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Note O - Share-based Compensation | 6 Months Ended
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Sep. 26, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | NOTE O – SHARE-BASED COMPENSATION Total share-based compensation during each of the thirteen week periods ended September 26, 2021 and September 27, 2020 was $29,000. Total share-based compensation during each of the twenty-six week periods ended September 26, 2021 and September 27, 2020 was $58,000. As of September 26, 2021, there was $126,000 of unamortized compensation expense related to share-based incentive awards. We expects to recognize this expense over approximately twenty-three months, which represents the weighted average remaining requisite service periods for such awards. 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 |  |  | Twenty-six weeks ended |
|  | September 26, 2021 |  |  | September 27, 2020 |  |  | September 26, 2021 |  |  | September 27, 2020 |
Stock options |  | $ | 23 |  |  | $ | 21 |  |  | $ | 44 |  |  | $ | 42 |
Restricted stock |  |  | 6 |  |  |  | 8 |  |  |  | 14 |  |  |  | 16 |
Total compensation cost |  | $ | 29 |  |  | $ | 29 |  |  | $ | 58 |  |  | $ | 58 |
Stock options: During the twenty-six week period ended September 26, 2021, the Company granted options to purchase 10,000 shares at an exercise price of $68.50 per share, all of which expire five years from the date of grant. All such options vest ratably over a four-year period commencing August 10, 2021. 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 twenty-six week period ended September 26, 2021 are as follows:
Weighted-average option fair values |  | $ | 13.04 |
Expected life (years) |  |  | 4.4 |
Interest rate |  |  | 0.82 | %
Volatility |  |  | 27.69 | %
Dividend yield |  |  | 2.04 | %
The expected dividend yield is based on historical and projected dividend yields. The Company estimates 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 grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected historical exercise patterns and employment termination behavior. Transactions with respect to stock options for the twenty-six weeks ended September 26, 2021 are as follows:
|  |  |  |  |  | Weighted- |  |  | Weighted- |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Average |  |  | Intrinsic |
|  |  |  |  |  | Exercise |  |  | Remaining |  |  | Value |
|  | Shares |  |  | Price |  |  | Contractual Life |  |  | (in thousands) |
Options outstanding at March 28, 2021 |  |  | 10,000 |  |  | $ | 89.90 |  |  |  | 2.46 |  |  |  | - |
Granted |  |  | 10,000 |  |  | $ | 68.50 |  |  |  | 4.87 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options outstanding at September 26, 2021 |  |  | 20,000 |  |  | $ | 79.20 |  |  |  | 3.42 |  |  |  | - |
Options exercisable at September 26, 2021 |  |  | 10,000 |  |  | $ | 89.90 |  |  |  | 1.96 |  |  |  | - |
Restricted stock: Transactions with respect to restricted stock for the twenty-six weeks ended September 26, 2021 are as follows:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |
|  |  |  |  |  | Grant-date Fair value |
|  | Shares |  |  | Per share |
Unvested restricted stock at March 28, 2021 |  |  | 333 |  |  | $ | 89.90 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (333 | ) |  | $ | 89.90 |
Unvested restricted stock at September 26, 2021 |  |  | - |  |  |  | - |

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