Stock-Based Compensation Plans

6 Months Ended

Dec. 25, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Note 7 – Stock-Based Compensation Plans

At our annual meeting of stockholders on October 29, 2014, our stockholders approved a new equity incentive plan (the “2014 Omnibus Plan”) under which awards of options and stock-based awards may be made to employees, officers or non-employee directors of our Company. A total of 1,000,000 shares of Common Stock are authorized for grants of awards thereunder, which may be in the form of options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights (SARs”), performance shares, performance units, Common Stock or dividends and dividend equivalents.

The total number of shares of Common Stock with respect to which options or SARs may be granted in any calendar year to any participant may not exceed 500,000 shares (this limit applies separately with respect to each type of award). Additionally, for awards of restricted stock, RSUs, performance shares or other stock-based awards that are intended to qualify as performance-based compensation: (i) the total number of shares of Common Stock that may be granted in any calendar year to any participant may not exceed 250,000 shares (this limit applies separately to each type of award) and (ii) the maximum amount that may be paid to any participant for awards that are payable in cash or property other than Common Stock in any calendar year is $5,000.

During the second quarter of fiscal 2015, 83,505 RSUs were awarded to employees and non-employee members of the Board of Directors. The vesting period is three years for awards to employees and one year for awards to non-employee directors. We are recognizing expenses over the applicable vesting period based on the market value of our Common Stock at the grant date.

The following is a summary of stock option activity for the first half of fiscal 2015:


Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at June 26, 2014		63,500		$	13.98
Activity:
Granted		—			—
Exercised		(21,500	)		17.90
Forfeited		—			—

Outstanding at December 25, 2014		42,000		$	11.98		2.2	$	1,509

Exercisable at December 25, 2014		41,000		$	11.91		2.1	$	1,476

For the twenty-six weeks ended December 25, 2014 the total intrinsic value of options exercised was $314 and the total cash received was $385. The change in non-vested stock option activity was insignificant during the first half of fiscal 2015.

The following is a summary of restricted stock unit activity for the first half of fiscal 2015:


Restricted Stock Units	Shares			Weighted Average Grant Date Fair Value
Outstanding at June 26, 2014		201,308		$	16.23
Activity:
Granted		83,505			33.95
Vested		(55,875	)		11.00
Forfeited		—			—

Outstanding at December 25, 2014		228,938		$	23.97

At December 25, 2014 there are 51,439 RSUs outstanding that are vested but deferred. The non-vested RSUs will vest over a weighted average period of 1.7 years.

The following table summarizes compensation cost charged to earnings for all equity compensation plans for the periods presented:


	For the Quarter Ended				For the Twenty-six Weeks Ended
	December 25, 2014		December 26, 2013		December 25, 2014		December 26, 2013
Stock-based compensation cost	$	608	$	345	$	879	$	561

As of December 25, 2014, there was $3,400 of total unrecognized compensation cost related to non-vested, share-based compensation arrangements granted under our stock-based compensation plans, including the 2014 Omnibus Plan. We expect to recognize that cost over a weighted average period of 1.7 years.

- 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.

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