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Stock-Based Compensation Plans
 6 Months Ended
Dec. 29, 2011
Stock-Based Compensation Plans [Abstract]  
Stock-Based Compensation Plans

Note 8 — Stock-Based Compensation Plans

At our annual meeting of stockholders on October 30, 2008, our stockholders approved a new equity incentive plan (the “2008 Equity Incentive Plan”) pursuant to which awards of options and stock-based awards may be made to members of the Board of Directors, employees and other individuals providing services to our Company. A total of 1,000,000 shares of Common Stock are authorized for grants of awards, which may be in the form of options, restricted stock, restricted stock units, stock appreciation rights (“SARs”), Common Stock or dividends and dividend equivalents. As of December 29, 2011, 718,459 shares of Common Stock remain authorized for future grants of awards. The 2008 Equity Incentive Plan replaced a stock option plan approved at our annual meeting of stockholders on October 28, 1998 (the “1998 Equity Incentive Plan”) pursuant to which awards of options and stock-based awards could be made. All outstanding options issued pursuant to the 1998 Equity Incentive Plan will continue to be governed by the terms of the 1998 Equity Incentive Plan.

The following is a summary of stock option activity for the first twenty-six weeks of fiscal 2012:

 

                                 

Options

   Shares     Weighted
Average
Exercise Price		     Weighted
Average
Remaining
Contractual
Term		     Aggregate
Intrinsic Value		  

Outstanding at June 30, 2011

     287,875     $ 11.99                  

Activity:

                                

Granted

     —         —                    

Exercised

     (6,000 )      6.61                  

Forfeited/Expired

     (20,375 )      12.52                  
   

 

 

    

 

 

                  

Outstanding at December 29, 2011

     261,500     $ 12.07       3.62     $ 24  
   

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable at December 29, 2011

     258,875     $ 12.08       3.58     $ 23  
   

 

 

    

 

 

    

 

 

    

 

 

  

There were no stock option grants awarded during the first twenty-six weeks of fiscal 2012 or the first twenty-six weeks of fiscal 2011.

The following is a summary of non-vested stock options for the first twenty-six weeks of fiscal 2012:

 

                 

Options

   Shares     Weighted
Average Grant
Date Fair Value		  

Non-vested at June 30, 2011

     21,875     $ 4.81  

Activity:

                

Granted

     —         —    

Vested

     (17,875 )      4.47  

Forfeited

     (1,375 )      7.60  
   

 

 

    

 

 

  

Non-vested, at December 29, 2011

     2,625     $ 5.60  
   

 

 

    

 

 

  

The following is a summary of restricted stock unit activity for the first twenty-six weeks of fiscal 2012:

 

                 

Restricted Stock Units

   Shares     Weighted
Average Grant
Date Fair Value		  

Outstanding at June 30, 2011

     187,500     $ 11.34  

Activity:

                

Granted

     77,500       7.92  

Exercised

     (38,000 )      7.77  

Forfeited

     —         —    
   

 

 

    

 

 

  

Outstanding, at December 29, 2011

     227,000     $ 10.77  
   

 

 

    

 

 

  

Restricted stock units granted to employees and non-employee outside directors vest over a three and one year period, respectively. 34,000 of the restricted stock units outstanding as of December 29, 2011 are vested and the non-vested restricted stock units will vest over a weighted average period of 1.8 years.

Compensation expense attributable to stock-based compensation during the first twenty-six weeks of fiscal 2012 and fiscal 2011 was $402 and $330, respectively. As of December 29, 2011, there was $1,220 of total unrecognized compensation cost related to non-vested, share-based compensation arrangements granted under our stock-based compensation plans. We expect to recognize that cost over a weighted average period of 1.1 years.

We also have 10,000 SARs outstanding that were granted to a marketing consultant during the first quarter of fiscal 2011 and are being accounted for as a liability award whereby the fair value is measured at the end of each reporting period. These SARs vest over a three year period and have a ten year term. The amount of expense recognized during the first twenty-six weeks of fiscal 2012 and the first twenty-six weeks of fiscal 2011 related to the SARs was not material.