still available for grant as of April 1, 2023. 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 vest over a defined period 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 and generally expire seven years from the date of grant. Upon option exercise, new shares of the Company's common stock are issued. Service-based RSUs vest over a defined period, typically three years. Performance-based RSUs vest based on the achievement of certain criteria, determined by the plan administrator, over the measurement period which is generally three years. When RSUs vest, unrestricted shares are issued. The stock incentive plans provide for accelerated vesting of stock option awards and RSUs when the participant is involuntarily terminated upon a change in control (as defined in the plans). We apply the fair value recognition provisions of ASC 718, Compensation - Stock Compensation. Stock compensation expense was approximately $6.3 million, $5.1 million and $4.4 million for fiscal years 2023, 2022 and 2021, respectively. As of April 1, 2023, total unrecognized compensation cost was approximately $6.9 million and the related weighted-average period over which it is expected to be recognized is approximately 1.73 years. Stock Options. The following table summarizes stock option activity for fiscal years 2023, 2022 and 2021:
| Number of Shares |  | Weighted Average Exercise Price per share |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at March 28, 2020 | 364,174 |  |  | $ | 123.93 |  |  |  |  |
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 |
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 |
Exercised | (44,237) |  |  | 137.28 |  |  |  |  |
Canceled or expired | (5,100) |  |  | 241.23 |  |  |  |  |
Outstanding at April 1, 2023 | 143,576 |  |  | $ | 160.40 |  |  | 2.88 |  | $ | 22,591 |
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 |
Exercisable at April 1, 2023 | 116,434 |  |  | $ | 155.38 |  |  | 2.70 |  | $ | 18,887 |
There were no grants of stock options in fiscal years 2023 or 2022. The weighted-average estimated fair value of employee stock options granted during fiscal year 2021 was $69.65 per share using the following weighted average assumptions:
| 2021
Volatility | 47.5 | %
Risk-free interest rate | 0.3 | %
Dividend yield | — | %
Expected option life in years | 4.56
Estimated forfeiture rate | 7.0 | %
The total intrinsic value of options exercised during fiscal years 2023, 2022 and 2021 was $5.7 million, $7.9 million and $16.7 million, respectively. Restricted Stock Awards. A summary of RSU activity for fiscal years 2023, 2022 and 2021 is as follows:
| Number of Service-based units |  | Weighted Average Grant Date Fair Value per share
Outstanding at March 28, 2020 | 4,500 |  |  | $ | 157.82 |
Awarded | 3,550 |  |  | 183.83 |
Released | (3,465) |  |  | 158.97 |
Outstanding at April 3, 2021 | 4,585 |  |  | $ | 177.08 |
Awarded | 16,902 |  |  | 233.60 |
Released | (3,335) |  |  | 180.83 |
Forfeited | (505) |  |  | 215.90 |
Outstanding at April 2, 2022 | 17,647 |  |  | $ | 229.39 |
Awarded | 18,965 |  |  | 227.99 |
Released | (6,714) |  |  | 234.55 |
Forfeited | (1,030) |  |  | 283.27 |
Outstanding at April 1, 2023 | 28,868 |  |  | $ | 225.35 |
The total intrinsic value of RSUs released during fiscal years 2023, 2022 and 2021 was $1.6 million, $0.8 million and $0.6 million, respectively.
| Number of Performance-based units |  | Weighted Average Grant Date Fair Value per share
Outstanding at March 28, 2020 | 7,305 |  |  | $ | 158.93 |
Awarded | 7,450 |  |  | 167.93 |
Forfeited | (1,816) |  |  | 163.19 |
Outstanding at April 3, 2021 | 12,939 |  |  | $ | 163.51 |
Awarded | 7,920 |  |  | 217.39 |
Forfeited | (805) |  |  | 192.64 |
Outstanding at April 2, 2022 | 20,054 |  |  | $ | 183.62 |
Awarded | 11,730 |  |  | 209.87 |
Additional shares granted by performance | 2,489 |  |  | 158.36 |
Released | (8,822) |  |  | 158.36 |
Outstanding at April 1, 2023 | 25,451 |  |  | $ | 202.00 |
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 |  |  |
Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2025 | 11,730 |  |  |
Grants of performance-based RSUs are shown in the table above at the target amount in the year of the award. Additional shares awarded based upon achievement above target specified performance criteria are shown in the table above when they vest, which is generally in the first quarter of the fiscal year following the performance year. Cancellations of target awards based upon achievement below target specified performance criteria are shown in the table above in the period they are canceled, which is generally in the first quarter of the fiscal year following the performance year. The total intrinsic value of performance based RSUs released during fiscal year 2023 was $1.9 million and there was none in either fiscal year 2022 or fiscal year 2021. Actual performance exceeded the target established for the three-year performance-based RSUs granted in fiscal year 2021. As a result, in the first quarter of fiscal year 2024, we expect 787 performance-based RSUs will vest and be released, in addition to the unvested target performance-based RSUs shown in the table above.

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