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Share Based Compensation | 3 Months Ended
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Jun. 29, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Performance-Based Restricted Stock Units. Our Board of Directors (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2026 and fiscal 2025. These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 58,353 shares in the aggregate for fiscal 2026. The restricted shares issued, if any, will fully vest approximately two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and the converted restricted stock over the life of the awards. The following table represents the restricted stock activity for the three months ended June 29, 2025:
|  | Shares |  | Weighted- Average Grant Date Fair Value
Unvested at beginning of period |  | 137,247 |  |  | $ | 61.49 |
Granted |  | 61,418 |  |  | 119.67 |
Vested |  | (61,819) |  |  | 43.06 |
Unvested at end of period |  | 136,846 |  |  | $ | 95.93 |
We recorded compensation expense related to performance share units and restricted stock of $1.8 million for the three months ended June 29, 2025 and $1.1 million for the three months ended June 30, 2024. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income. Restricted Stock Awards. As part of their retainer, our directors, other than the Chief Executive Officer, receive restricted stock for their Board services. The restricted stock awards are generally expensed over a one-year vesting period, based on the market value on the date of grant. As of June 29, 2025, there were 6,734 shares of restricted stock with an average grant date fair value of $103.90 outstanding under this program. Compensation expense related to restricted stock awards to the Board was $0.2 million for the three months ended June 29, 2025 and $0.1 million for the three months ended June 30, 2024.

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