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STOCK-BASED COMPENSATION | 6 Months Ended
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Sep. 26, 2015
STOCK-BASED COMPENSATION [Abstract] |
STOCK-BASED COMPENSATION | NOTE 3 – 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 September 26, 2015, the number of shares available for future grant under the 2003 Plan totaled 1.3 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 Company achieved 75% of the target level for the performance-based restricted stock units granted in the fiscal year ended March 30, 2013 and as a result, issued eighteen thousand shares of common stock to executive officers and certain key employees during the first quarter of fiscal year 2016. The following table summarizes the non-vested performance-based restricted stock units outstanding as of September 26, 2015:
|  |  |  | Total |  |  | Grant Date |  |  | Estimated
|  |  |  | Number |  |  | Fair |  |  | Level of
Date |  | Measurement |  | of Units |  |  | Value |  |  | Achievement at
Granted |  | Period |  | Granted |  |  | Per Unit |  |  | September 26, 2015
April 2013 |  | April 2013 - March 2016 |  |  | 99 |  |  | $ | 6.17 |  |  | 75% of target level
April 2014 |  | April 2014 - March 2017 |  |  | 64 |  |  | $ | 9.28 |  |  | 50% of target level
April 2015 |  | April 2015 – March 2018 |  |  | 73 |  |  | $ | 9.59 |  |  | 100% of target level
Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, in the first six months of fiscal years 2016 and 2015 was $0.2 million and $0.3 million, respectively. As of September 26, 2015, unearned compensation, to be recognized over the grants' respective service periods, totaled $0.8 million. 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% vested on July 1, 2015. During the second quarter of fiscal year 2016, 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 2016. Total expense relating to these stock awards, based on grant date fair value, was less than $0.1 million in the first six months of fiscal year 2016. 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 as of and for the six months ended September 26, 2015:
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  |  |
|  | Number |  | Exercise |  |  | Remaining |  |  | Aggregate |
|  | of |  | Price Per |  |  | Contractual |  |  | Intrinsic |
|  | Shares |  | Share |  |  | Term (in years) |  |  | Value |
Outstanding as of March 28, 2015 |  |  | 561 |  |  | $ | 6.83 |  |  |  |  |  |  |  |  |
Exercised |  |  | (32 | ) |  |  | 4.38 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (1 | ) |  |  | 4.26 |  |  |  |  |  |  |  |  |
Outstanding as of September 26, 2015 |  |  | 528 |  |  |  | 6.99 |  |  |  | 3 |  |  | $ | 1,345 |
Exercisable as of September 26, 2015 |  |  | 448 |  |  |  | 6.88 |  |  |  | 2 |  |  | $ | 1,188 |
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 the second quarter of fiscal year 2016 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 September 26, 2015. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock. Total expense related to stock options was less than $0.1 million during the first six months of fiscal years 2016 and 2015. Total unrecognized compensation cost related to non-vested stock options as of September 26, 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 the first six months of fiscal year 2016 was $0.2 million. Cash received from the exercise of options in the first six months of fiscal year 2016 was $0.1 million.

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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=51659978&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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