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Stock-Based Compensation | 12 Months Ended
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Mar. 29, 2025
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. In August 2023, our stockholders approved the 2023 Omnibus Equity Incentive Plan (the “Plan”). The Plan supersedes and replaces the Company's 2005 Stock Incentive Plan, as amended (the “2005 Plan”). No further awards will be made pursuant to the 2005 Plan; provided, that the 2005 Plan shall remain in effect until all awards granted under the 2005 Plan have vested or been exercised, forfeited, cancelled, or have otherwise expired or terminated in accordance with the terms of such grants. The Plan permits the award of up to 550,000 shares of the Company's common stock, of which 521,454 shares were still available for grant as of March 29, 2025. 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, which consists of independent directors), but typically is no more than five years and generally expire ten 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 of common stock 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 $8.7 million, $6.8 million and $6.3 million for fiscal years 2025, 2024 and 2023, respectively. As of March 29, 2025, total unrecognized compensation cost was approximately $9.9 million and the related weighted-average period over which it is expected to be recognized is approximately 1.78 years. Stock Options. The following table summarizes stock option activity for fiscal years 2025, 2024 and 2023:
| Number of Shares |  | Weighted Average Exercise Price per share |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at April 2, 2022 | 192,913 |  |  | $ | 157.23 |  |  |  |  |
Exercised | (44,237) |  |  | 137.28 |  |  |  |  |
Forfeited, canceled or expired | (5,100) |  |  | 241.23 |  |  |  |  |
Outstanding at April 1, 2023 | 143,576 |  |  | $ | 160.40 |  |  | 2.88 |  | $ | 22,591 |
Exercised | (48,637) |  |  | 145.38 |  |  |  |  |
Forfeited, canceled or expired | (538) |  |  | 183.83 |  |  |  |  |
Outstanding at March 30, 2024 | 94,401 |  |  | $ | 168.00 |  |  | 2.21 |  | $ | 21,812 |
Exercised | (34,861) |  |  | 183.77 |  |  |  |
Forfeited, canceled or expired | (100) |  |  | 183.83 |  |  |  |
Outstanding at March 29, 2025 | 59,440 |  |  | $ | 158.73 |  |  | 1.43 |  | $ | 21,115 |
Exercisable at April 1, 2023 | 116,434 |  |  | $ | 155.38 |  |  | 2.70 |  | $ | 18,887 |
Exercisable at March 30, 2024 | 89,474 |  |  | $ | 167.13 |  |  | 2.15 |  | $ | 20,752 |
Exercisable at March 29, 2025 | 59,440 |  |  | $ | 158.73 |  |  | 1.43 |  | $ | 21,115 |
There were no grants of stock options in fiscal years 2025, 2024 or 2023. The total intrinsic value of options exercised during fiscal years 2025, 2024 and 2023 was $10.1 million, $7.8 million and $5.7 million, respectively. Restricted Stock Awards. A summary of RSU activity for fiscal years 2025, 2024 and 2023 is as follows:
| Number of Service-based units |  | Weighted Average Grant Date Fair Value per share
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 |
Awarded | 17,511 |  |  | 294.06 |
Released | (12,541) |  |  | 231.70 |
Forfeited | (1,254) |  |  | 250.71 |
Outstanding at March 30, 2024 | 32,584 |  |  | $ | 258.85 |
Awarded | 14,791 |  |  | 381.35 |
Released | (16,314) |  |  | 260.81 |
Forfeited | (440) |  |  | 342.62 |
Outstanding at March 29, 2025 | 30,621 |  |  | $ | 315.85 |
The total intrinsic value of RSUs released during fiscal years 2025, 2024 and 2023 was $8.4 million, $3.6 million and $1.6 million, respectively.
| Number of Performance-based units |  | Weighted Average Grant Date Fair Value per share |  |
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 |  |  |
Awarded | 12,125 |  |  | 295.01 |  |  |
Additional shares granted by performance | 1,658 |  |  | 167.84 |  |  |
Released | (6,988) |  |  | 167.95 |  |  |
Forfeited | (2,128) |  |  | 220.67 |  |  |
Outstanding at March 30, 2024 | 30,118 |  |  | $ | 244.15 |  |  |
Awarded | 13,514 |  |  | 360.07 |  |
Additional shares granted by performance | 1,940 |  |  | 149.27 |  |
Released | (8,627) |  |  | 194.38 |  |
Forfeited | (817) |  |  | 166.08 |  |
Outstanding at March 29, 2025 | 36,128 |  |  | $ | 292.98 |  |  |
Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2025 | 11,187 |  |  |  |  |
Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2026 | 11,427 |  |  |  |  |
Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2027 | 13,514 |  |  |  |  |
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 years 2025, 2024 and 2023 was $0.9 million, $2.1 million and $1.9 million respectively. Actual performance exceeded the target established for the three-year performance-based RSUs granted in fiscal year 2023. As a result, in the first quarter of fiscal year 2026, 6,661 performance-based RSUs vested and were released, in addition to the unvested target performance-based RSUs shown in the table above.

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