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Share Based Compensation | 12 Months Ended
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Mar. 26, 2016
Share Based Compensation [Abstract] |
Share Based Compensation | NOTE 9 – SHARE BASED COMPENSATION ﻿ Monro currently grants stock option awards under the 2007 Incentive Stock Option Plan (the “2007 Plan”). The 2007 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, Monro 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, 628,620 shares (as retroactively adjusted for stock splits) were transferred from the 1998 and 2003 Plans into the 2007 Plan, bringing the total authorized shares to 1,501,620 (as retroactively adjusted for stock splits). In addition, in May 2013 and 2010, the Compensation Committee of the Board of Directors authorized an additional 2,000,000 and 1,500,000 shares (as retroactively adjusted for stock splits), respectively, of common stock for grant under the 2007 Plan, which were approved by shareholders in August 2013 and August 2010, respectively. At March 2 6, 201 6, there was a total of 5,001,620 shares authorized for grant under the 2007 Plan (as retroactively adjusted for stock splits), including the shares transferred from the 1998 and 2003 Plans. ﻿ Generally, employee options vest over a four year period, and have a duration of six to ten years. Outstanding options are exercisable for various periods through March 202 2. ﻿ A summary of changes in outstanding stock options is as follows: ﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ |  | Weighted |  |
﻿ |  | Average |  |
﻿ |  | Exercise |  | Options
﻿ |  | Price |  | Outstanding
﻿At March 30, 2013 |  | $ | 28.66 |  | 1,864,114
﻿Granted |  | $ | 45.38 |  | 181,400
﻿Exercised |  | $ | 18.73 |  | (239,935)
﻿Canceled |  | $ | 35.48 |  | (32,178)
﻿At March 29, 2014 |  | $ | 31.58 |  | 1,773,401
﻿Granted |  | $ | 52.73 |  | 211,225
﻿Exercised |  | $ | 31.98 |  | (439,635)
﻿Canceled |  | $ | 43.04 |  | (26,661)
﻿At March 28, 2015 |  | $ | 34.21 |  | 1,518,330
﻿Granted |  | $ | 62.28 |  | 243,410
﻿Exercised |  | $ | 29.59 |  | (549,141)
﻿Canceled |  | $ | 50.69 |  | (23,808)
﻿At March 26, 2016 |  | $ | 41.75 |  | 1,188,791
﻿ The total shares exercisable at March 26, 2016, March 28, 2015 and March 29, 2014 was 789,422, 1,098,601 and 1,160,572, respectively. The weighted average exercise price of all shares exercisable at March 26, 2016 was $36.75. There were 1,743,429 shares available for grant at March 2 6, 201 6. ﻿ The weighted average contractual term of all options outstanding at March 26, 2016 and March 28, 2015 was 3.0 years and 2.7 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 26, 2016 and March 28, 2015 was $33.2 million and $46.7 million, respectively. ﻿ The weighted average contractual term of all options exercisable at March 26, 2016 and March 28, 2015 was 2.5 years and 2.2 years, respectively. The aggregate intrinsic value of all options exercisable at March 26, 2016 and March 28, 2015 was $26.0 million and $37.2 million, respectively. ﻿ A summary of the status of and changes in nonvested stock options granted is as follows: ﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ |  |  |  | Weighted
﻿ |  |  |  | Average
﻿ |  |  |  | Grant-Date
﻿ |  |  |  | Fair Value
﻿ |  | Options |  | (per Option)
﻿Non-vested at March 30, 2013 |  | 879,197 |  | $ | 8.52
﻿Granted |  | 181,400 |  | $ | 10.11
﻿Vested |  | (417,743) |  | $ | 8.66
﻿Canceled |  | (30,025) |  | $ | 8.90
﻿Non-vested at March 29, 2014 |  | 612,829 |  | $ | 8.88
﻿Granted |  | 211,225 |  | $ | 11.27
﻿Vested |  | (382,197) |  | $ | 9.22
﻿Canceled |  | (22,128) |  | $ | 10.37
﻿Non-vested at March 28, 2015 |  | 419,729 |  | $ | 9.70
﻿Granted |  | 243,410 |  | $ | 13.10
﻿Vested |  | (242,841) |  | $ | 10.38
﻿Canceled |  | (20,929) |  | $ | 10.18
﻿Non-vested at March 26, 2016 |  | 399,369 |  | $ | 11.26
﻿ The following table summarizes information about fixed stock options outstanding at March 2 6, 201 6: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Options Outstanding |  | Options Exercisable
﻿ |  |  |  | Weighted |  | Weighted |  |  |  | Weighted
﻿ |  |  |  | Average |  | Average |  | Shares |  | Average
﻿Range of |  | Shares |  | Remaining |  | Exercise |  | Under |  | Exercise
﻿Exercise Prices |  | Under Option |  | Life |  | Price |  | Option |  | Price
﻿$11.76 - $33.64 |  | 489,924 |  | 2.26 |  | $ | 27.90 |  | 414,799 |  | $ | 26.86
﻿$33.65 - $44.46 |  | 204,877 |  | 1.92 |  | $ | 39.57 |  | 177,217 |  | $ | 39.61
﻿$44.47 - $53.09 |  | 239,710 |  | 3.57 |  | $ | 50.57 |  | 122,281 |  | $ | 50.41
﻿$53.10 - $79.76 |  | 254,280 |  | 4.88 |  | $ | 61.89 |  | 75,125 |  | $ | 62.33
﻿ During the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014, the fair value of awards vested under Monro’s stock plans was $2.5 million, $3.5 million and $3.6 million, respectively. ﻿ The aggregate intrinsic value is based on Monro’s closing stock price of $69.68, $64.96 and $56.51 as of the last trading day of the periods ended March 26, 2016, March 28, 2015 and March 29, 2014, respectively. The aggregate intrinsic value of options exercised during the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014 was $22.3 million, $10.3 million and $7.4 million, respe ctively. As of March 26, 2016, there was $3.3 million of unrecognized compensation expense related to non-vested fixed stock options that is expected to be recognized over a weighted average period of approximately two years. ﻿ Cash received from option exercises under all stock option plans was $8.6 million, $8.7 million and $4.3 million for the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014, respectively. The actual tax benefit realized for the tax deductions from option exercises was $6.7 million, $2.2 million and $1.9 million for the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014, respectively. ﻿ Monro issues new shares of Common Stock upon the exercise of stock options.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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