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Note 3 - Stock Based Compensation
 3 Months Ended
Oct. 02, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 3 – Stock-Based Compensation

 

The Company has a Long Term Incentive and Share Award Plan, which is more fully described in Note 12 and Note 13 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 3, 2022, that provides for the grant to eligible employees, consultants and directors of stock options, restricted shares, and other stock-based awards.

 

The amounts of stock-based compensation expense recognized in the periods presented are as follows:

 

  

Three Months Ended

 
  

October 2, 2022

  

September 26, 2021

 
  

(in thousands)

     

Stock options

 $-  $9 

Restricted stock

  1,555   2,996 

Total

  1,555   3,005 

Deferred income tax benefit

  381   741 

Stock-based compensation expense, net

 $1,174  $2,264 

 

Stock-based compensation is recorded within the following line items of operating expenses:

 

  

Three Months Ended

 
  

October 2, 2022

  

September 26, 2021

 
  

(in thousands)

 

Marketing and sales

 $700  $1,327 

Technology and development

  155   120 

General and administrative

  700   1,558 

Total

 $1,555  $3,005 

 

Stock-based compensation expense has not been allocated between business segments, but is reflected as part of Corporate overhead (see Note 12 - Business Segments). 

 

Stock Options

 

As of October 2, 2022, the Company does not have any options outstanding.

 

Restricted Stock

 

The Company grants shares of Common Stock to its employees that are subject to restrictions on transfer and risk of forfeiture until fulfillment of applicable service and performance conditions and, in certain cases, holding periods (Restricted Stock). The following table summarizes the activity of non-vested restricted stock awards during the three months ended October 2, 2022:

 

  

Shares

  

Weighted

Average Grant

Date Fair

Value

 

Non-vested at July 3, 2022

  929,709  $21.82 

Granted

  79,895  $6.81 

Vested

  -  $- 

Forfeited

  (13,815

)

 $21.40 

Non-vested at October 2, 2022

  995,789  $20.62 

 

The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of October 2, 2022, there was $10.0 million of total unrecognized compensation cost related to non-vested, restricted, stock-based compensation to be recognized over the weighted-average remaining period of 2.2 years.