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Note 3 - Stock-based Compensation

6 Months Ended

Jan. 01, 2023

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								Six Months Ended
		January 1, 2023				December 26, 2021				January 1, 2023				December 26, 2021
		(in thousands)
Stock options		$	593			$	9			$	593			$	18
Restricted stock			1,306				2,282				2,861				5,278
Total			1,899				2,291				3,454				5,296
Deferred income tax benefit			465				565				846				1,306
Stock-based compensation expense, net		$	1,434			$	1,726			$	2,608			$	3,990

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

		Three Months Ended								Six Months Ended
		January 1, 2023				December 26, 2021				January 1, 2023				December 26, 2021
		(in thousands)
Marketing and sales		$	874			$	1,006			$	1,574			$	2,333
Technology and development			152				91				307				211
General and administrative			873				1,194				1,573				2,752
Total		$	1,899			$	2,291			$	3,454			$	5,296

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

The following table summarizes stock option activity during the six months ended January 1, 2023:

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term				Aggregate Intrinsic Value
										(in years)				(in thousands)
Outstanding at July 3, 2022			-			$	-
Granted			2,346,416			$	8.59
Exercised			-			$	-
Forfeited			-				-
Outstanding at January 1, 2023			2,346,416			$	8.59				9.9			$	2,276
Exercisable at January 1, 2023			-			$	-				-			$	-

As of January 1, 2023, the total future compensation cost related to non-vested options, not yet recognized in the statement of income, was $11.4 million and the weighted average period over which these awards are expected to be recognized was 2.9 years.

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 six months ended January 1, 2023:

		Shares				Weighted Average Grant Date Fair Value
Non-vested at July 3, 2022			929,709			$	21.82
Granted			717,799			$	8.38
Vested			(368,249	)		$	17.68
Forfeited			(37,903	)		$	21.30
Non-vested at January 1, 2023			1,241,356			$	15.29

The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of January 1, 2023, there was $13.7 million of total unrecognized compensation cost related to non-vested, restricted, stock-based compensation to be recognized over the weighted-average remaining period of 2.9 years.  

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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-Publisher FASB
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