Stock-Based Compensation Plans

9 Months Ended

Mar. 26, 2015

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, non-employee directors or third-party consultants to 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 or Common Stock.

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.

The following is a summary of stock option activity for the first three quarters 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		(32,500	)		17.44
Forfeited		—			—

Outstanding at March 26, 2015		31,000		$	10.36		2.40	$	950

Exercisable at March 26, 2015		30,125		$	10.21		2.25	$	928

For the thirty-nine weeks ended March 26, 2015, the total intrinsic value of options exercised was $550 and the total cash received was $567. The change in non-vested stock option activity was insignificant during the first three quarters of fiscal 2015.

The following is a summary of restricted stock unit activity for the first three quarters 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		(270	)		32.52

Outstanding at March 26, 2015		228,668		$	23.96

Included in the table above at March 26, 2015 there are 51,439 RSUs outstanding that are vested but deferred. Non-vested RSUs will vest over a weighted average period of 1.5 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 Thirty-nine Weeks Ended
	March 26, 2015		March 27, 2014		March 26, 2015		March 27, 2014
Stock-based compensation cost	$	526	$	272	$	1,405	$	833

As of March 26, 2015, there was $2,875 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 1.5 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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