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COMMON STOCK AND STOCK-BASED COMPENSATION | 3 Months Ended
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Jul. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
COMMON STOCK AND STOCK-BASED COMPENSATION | . COMMON STOCK AND STOCK-BASED COMPENSATION Restricted Stock Awards ("RSAs") In fiscal 2016, the Compensation Committee of the Board of Directors authorized a new long-term incentive program (the “LTIP”) for key employees consisting of performance-based restricted stock awards (“RSAs”) and time-based restricted stock units (“RSUs”). Additionally, in the first quarter of fiscal 2019, the Compensation Committee awarded a maximum of 11,625 RSAs to additional key members of management under the LTIP. In the aggregate, the number of RSAs earned will vary based on performance relative to established goals for fiscal 2020 EBITDA, with 50% of the target shares earned for threshold performance (representing 350,043 shares), 100% of the target shares earned for target performance (representing 700,086 shares) and 150% of the target shares earned for maximum performance (representing 1,050,128 shares). Prior to the third quarter of fiscal 2018, the Company had been recording the RSA compensation expense based on target performance. Per ASC 718 accounting guidance, management is required in each reporting period to determine the fiscal 2020 EBITDA level that is "probable" (70% confidence) for which a performance condition will be achieved. During the third quarter of fiscal 2018, management determined that it was not probable that the Company will meet the fiscal 2020 target consolidated EBITDA performance level of $221.0 million. In the third quarter of fiscal 2018, the Company began recording the RSA compensation expense based on the threshold EBITDA performance level of $198.9 million. At the threshold level of performance, the expected expense for the RSAs is $11.9 million through fiscal 2020. In the three months ended July 28, 2018, the Company recorded compensation expense of $1.0 million related to the RSAs based on threshold levels. During the three months ended July 29, 2017, the Company recorded $1.5 million in compensation expense related to the RSAs, based on target levels. In future reporting periods, if management makes a determination that exceeding the threshold level is probable for fiscal 2020, an appropriate adjustment to compensation expense will be recorded in that period. In addition, if management makes a determination that it is not probable the Company will meet the threshold level for fiscal 2020, a reversal of compensation expense will be recorded in that period. The adjustments could be material to the financial statements. Please see Note 13, "Subsequent Events," for more information. Restricted Stock Units ("RSUs") In the first quarter of fiscal 2019, the Compensation Committee awarded 7,750 RSUs to Methode management. In the aggregate, the Company has granted 646,675 RSUs to key employees, of which 346,897 are still outstanding. The RSUs are subject to a vesting period, with 30% vested on April 28, 2018, 30% vesting on April 27, 2019 and 40% vesting on May 2, 2020. The total expense for the RSUs is expected to be $18.0 million through fiscal 2020. During the three months ended July 28, 2018, the Company recorded compensation expense of $0.1 million related to the RSUs. During the three months ended July 29, 2017, the Company recorded $1.5 million in compensation expense related to the RSUs. Director Awards During the first quarter of fiscal 2019, the Company issued 24,000 shares of common stock to our independent directors, all of which vested immediately upon grant. We recorded $0.9 million of compensation expense related to these shares during the three months ended July 28, 2018.

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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