Share Based Compensation

9 Months Ended

Dec. 28, 2025

Share-Based Payment Arrangement [Abstract]

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 under our 2019 Equity Incentive Plan (the "2019 Plan") 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 nine months ended December 28, 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 $1.3 million for both the three months ended December 28, 2025 and December 29, 2024. We recorded compensation expense related to performance share units and restricted stock of $4.9 million for the nine months ended December 28, 2025 and $3.9 million for the nine months ended December 29, 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 under our 2019 Plan and are generally expensed over a one-year vesting period, based on the market value on the date of grant. As of December 28, 2025, there were 4,396 shares of restricted stock with an average grant date fair value of $159.16 outstanding under this program. Compensation expense related to restricted stock awards to the Board was $0.2 million for both the three months ended December 28, 2025 and December 29, 2024. Compensation expense related to restricted stock awards to the Board was $0.5 million for both the nine months ended December 28, 2025 and December 29, 2024.

During the nine months ended December 28, 2025, certain employees from the WaterSurplus acquisition received restricted stock awards under the 2019 Plan, primarily to incentivize their continued service. The restricted stock awards will be expensed over a three-year vesting period, based on the market value on the date of grant. As of December 28, 2025, there were 8,713 shares of restricted stock with an average grant date fair value of $142.10 outstanding under this program. Compensation expense related to restricted stock awards to certain WaterSurplus employees was $0.1 million for the three months ended December 28, 2025 and $0.2 million nine months ended December 28, 2025. No expense was recorded for the three and nine months ended December 29, 2024.