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Stock-Based Compensation | 6 Months Ended
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Dec. 28, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-based Compensation | Stock-based Compensation We maintain an omnibus stock incentive plan. This plan provides for the granting of stock options, shares of restricted stock and stock appreciation rights. As of December 28, 2014, the Board of Directors had designated 1,850,000 shares of common stock available for the grant of awards under the plan. Remaining shares available to be granted under the plan as of December 28, 2014 were 253,139. Awards that expire or are canceled without delivery of shares become available for re-issuance under the plan. We issue new shares of common stock to satisfy stock option exercises. Nonqualified and incentive stock options and shares of restricted stock have been granted to our officers, outside directors and specified employees under our stock incentive plan. Stock options granted under the plan may not be issued with an exercise price less than the fair market value of the common stock on the date the option is granted. Stock options become exercisable as determined at the date of grant by the Compensation Committee of the Board of Directors. The options expire 5 to 10 years after the grant date unless an earlier expiration date is set at the time of grant. The options vest 1 to 4 years after the date of grant. Shares of restricted stock granted under the plan are subject to vesting criteria determined by the Compensation Committee of the Board of Directors at the time the shares are granted and have a minimum vesting period of three years from the date of grant. Restricted shares granted have voting rights, regardless if the shares are vested or unvested. Restricted shares granted prior to August 2014 have dividend rights, regardless if the shares are vested or unvested. Commencing in August 2014 and thereafter, shares of restricted stock are not entitled to receive any cash dividends if they are unvested as of the record date. The restricted stock grants issued to date vest 3 years after the date of grant. The fair value of each stock option grant was estimated as of the date of grant using the Black-Scholes pricing model. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight line basis over the vesting period for the entire award. The fair value of each restricted stock grant was based on the market price of the underlying common stock as of the date of grant. The resulting compensation cost is amortized on a straight line basis over the vesting period. A summary of stock option activity under our stock incentive plan for the six months ended December 28, 2014 was as follows:
| Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, June 29, 2014 |  | 185,242 |  |  | $ | 24.73 |  |  |  |  |  |  |  |  |
Granted |  | 10,000 |  |  | $ | 79.73 |  |  |  |  |  |  |  |  |
Exercised |  | (16,570 | ) |  | $ | 21.84 |  |  |  |  |  |  |  |  |
Forfeited |  | (8,589 | ) |  | $ | 37.43 |  |  |  |  |  |  |  |  |
Outstanding, December 28, 2014 |  | 170,083 |  |  | $ | 27.61 |  |  |  | 6.2 |  |  | $ | 9,695 |
Exercisable, December 28, 2014 |  | 97,279 |  |  | $ | 19.75 |  |  |  | 4.5 |  |  | $ | 6,310 |
The intrinsic value of stock options exercised and the fair value of stock options vesting during the three and six month periods presented below was as follows (in thousands):
| Three Months Ended |  |  | Six Months Ended |
| December 28, 2014 |  |  | December 29, 2013 |  |  | December 28, 2014 |  |  | December 29, 2013 |
Intrinsic Value of Options Exercised | $ | 290 |  |  | $ | 623 |  |  | $ | 990 |  |  | $ | 678 |
Fair Value of Stock Options Vesting | $ | - |  |  | $ | 142 |  |  | $ | 382 |  |  | $ | 415 |
The grant date fair value and assumptions used to determine compensation expense for the options granted during each period presented below were as follows:
| Six Months Ended |
| December 28, 2014 |  |  | December 29, 2013 |
Weighted Average Grant Date Fair Value: |  |  |  |  |  |  |
Options Issued at Grant Date Market Value |  | n/a |  |  |  | n/a |
Options Issued Above Grant Date Market Value | $ | 34.93 |  |  | $ | 17.58 |
Assumptions: |  |  |  |  |  |  |
Risk Free Interest Rate |  | 1.90 | % |  |  | 2.06 | %
Expected Volatility |  | 57.83 | % |  |  | 58.75 | %
Expected Dividend Yield |  | 0.62 | % |  |  | 1.11 | %
Expected Term (in years) |  | 6.0 |  |  |  | 6.0 |
A summary of restricted stock activity under our omnibus stock incentive plan for the six months ended December 28, 2014 was as follows:
| Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested Balance, June 29, 2014 |  | 63,600 |  |  | $ | 28.64 |
Granted |  | 25,000 |  |  | $ | 70.90 |
Vested |  | (17,800 | ) |  | $ | 23.01 |
Forfeited |  | (3,300 | ) |  | $ | 44.92 |
Nonvested Balance, December 28, 2014 |  | 67,500 |  |  | $ | 44.98 |
As of December 28, 2014, there was $658,000 of total unrecognized compensation cost related to outstanding stock options granted under our omnibus stock incentive plan. This cost is expected to be recognized over a remaining weighted average period of 1.0 years. As of December 28, 2014, there was approximately $1.7 million of total unrecognized compensation cost related to unvested restricted stock grants outstanding under the plan. This cost is expected to be recognized over a remaining weighted average period of 1.2 years. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.

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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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