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STOCK-BASED COMPENSATION | 12 Months Ended
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Mar. 28, 2015
STOCK-BASED COMPENSATION [Abstract] |
STOCK-BASED COMPENSATION | NOTE 6 – STOCK-BASED COMPENSATION The Transcat, Inc. 2003 Incentive Plan, as Amended and Restated (the “2003 Plan”), provides for, among other awards, grants of restricted stock units and stock options to directors, officers and key employees at the fair market value at the date of grant. At March 28, 2015, the number of shares available for future grant under the 2003 Plan totaled 1.4 million. Restricted Stock The Company grants performance-based restricted stock units as a primary component of executive compensation. The units generally vest following the third fiscal year from the date of grant subject to certain cumulative diluted earnings per share growth targets over the eligible period. Compensation cost ultimately recognized for performance-based restricted stock units will equal the grant date fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, the Company records compensation cost based on the estimated level of achievement of the performance conditions. The following table summarizes the performance-based restricted stock units vested and shares issued during fiscal years 2014 and 2015:
|  |  |  | Total |  | Grant Date |  |  |  |  |  |
|  |  |  | Number |  | Fair |  | Target |  | Number of |  | Date
Date |  | Measurement |  | of Units |  | Value |  | Level |  | Shares |  | Shares
Granted |  | Period |  | Granted |  | Per Unit |  | Achieved |  | Issued |  | Issued
April 2010 |  | April 2010 - March 2013 |  | 37 |  | $7.00 |  | 75 | % |  | 28 |  | May 2013
April 2011 |  | April 2011 - March 2014 |  | 37 |  | $8.44 |  | 114 | % |  | 42 |  | May 2014
The following table summarizes the non-vested performance-based restricted stock units outstanding as of March 28, 2015:
|  |  |  | Total |  | Grant Date |  | Estimated
|  |  |  | Number |  | Fair |  | Level of
Date |  | Measurement |  | of Units |  | Value |  | Achievement at
Granted |  | Period |  | Granted |  | Per Unit |  | March 28, 201 5
April 2012 |  | April 2012 - March 2015 (1) |  | 24 |  |  | $ | 13.11 |  |  | 75% of target level
April 2013 |  | April 2013 - March 2016 |  | 99 |  |  | $ | 6.17 |  |  | 75% of target level
April 2014 |  | April 2014 – March 2017 |  | 64 |  |  | $ | 9.28 |  |  | 75% of target level
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(1) | Transcat achieved 75% of the target level. As a result, 18 shares were issued in May 2015.
Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, was $0.3 million in fiscal year 2015 and $0.4 million in fiscal year 2014. Unearned compensation totaled $0.5 million as of March 28, 2015. During the first quarter of fiscal year 2015, the Company's Board of Directors granted its Executive Chairman a stock award of ten thousand shares of common stock under the 2003 Plan. The award vested 50% on July 1, 2014, and the remaining 50% will vest on July 1, 2015. During the second quarter of fiscal year 2015, the Company's Board of Directors granted a stock award of two thousand shares of common stock under the 2003 Plan to a retiring board member. The award vested in the second quarter of fiscal year 2015. Total expense relating to these stock awards, based on grant date fair value, was $0.1 million in fiscal year 2015. As of March 28, 2015, the unrecognized compensation cost for these awards expected to be recognized over the next three months was less than $0.1 million. Stock Options Options generally vest over a period of up to four years, using either a graded schedule or on a straight-line basis, and expire ten years from the date of grant. The expense relating to options is recognized on a straight-line basis over the requisite service period for the entire award. The following table summarizes the Company's options for fiscal years 2015 and 2014:
|  |  |  |  |  | Weighted |  |
|  |  |  | Weighted |  | Average |  |
|  |  |  | Average |  | Remaining |  |
|  | Number |  | Exercise |  | Contractual |  | Aggregate
|  | of |  | Price Per |  | Term (in |  | Intrinsic
|  | Shares |  | Share |  | Years) |  | Value
Outstanding as of March 30, 2013 |  |  | 554 |  |  |  | $ | 6.02 |  |  |  |  |  |  |  |  |  |
Granted |  |  | 110 |  |  |  |  | 7.64 |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (52 | ) |  |  |  | 3.04 |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (3 | ) |  |  |  | 4.93 |  |  |  |  |  |  |  |  |  |
Outstanding as of March 29, 2014 |  |  | 609 |  |  |  |  | 6.58 |  |  |  |  |  |  |  |  |  |
Granted |  |  | 10 |  |  |  |  | 9.66 |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (58 | ) |  |  |  | 4.66 |  |  |  |  |  |  |  |  |  |
Outstanding as of March 28, 2015 |  |  | 561 |  |  |  |  | 6.83 |  |  |  | 3 |  |  |  | $ | 1,550 |
Exercisable as of March 28, 2015 |  |  | 461 |  |  |  |  | 6.67 |  |  |  | 2 |  |  |  |  | 1,348 |
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of fiscal year 2015 and the exercise price, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all holders exercised their options on March 28, 2015. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock. During both of the fiscal years 2015 and 2014, total expense relating to stock options was $0.1 million. Total unrecognized compensation cost related to non-vested stock options as of March 28, 2015 was $0.2 million, which is expected to be recognized over a weighted average period of two years. The aggregate intrinsic value of stock options exercised in both of the fiscal years 2015 and 2014 was $0.3 million. Cash received from the exercise of options in fiscal years 2015 and 2014 was $0.3 million and $0.2 million, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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