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Share Based Compensation
 12 Months Ended
Mar. 31, 2012
Share Based Compensation [Abstract]  
Share Based Compensation

NOTE 10 — SHARE BASED COMPENSATION

The Company currently grants stock option awards under the 2007 Incentive Stock Option Plan (the “2007 Plan”). This Plan was authorized by the Board of Directors in June 2007, initially reserving 873,000 shares (as retroactively adjusted for stock splits) of Common Stock for issuance to eligible employees and all non-employee directors. The 2007 Plan was approved by shareholders in August 2007. Prior to fiscal 2008, the Company had options outstanding under three other stock option plans: the 1994 Non-Employee Directors Stock Option Plan (the “1994 Plan”) (which was approved by shareholders in August 1995); the 1998 Incentive Stock Option Plan (the “1998 Plan”) (which was approved by shareholders in August 1999); and the 2003 Non-Employee Directors Stock Option Plan (the “2003 Plan”) (which was approved by shareholders in August 2003), collectively the “Prior Plans.” Upon shareholder approval of the 2007 Plan, all shares of Common Stock available for award under the 1998 and 2003 Plans were transferred to, and made available for award under the 2007 Plan. The 1994 Plan had no options available for grant upon adoption of the 2007 Plan. No further option grants may be made under the Prior Plans, although outstanding awards under the Prior Plans will remain outstanding in accordance with the terms of those plans and the stock option agreements entered into under those plans.

The 1994 Plan had a total of 675,345 common shares authorized for issuance; the 1998 Plan had a total of 4,016,250 shares authorized for issuance; and the 2003 Plan had a total of 315,000 shares authorized for issuance (all as retroactively adjusted for stock splits). Upon authorization of the 2007 Plan by shareholders, 628,662 shares (as retroactively adjusted for stock splits) transferred from the 1998 and 2003 Plans into the 2007 Plan, bringing the total authorized shares to 1,501,662 (as retroactively adjusted for stock splits). In addition, in May 2010, the Compensation Committee of the Board of Directors authorized an additional 1,500,000 shares (as retroactively adjusted for stock splits), which were approved by shareholders in August 2010.

Generally, employee options vest within the first five years of their term, and have a duration of six to ten years. Outstanding options are exercisable for various periods through October 2019.

A summary of changes in outstanding stock options is as follows:

 

 

                 
    Weighted Average
Exercise Price		     Options
Outstanding		  

At March 28, 2009

   $ 11.41       3,085,590  

Granted

   $ 17.89       255,420  

Exercised

   $ 9.25       (970,721 ) 

Canceled

   $ 14.99       (27,841 ) 
           

 

 

  

At March 27, 2010

   $ 12.96       2,342,448  

Granted

   $ 31.51       788,027  

Exercised

   $ 9.97       (569,063 ) 

Canceled

   $ 18.22       (35,734 ) 
           

 

 

  

At March 26, 2011

   $ 19.35       2,525,678  

Granted

   $ 32.86       173,075  

Exercised

   $ 14.47       (816,594 ) 

Canceled

   $ 21.10       (30,571 ) 
           

 

 

  

At March 31, 2012

   $ 22.75       1,851,588  
           

 

 

  

The total shares exercisable at March 31, 2012, March 26, 2011 and March 27, 2010 was 1,129,513, 1,595,639 and 1,671,950, respectively. There were 783,465 shares available for grant at March 31, 2012.

The weighted average contractual term of all options outstanding at March 31, 2012 and March 26, 2011 was 3.6 years and 3.9 years, respectively. The aggregate intrinsic value of all options (the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option) outstanding at March 31, 2012 and March 26, 2011 was $34.7 million and $32.9 million, respectively.

The weighted average contractual term of all options exercisable at March 31, 2012 and March 26, 2011 was 3.1 years and 3.0 years, respectively. The aggregate intrinsic value of all options exercisable at March 31, 2012 and March 26, 2011 was $26.3 million and $28.1 million, respectively.

 

A summary of the status of and changes in nonvested stock options granted is as follows:

 

 

                 
    Options     Weighted
Average
Grant-Date
Fair Value
(per Option)		  

Non-vested at March 28, 2009

     841,638     $ 4.21  

Granted

     255,420     $ 5.38  

Vested

     (406,872 )    $ 4.37  

Canceled

     (19,688 )    $ 4.78  
   

 

 

          

Non-vested at March 27, 2010

     670,498     $ 4.49  

Granted

     788,027     $ 8.58  

Vested

     (497,655 )    $ 4.73  

Canceled

     (30,831 )    $ 5.57  
   

 

 

          

Non-vested at March 26, 2011

     930,039     $ 7.83  

Granted

     173,075     $ 8.41  

Vested

     (357,697 )    $ 7.54  

Canceled

     (23,342 )    $ 6.62  
   

 

 

          

Non-vested at March 31, 2012

     722,075     $ 8.16  
   

 

 

          

The following table summarizes information about fixed stock options outstanding at March 31, 2012:

 

 

                                         
    Options Outstanding     Options Exercisable  

Range of

Exercise Prices

   Shares
Under Option		     Weighted
Average
Remaining
Life		     Weighted
Average
Exercise
Price		     Shares
Under Option		     Weighted
Average
Exercise
Price		  

$  5.29 - $12.11

     456,558       1.95     $ 10.73       430,703     $ 10.67  

$12.12 - $18.05

     475,515       4.44     $ 16.36       399,618     $ 16.04  

$18.06 - $33.62

     483,015       4.15     $ 28.97       138,817     $ 28.06  

$33.63 - $44.59

     436,500       3.89     $ 35.39       160,375     $ 35.42  

During the fiscal years ended March 31, 2012, March 26, 2011 and March 27, 2010, the fair value of awards vested under the Company’s stock plans was $2.7 million, $2.4 million and $1.8 million, respectively.

The aggregate intrinsic value in the preceding tables is based on the Company’s closing stock price of $41.49, $31.78 and $23.99 as of the last trading day of the periods ended March 31, 2012, March 26, 2011 and March 27, 2010, respectively. The aggregate intrinsic value of options exercised during the fiscal years ended March 31, 2012, March 26, 2011 and March 27, 2010 was $17.6 million, $9.4 million and $10.1 million, respectively. As of March 31, 2012, March 26, 2011 and March 27, 2010, there was $4.9 million, $6.4 million and $1.8 million, respectively, of unrecognized compensation expense related to non-vested fixed stock options that is expected to be recognized over a weighted average period of approximately three years, four years and two years, respectively.

Cash received from option exercises under all stock option plans was $3.1 million, $5.1 million and $6.6 million for the fiscal years ended March 31, 2012, March 26, 2011 and March 27, 2010, respectively. The actual tax benefit realized for the tax deductions from option exercises was $5.3 million, $3.5 million and $3.0 million for the fiscal years ended March 31, 2012, March 26, 2011 and March 27, 2010, respectively.

The Company issues new shares of Common Stock upon the exercise of stock options.