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Note K - Share-based Compensation | 9 Months Ended
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Dec. 28, 2014
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE K – SHARE-BASED COMPENSATION Total share-based compensation during the thirteen-week periods ended December 28, 2014 and December 29, 2013 was $228,000 and $192,000, respectively. Total share-based compensation during the thirty-nine week periods ended December 28, 2014 and December 29, 2013 was $629,000 and $530,000, respectively. Total share-based compensation is included in general and administrative expense in our accompanying Consolidated Statements of Earnings. As of December 28, 2014, there was $2,044,000 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately one year and four months, which represents the weighted average remaining requisite service periods for such awards. During the thirty-nine week period ended December 28, 2014, the Company granted options to purchase 50,000 shares at an exercise price of $53.89 per share, all of which expire five years from the date of grant. All such stock options vest ratably over a four-year period commencing August 6, 2015. The weighted-average option fair values, as determined using the Black-Scholes option valuation model, and the assumptions used to estimate these values for stock options granted during the thirty-nine weeks ended December 28, 2014, are as follows:
Weighted-average option fair values |  | $ | 11.970 |
Expected life (years) |  |  | 4.5 |
Interest rate |  |  | 1.66 | %
Volatility |  |  | 22.77 | %
Dividend yield |  |  | 0 | %
The expected dividend yield is based on historical and projected dividend yields. The Company estimates expected volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield in effect at the time of the grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected employment termination behavior. During the thirty-nine weeks ended December 29, 2013, the Company granted 25,000 shares of restricted stock at a fair value of $49.80 per share representing the closing price on the date of grant, which will be fully vested five years from the date of grant. The restrictions on the shares lapse ratably over a five-year period on the annual anniversary of the date of grant. The compensation expense related to this restricted stock award is expected to be $1,245,000 and will be recognized, commencing on the grant date, over five years. The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands):
|  | Thirteen weeks ended |  |  | Thirty-nine weeks ended |
|  | December 28, 2014 |  |  | December 29, 2013 |  |  | December 28, 2014 |  |  | December 29, 2013 |
Stock options |  | $ | 93 |  |  | $ | 56 |  |  | $ | 224 |  |  | $ | 168 |
Restricted stock |  |  | 135 |  |  |  | 136 |  |  |  | 405 |  |  |  | 362 |
Total compensation cost |  | $ | 228 |  |  | $ | 192 |  |  | $ | 629 |  |  | $ | 530 |
Stock options outstanding: Transactions with respect to stock options for the thirty-nine weeks ended December 28, 2014 are as follows:
|  |  |  |  |  | Weighted- |  |  | Weighted- |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Average |  |  | Intrinsic |
|  |  |  |  |  | Exercise |  |  | Remaining |  |  | Value |
|  | Shares |  |  | Price |  |  | Contractual Life |  |  | (In thousands) |
Options outstanding at March 30, 2014 |  |  | 279,500 |  |  | $ | 15.22 |  |  |  | 2.07 |  |  | $ | 9,381 |
Granted |  |  | 50,000 |  |  | $ | 53.89 |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (59,250 | ) |  | $ | 12.22 |  |  |  | - |  |  |  | - |
Options outstanding at December 28, 2014 |  |  | 270,250 |  |  | $ | 23.03 |  |  |  | 2.03 |  |  | $ | 14,799 |
Options exercisable at December 28, 2014 |  |  | 175,875 |  |  | $ | 15.59 |  |  |  | 1.45 |  |  | $ | 10,940 |
Restricted stock: Transactions with respect to restricted stock for the thirty-nine weeks ended December 28, 2014 are as follows:
|  |  |  |  |  | Weighted - |
|  |  |  |  |  | Average |
|  |  |  |  |  | Grant - date Fair value |
|  | Shares |  |  | Per share |
Unvested restricted stock at March 30, 2014 |  |  | 55,000 |  |  | $ | 38.61 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (15,000 | ) |  | $ | 36.13 |
Unvested restricted stock at December 28, 2014 |  |  | 40,000 |  |  | $ | 39.54 |

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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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 Reference 4: 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 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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