The Company has a share-based incentive plan (the “2003 Plan”) that 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 27, 2021, 0.9 million restricted stock units or stock options were available for future grant under the 2003 Plan.

The Company receives an excess tax benefit related to restricted stock vesting and stock options exercised and redeemed. The discrete benefits related to share-based compensation awards in fiscal years 2021 and 2020 were $0.3 million and $0.9 million, respectively.

Restricted Stock: The Company grants time-based and performance-based restricted stock units as a component of executive and key employee compensation. Expense for restricted stock grants is recognized on a straight-line basis for the service period of the stock award based upon fair value of the award on the date of grant. The fair value of the restricted stock grants is the quoted market price for the Company’s common stock on the date of grant. These restricted stock units are either time vested or vest following the third fiscal year from the date of grant subject to cumulative diluted earnings per share targets over the eligible period.

Beginning in fiscal year 2020, the annual performance-based award for the Company’s non-employee directors was replaced with an annual grant of restricted stock units valued at $50,000 that vest after one year. The restricted stock unit grants to non-employee directors were made in September 2020 and September 2019.

Compensation cost ultimately recognized for performance-based restricted stock units will equal the grant date fair market value of the number of units 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 expense relating to the time vested restricted stock units is recognized on a straight-line basis over the requisite service period for the entire award.

During fiscal year 2021, 80,000 shares granted were time vested. During fiscal year 2020, 47,000 shares granted were time vested and 28,000 shares were subject to performance targets.

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The following table summarizes the restricted stock units vested and shares issued during fiscal years 2021 and 2020 (amounts in thousands):

			Grant
		Total	Date			Number
		Number	Fair		Target	Of	Date
Date	Measurement	of Units	Value		Level	Shares	Shares
Granted	Period	Granted	Per Unit		Achieved	Issued	Issued
April 2018	April 2018 – March 2019	1	$	15.65	Time Vested	1	April 2019
April 2016	April 2016 – March 2019	82	$	10.13	131%	107	May 2019
June 2017	June 2017 – May 2019	1	$	12.00	Time Vested	1	June 2019
October 2018	October 2018 – September 2019	1	$	20.81	Time Vested	1	October 2019
April 2018	April 2018 – March 2019	1	$	15.65	Time Vested	1	April 2019
April 2017	April 2017 – March 2020	62	$	12.90	79%	49	May 2020
July 2020	July 2020	1	$	27.08	Time Vested	1	July 2020
September 2019	September 2019 – September 2020	18	$	22.77	Time Vested	18	September 2020
October 2018	October 2018 – September 2020	1	$	20.81	Time Vested	1	October 2020
January 2021	January 2021	3	$	34.68	Time Vested	3	January 2021
May 2018	April 2018 – March 2021	29	$	15.30	Time Vested	29	March 2021

The following table summarizes the non-vested restricted stock units outstanding as of March 27, 2021:

		Total	Grant Date		Estimated
		Number	Fair		Level of
Date	Measurement	of Units	Value		Achievement at
Granted	Period	Granted	Per Unit		March 27, 2021
May 2018	April 2018 – March 2021	29	$	15.30	60% of target level
October 2018	October 2018 – September 2027	8	$	20.81	Time Vested
May 2019	April 2019 – March 2022	21	$	23.50	65% of target level
May 2019	April 2019 – March 2022	21	$	23.50	Time Vested
August 2019	August 2019 – July 2020	1	$	23.00	Time Vested
April 2020	April 2020 – March 2023	2	$	26.25	Time Vested
July 2020	July 2020 – July 2023	39	$	27.08	Time Vested
September 2020	September 2020 – July 2023	4	$	28.54	Time Vested
September 2020	September 2020 – July 2023	5	$	29.76	Time Vested
September 2020	September 2020 – September 2023	3	$	29.76	Time Vested
September 2020	September 2020 – September 2021	14	$	28.52	Time Vested
January 2021	January 2021 – January 2024	2	$	34.62	Time Vested

Total expense relating to restricted stock units, based on grant date fair value and the achievement criteria, was $1.4 million and $0.8 million in fiscal years 2021 and 2020, respectively. Unearned compensation totaled $1.8 million as of March 27, 2021.

Stock Options: The Company grants stock options to employees and directors equal to the quoted market price of the Company’s stock at the date of the grant. The fair value of stock options is estimated using the Black-Scholes option pricing formula that requires assumptions for expected volatility, expected dividends, the risk-free interest rate and the expected term of the option. Expense for stock options is recognized on a straight-lined basis over the requisite service period for each award. Options vest either immediately or over a period of up to five years using a straight-line basis and expire either five years or ten years from the date of grant.

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We calculate the value of the stock options granted using the Black-Scholes model. We calculate expected volatility for stock options by taking an average of historical volatility over the expected term. The computation of expected term was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards and vesting schedules. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield in effect at the time of grant. We assume no expected dividends.

During fiscal year 2021, the Company’s Board of Directors granted an option for 5,000 shares of common stock to a Company employee that vests over three years and an option for 15,000 shares of common stock to an employee that immediately vested. During fiscal year 2020, the Company’s Board of Directors granted an option for 5,000 shares of common stock to a Company employee that vest over three years, and an option for 10,000 shares of common stock to a new member of the Board of Directors that vest over 5 years. The expense related to all stock option awards was $0.1 million in each of fiscal years 2021 and 2020.

The following table summarizes the Company’s options for fiscal years 2021 and 2020:

				Weighted		Weighted
				Average		Average
	Number			Exercise		Remaining	Aggregate
	Of			Price Per		Contractual	Intrinsic
	Shares			Share		Term (in Years)	Value
Outstanding as of March 30, 2019		291		$	11.16
Granted		15			25.06
Exercised		(156	)		9.16
Outstanding as of March 28, 2020		150			14.63
Granted		20			27.48
Exercised		(45	)		18.01
Outstanding as of March 27, 2021		125			15.47	3	$	4,713
Exercisable as of March 27, 2021		87		$	11.72	1	$	3,553

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 2021 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 27, 2021. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock.

Total unrecognized compensation cost related to non-vested stock options as of March 27, 2021 was $0.1 million, which is expected to be recognized over a period of three years. The aggregate intrinsic value of stock options exercised in fiscal years 2021 and 2020 was $1.6 million and $2.5 million, respectively. Cash received from the exercise of options in fiscal years 2021 and 2020 was $0.8 million and $1.4 million, respectively.