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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 26, 2014

Depreciation Expense for Last Three Fiscal Years

Depreciation expense for the last three fiscal years is as follows:


	Year Ended June 26, 2014		Year Ended June 27, 2013		Year Ended June 28, 2012
Depreciation expense	$	13,649	$	13,648	$	14,062

Estimated Useful Lives of Property, Plant and Equipment

Cost is depreciated using the straight-line method over the following estimated useful lives:


Classification	Estimated Useful Lives
Buildings		10 to 40 years
Machinery and equipment		5 to 10 years
Furniture and leasehold improvements		5 to 10 years
Vehicles		3 to 5 years
Computers and software		3 to 5 years

Amortization of Deferred Financing Costs

The amortization of deferred financing costs, which is classified in interest expense in the consolidated statement of comprehensive income, was as follows for the last three fiscal years:


	Year ended June 26, 2014		Year ended June 27, 2013		Year ended June 28, 2012
Amortization of deferred financing costs	$	329	$	442	$	370

Schedule of Gross Rental Income and Rental (Expense)

The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. Gross rental income and rental (expense), net for the last three fiscal years are as follows:


	Year ended June 26, 2014			Year ended June 27, 2013			Year ended June 28, 2012
Gross rental income	$	1,697		$	1,671		$	1,426
Rental (expense), net		(2,798	)		(1,495	)		(1,450	)

Expected Future Gross Rental Income Under Operating Leases within Office Building

Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending:


June 25, 2015	$	1,745
June 30, 2016		1,756
June 29, 2017		1,599
June 28, 2018		599
June 27, 2019		558
Thereafter		2,428

	$	8,685

Carrying Value and Fair Value Estimate of Long Term Debt

The following table summarizes the carrying value and fair value estimate of our long term debt, including current maturities:


	June 26, 2014		June 27, 2013
Carrying value of long-term debt:	$	39,015	$	42,355
Fair value of long-term debt:		43,091		46,059

Marketing and Advertising Expenses, Recorded in Selling Expenses

The majority of marketing costs and substantially all advertising costs are incurred to promote and support branded products in the consumer distribution channel. These costs are generally expensed as incurred, recorded in selling expenses, and were as follows for the last three fiscal years:


	Year ended June 26, 2014		Year ended June 27, 2013		Year ended June 28, 2012
Marketing and advertising expense	$	10,330	$	10,928	$	8,946

Shipping and Handling Cost for Last Three Fiscal Years

Shipping and handling costs for the last three fiscal years were as follows:


	Year ended June 26, 2014		Year ended June 27, 2013		Year ended June 28, 2012
Shipping and handling costs	$	17,895	$	15,801	$	15,757

Research and Development Expenses for Last Three Fiscal Years

Research and development expense represents the cost of our research and development personnel and their related expenses and is charged to selling expenses as incurred. Research and development expenses for the last three fiscal years were as follows:


	Year ended June 26, 2014		Year ended June 27, 2013		Year ended June 28, 2012
Research and development expense	$	882	$	1,233	$	1,062

Weighted Average Shares Outstanding Used in Computing Earning Per Share

The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share:


	Year ended June 26, 2014		Year ended June 27, 2013		Year ended June 28, 2012
Weighted average number of shares outstanding — basic		11,033,310		10,863,064		10,726,004
Effect of dilutive securities:
Stock options and restricted stock units		99,037		129,933		102,508

Weighted average number of shares outstanding — diluted		11,132,347		10,992,997		10,828,512

Summary of Anti-dilutive Stock Options Excluded from Computation of Diluted Earnings Per Share

The following table presents a summary of anti-dilutive stock options excluded from the computation of diluted earnings per share:


	Year ended June 26, 2014		Year ended June 27, 2013		Year ended June 28, 2012
Weighted average number of anti-dilutive shares:		15,153		41,375		107,125
Weighted average exercise price:	$	25.36	$	18.46	$	17.63