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Stock-Based Compensation | 3 Months Ended
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Sep. 27, 2020
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 September 27, 2020, 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 September 27, 2020 were 76,434. 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. We included a proposal at our Annual Meeting of Shareholders held on October 6, 2020 to increase the number of shares available to be granted under this omnibus stock incentive plan by an additional 150,000 shares, which proposal was approved by our shareholders at the Annual Meeting. Nonqualified and incentive stock options and shares of restricted stock have been granted to our officers, outside directors and specified associates 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 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 as determined by the Compensation Committee of the Board of Directors. 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 one year from the date of grant. Unvested restricted shares granted have voting rights, regardless of whether the shares are vested or unvested, but only have the right to receive cash dividends after such shares become vested. Restricted stock grants vest 1 to 5 years after the date of grant as determined by the Compensation Committee of the Board of Directors. The fair value of each stock option grant was estimated as of the date of grant using the Black-Scholes pricing model. 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 for fixed awards with graded vesting schedules is amortized on a straight line basis over the vesting period for the entire award. A summary of stock option activity under our stock incentive plan for the three months ended September 27, 2020 was as follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, June 28, 2020 |  |  | 90,860 |  |  | $ | 35.88 |  |  |  |  |  |  |  |  |
Outstanding, September 27, 2020 |  |  | 90,860 |  |  | $ | 35.88 |  |  |  | 2.2 |  |  | $ | — |
Exercisable, September 27, 2020 |  |  | 90,860 |  |  | $ | 35.88 |  |  |  | 2.2 |  |  | $ | — |
The intrinsic value of stock options exercised and the fair value of stock options that vested during the three month periods presented below were as follows (in thousands):
|  | Three Months Ended |  |
|  | September 27, 2020 |  |  | September 29, 2019 |  |
Intrinsic Value of Options Exercised |  | $ | — |  |  | $ | 37 |  |
Fair Value of Stock Options Vesting |  | $ | — |  |  | $ | — |  |
No options were granted during the three month periods ended September 27, 2020 or September 29, 2019. A summary of restricted stock activity under our omnibus stock incentive plan for the three months ended September 27, 2020 was as follows:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested Balance, June 28, 2020 |  |  | 69,394 |  |  | $ | 30.59 |
Granted |  |  | 39,900 |  |  | $ | 21.20 |
Vested |  |  | (34,669 | ) |  | $ | 34.95 |
Nonvested Balance, September 27, 2020 |  |  | 74,625 |  |  | $ | 23.54 |
As of September 27, 2020, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of September 27, 2020, there was approximately $1.4 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 1.1 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 share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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