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 31, 2018, 1.1 million restricted stock units or stock options were available for future grant under the 2003 Plan.

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 2017 and 2018:

Grant

Total

Date

Number

Fair

Target

Date

Measurement

of Units

Value

Level

Shares

Granted

Period

Granted

Per Unit

Achieved

Issued

April 2013

April 2013 - March 2016

6.17

50%

May 2016

April 2014

April 2014 - March 2017

9.28

50%

May 2017

The following table summarizes the non-vested performance-based restricted stock units outstanding as of March 31, 2018:

		Total	Grant Date		Estimated
		Number	Fair		Level of
Date	Measurement	of Units	Value		Achievement at
Granted	Period	Granted	Per Unit		March 31, 2018
April 2015	April 2015 - March 2018	63	$	9.59	50% of target level
April 2016	April 2016 - March 2019	84	$	10.13	125% of target level
April 2017	April 2017 – March 2020	77	$	12.90	100% of target level
June 2017	July 2017 – June 2020	3	$	12.00	Time Vested

Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, was $0.8 million and $0.3 million in fiscal years 2018 and 2017, respectively. Unearned compensation totaled $1.1 million as of March 31, 2018.

Stock Options: Options vest either immediately or over a period of up to four years using a straight-line basis, and expire either five years or 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.

During fiscal year 2018, the Company’s Board of Directors granted stock awards of 165,000 shares of common stock under the 2003 Plan to the Company’s executive management team. These awards were immediately vested. During fiscal year 2017, no stock options were awarded. The expense related to these stock awards was $0.4 million and $0.1 million during fiscal year 2018 and 2017, respectively.

The following table summarizes the Company’s options for fiscal years 2018 and 2017:

			Weighted		Weighted
			Average		Average
	Number		Exercise		Remaining	Aggregate
	of		Price Per		Contractual	Intrinsic
	Shares		Share		Term (in Years)	Value
Outstanding as of March 26, 2016	494		$	7.03
Exercised	(59	)		7.00
Forfeited	(5	)		8.95
Redeemed	(188	)		6.40
Outstanding as of March 25, 2017	242			7.48
Granted	165			12.00
Exercised	(97	)		7.24
Forfeited	(17	)		7.65
Redeemed	(20	)		7.72
Outstanding as of March 31, 2018	272			10.27	5	$	1,464
Exercisable as of March 31, 2018	272		$	10.27	5	$	1,464

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 2018 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 31, 2018. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock.

Total expense relating to stock options was $0.4 million during fiscal year 2018 and $0.1 million during fiscal year 2017. There was no unrecognized compensation cost related to non-vested stock options as of March 31, 2018. The aggregate intrinsic value of stock options exercised in fiscal years 2018 and 2017 was $0.8 million and $0.3 million, respectively. Cash received from the exercise of options in fiscal years 2018 and 2017 was $0.7 million and $0.4 million, respectively.