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COMMON STOCK AND STOCK-BASED COMPENSATION | 6 Months Ended
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Oct. 27, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
COMMON STOCK AND STOCK-BASED COMPENSATION | COMMON STOCK AND STOCK-BASED COMPENSATION The following table sets forth the changes in the number of issued shares of common stock during the six-month periods presented:
|  | Six Months Ended
|  | October 27, 2012 |  | October 29, 2011
Balance at the beginning of the period |  | 38,375,678 |  |  | 38,312,243 |
Options exercised |  | — |  |  | 21,975 |
Restricted stock awards vested |  | 27,000 |  |  | 28,860 |
Balance at the end of the period |  | 38,402,678 |  |  | 38,363,078 |
We paid a quarterly dividend of $2,592 and $2,595 on July 27, 2012 and October 26, 2012, respectively. Stock Options Granted Under the 2010 Stock Plan In July 2012, the Compensation Committee approved the grant of options to purchase 120,000 shares of our common stock to our executive officers. The stock options have a ten-year term and will vest one-third per year on each anniversary of the date of grant. The exercise price is the closing price on the date granted. The following tables summarize the stock option activity and related information for the stock options granted under the 2010 Stock Plan for the six months ended October 27, 2012:
|  | Summary of Option Activity
|  | Shares |  | Wtd. Avg. Exercise Price
Outstanding at April 28, 2012 |  | 240,000 |  |  | $ | 9.97 |
Granted |  | 120,000 |  |  | 8.64 |
Exercised |  | — |  |  | — |
Cancelled |  | — |  |  | — |
Outstanding at October 27, 2012 |  | 360,000 |  |  | $ | 9.53 |
Options Outstanding at October 27, 2012
Average Exercise Price |  | Shares |  | Avg. Remaining Life (Years)
$ | 9.24 |  |  | 120,000 |  |  | 8.1 |
$ | 10.70 |  |  | 120,000 |  |  | 8.8 |
$ | 8.64 |  |  | 120,000 |  |  | 9.8 |
$ | 9.53 |  |  | 360,000 |  |  |
Options Exercisable at October 27, 2012
Average Exercise Price |  | Shares |  | Avg. Remaining Life (Years)
$ | 9.24 |  |  | 80,000 |  |  | 8.1 |
$ | 10.70 |  |  | 40,000 |  |  | 8.8 |
$ | 9.73 |  |  | 120,000 |  |  |
The options outstanding had an intrinsic value of $269 at October 27, 2012. The intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the second quarter of fiscal 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on October 27, 2012. We estimated the fair value of our employee stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
| Fiscal 2013 | Fiscal 2012
| Awards | Awards
Average expected volatility | 66.15 | % | 52.76 | %
Average risk-free interest rate | 0.39 | % | 0.63 | %
Dividend yield | 2.94 | % | 2.66 | %
Expected life of options (in years) | 7.18 |  | 7.03 |
Weighted-average grant-date fair value | $ | 4.13 |  | $ | 4.27 |
Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") Outstanding Under the 2010 Stock Plan The following table summarizes the RSA and RSU activity for the six months ended October 27, 2012 for the RSA's and RSU's granted under the 2010 Stock Plan:
| RSA Shares | RSU Shares
Unvested and unissued at April 28, 2012 | 740,000 |  | 180,000 |
Awarded | — |  | — |
Vested | — |  | — |
Forfeited and cancelled | — |  | — |
Unvested and unissued at October 27, 2012 | 740,000 |  | 180,000 |
|  | Number of Shares Granted, less Forfeitures |  |  |  | Weighted Average Value |  | Probable Unearned Compensation Expense at |  | Target Unearned Compensation Expense at
Grant Fiscal Year |  |  | Vesting Period |  |  | October 27, 2012 |  | October 27, 2012
2011 |  | 640,000 |  |  | 5-year cliff, performance based |  | $ | 9.70 |  |  | $ | 3,239 |  |  | $ | 3,239 |
2011 |  | 304,000 |  |  | 5-year, equal annual installments |  | 9.70 |  |  | 690 |  |  | N/A |
2012 |  | 100,000 |  |  | One-third per year, beginning in fiscal 2015, performance based |  | 8.10 |  |  | 564 |  |  | 564 |
Stock Options Granted Under the 2007 Stock Plan In July 2012, our Compensation Committee awarded options to purchase 42,500 shares of our common stock to some non-executive members of the management team that vest one-third per year on each anniversary of the date of the grant. The stock options awarded under the 2007 Stock Plan have a ten-year term. The exercise price is the closing price on the date granted. The following tables summarize the stock option activity and related information for the stock options granted under the 2007 Stock Plan for the six months ended October 27, 2012:
|  | Summary of Option Activity
|  |  |  | Wtd. Avg.
|  | Shares |  | Exercise Price
Outstanding at April 28, 2012 |  | 738,000 |  |  | $ | 5.79 |
Granted |  | 42,500 |  |  | 8.64 |
Exercised |  | — |  |  | — |
Cancelled |  | — |  |  | — |
Outstanding at October 27, 2012 |  | 780,500 |  |  | $ | 5.95 |
Options Outstanding at October 27, 2012
|  |  |  | Avg.
|  |  |  | Remaining
Average Exercise Price |  | Shares |  | Life (Years)
$ | 2.72 |  |  | 285,000 |  |  | 6.5 |
$ | 6.46 |  |  | 260,000 |  |  | 6.8 |
$ | 8.13 |  |  | 35,500 |  |  | 7.2 |
$ | 10.55 |  |  | 105,000 |  |  | 7.8 |
$ | 8.10 |  |  | 52,500 |  |  | 9.0 |
$ | 8.64 |  |  | 42,500 |  |  | 9.8 |
$ | 5.95 |  |  | 780,500 |  |  |
Options Exercisable at October 27, 2012
|  |  |  | Avg.
|  |  |  | Remaining
Average Exercise Price |  | Shares |  | Life (Years)
$ | 2.72 |  |  | 285,000 |  |  | 6.5 |
$ | 6.46 |  |  | 260,000 |  |  | 6.8 |
$ | 8.10 |  |  | 17,500 |  |  | 9.0 |
$ | 4.62 |  |  | 562,500 |  |  |
The options outstanding had an intrinsic value of $3,260 at October 27, 2012. We estimated the fair value of our employee stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
| Fiscal 2013 |  | Fiscal 2012
| Awards |  | Awards
Average expected volatility | 66.15 | % |  | 63.55 | %
Average risk-free interest rate | 0.39 | % |  | 0.35 | %
Dividend yield | 2.94 | % |  | 2.84 | %
Expected life of options (in years) | 7.18 |  |  | 7.03 |
Weighted-average grant-date fair value | $ | 4.13 |  |  | $ | 3.75 |
Restricted Stock Awards Outstanding Under the 2007 Stock Plan In April 2007, 225,000 shares of common stock subject to performance-based RSAs granted to our CEO in fiscal 2006 and 2007 were converted to RSUs. The RSUs were subject to the same vesting schedule and other major provisions of the RSAs they replaced, except the shares for stock underlying the RSUs will not be issued and delivered until the earlier of: (1) thirty days after the CEO’s date of termination of employment with the Company and all of its subsidiaries and affiliates; or (2) the last day of our fiscal year in which the payment of common stock in satisfaction of the RSUs becomes deductible to the Company under Section 162(m) of the Internal Revenue Code. The RSUs are not entitled to voting rights or the payment of dividends, however, a bonus in lieu of dividends is paid on the vested RSU's. The RSU’s are fully vested as of October 27, 2012. As of October 27, 2012, no shares have been delivered pursuant to the RSUs. At the beginning of fiscal 2013, there were no RSAs outstanding under the 2007 Stock Plan. During the first quarter of fiscal 2013, we awarded 27,000 shares to our independent directors, all of which vested immediately upon grant. Stock Options Outstanding Under the 2000 and 2004 Stock Plans Options to purchase 123,260 shares of our common stock were granted in previous years under the 2000 and 2004 Stock Plans and are outstanding and exercisable as of October 27, 2012. Options to purchase 128,105 shares of our common stock expired in the first quarter of fiscal 2013. The following tables summarize the stock option activity and related information for the stock options outstanding under the 2000 and 2004 Stock Plans for the six months ended October 27, 2012:
|  | Summary of Option Activity
|  |  |  | Wtd. Avg.
|  | Shares |  | Exercise Price
Outstanding at April 28, 2012 |  | 251,365 |  |  | $ | 10.96 |
Exercised |  | — |  |  | — |
Expired |  | (128,105 | ) |  | 10.50 |
Outstanding at October 27, 2012 |  | 123,260 |  |  | $ | 11.44 |
Options Outstanding and Exercisable at October 27, 2012
|  |  |  | Avg.
|  |  |  | Remaining
Exercise Price |  | Shares |  | Life (Years)
$ | 11.44 |  |  | 123,260 |  |  | 0.7 |
The options outstanding had no intrinsic value at October 27, 2012. Stock-based Compensation We recognize pre-tax compensation expense for stock options, RSA's and RSU's under our 2010 and 2007 stock plans in the selling and administrative section of our consolidated statement of operations. There was no pre-tax compensation expense related to the 2000 and 2004 stock plans in either period presented. The table below summarizes the expense for the three months and six months ended October 27, 2012 and October 29, 2011.
| Compensation Expense
| Three Months Ended |  | Six Months Ended
| October 27, 2012 |  | October 29, 2011 |  | October 27, 2012 |  | October 29, 2011
2010 Stock Plan: |  |  |  |  |  |  |
RSAs | $ | 366 |  |  | $ | 349 |  |  | $ | 732 |  |  | $ | 670 |
RSUs | 132 |  |  | 228 |  |  | 264 |  |  | 455 |
Stock options | 143 |  |  | 141 |  |  | 276 |  |  | 250 |
Total 2010 Stock Plan | $ | 641 |  |  | $ | 718 |  |  | $ | 1,272 |  |  | $ | 1,375 |
2007 Stock Plan: |  |  |  |  |  |  |
RSAs | $ | — |  |  | $ | — |  |  | $ | 233 |  |  | $ | 309 |
Stock options | 115 |  |  | 131 |  |  | 242 |  |  | 275 |
Total 2007 Stock Plan | $ | 115 |  |  | $ | 131 |  |  | $ | 475 |  |  | $ | 584 |
Total Compensation Expense | $ | 756 |  |  | $ | 849 |  |  | $ | 1,747 |  |  | $ | 1,959 |

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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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: 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 + Details
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