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Note 16 - Stock Based Compensation | 9 Months Ended
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Mar. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. Stock Based Compensation On October 23, 2013, the Company’s shareholders approved the Unifi, Inc. 2013 Incentive Compensation Plan (the “2013 Plan”). The 2013 Plan replaced the 2008 Unifi, Inc. Long-Term Incentive Plan (“2008 LTIP”). No additional awards will be granted under the 2008 LTIP; however, prior awards outstanding under the 2008 LTIP remain subject to that plan’s provisions. The 2013 Plan authorized the issuance of 1,000 shares of common stock, subject to certain increases in the event outstanding awards under the 2008 LTIP expire, are forfeited or otherwise terminate unexercised. Stock options During the nine months ended March 30, 2014 and March 24, 2013, the Company granted stock options to purchase 97 and 138 shares of common stock, respectively, to certain key employees. The stock options vest ratably over the required three year service period. For the nine months ended March 30, 2014 and March 24, 2013, the weighted average exercise price of the options granted was $22.31 and $11.15 per share, respectively. The Company used the Black-Scholes model to estimate the weighted average grant date fair value of $14.66 and $7.28 per share, respectively. The valuation models used the following assumptions:
|  | For the Nine Months Ended |
|  | March 30, 2014 |  |  | March 24, 2013 |
Expected term (years) |  |  | 7.4 |  |  |  | 7.5 |
Interest rate |  |  | 2.1% |  |  |  | 1.0% |
Volatility |  |  | 65.9% |  |  |  | 66.9% |
Dividend yield |  |  | — |  |  |  | — |
The Company uses historical data to estimate the expected term, volatility and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for periods corresponding with the expected term of the options. A summary of stock option activity for the nine months ended March 30, 2014 is as follows:
|  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at June 30, 2013 |  |  | 1,541 |  |  | $ | 8.41 |  |  |  |  |  |  |  |  |
Granted |  |  | 97 |  |  | $ | 22.31 |  |  |  |  |  |  |  |  |
Exercised |  |  | (788 | ) |  | $ | 8.41 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (33 | ) |  | $ | 13.69 |  |  |  |  |  |  |  |  |
Expired |  |  | (7 | ) |  | $ | 20.55 |  |  |  |  |  |  |  |  |
Outstanding at March 30, 2014 |  |  | 810 |  |  | $ | 9.75 |  |  |  | 6.1 |  |  | $ | 10,364 |
Vested and expected to vest as of March 30, 2014 |  |  | 805 |  |  | $ | 9.71 |  |  |  | 6.1 |  |  | $ | 10,343 |
Exercisable at March 30, 2014 |  |  | 598 |  |  | $ | 7.56 |  |  |  | 5.3 |  |  | $ | 8,952 |
At March 30, 2014, the remaining unrecognized compensation cost related to unvested stock options was $989, which is expected to be recognized over a weighted average period of 2.1 years. For the nine month periods ended March 30, 2014 and March 24, 2013, the total intrinsic value of options exercised was $12,826, and $123, respectively. The amount of cash received from the exercise of options was $3,056 and $78 for the nine month periods ended March 30, 2014 and March 24, 2013, respectively. The tax benefit realized from stock options exercised was $4,930 and $20 for the nine month periods ended March 30, 2014 and March 24, 2013, respectively. During the second quarter of the 2014 fiscal year, the Company received and retired 134 shares of its common stock, with a fair value of $3,583, tendered in lieu of cash for the exercise of stock options. Restricted stock units During the nine months ended March 30, 2014 and March 24, 2013, the Company granted 22 and 32 restricted stock units (“RSUs”), respectively, to certain key employees. The RSUs are subject to a vesting restriction and convey no rights of ownership in shares of Company stock until such RSUs have vested and been distributed to the grantee in the form of Company stock. The RSUs vest over a three year period, and will be converted into an equivalent number of shares of stock (for distribution to the grantee) on each vesting date, unless the grantee has elected to defer the receipt of the shares of stock until separation from service. If, after the first anniversary of the grant date and prior to the final vesting date, the grantee has a separation from service without cause for any reason other than the employee’s resignation, the remaining unvested RSUs will become fully vested and will be converted to an equivalent number of shares of stock and issued to the grantee. The Company estimated the fair value of the awards granted during the nine months ended March 30, 2014 and March 24, 2013 to be $22.08 and $11.23 per RSU, respectively. During the nine months ended March 30, 2014 and March 24, 2013, the Company granted 25 and 30 RSUs, respectively, to the Company’s non-employee directors. The RSUs became fully vested on the grant date. The RSUs convey no rights of ownership in shares of Company stock until such RSUs have been distributed to the grantee in the form of Company stock. The vested RSUs will be converted into an equivalent number of shares of Company common stock and distributed to the grantee following the grantee’s termination of service as a member of the Board. The grantee may elect to defer receipt of the shares of stock in accordance with the deferral options provided under the Unifi, Inc. Director Deferred Compensation Plan. The Company estimated the fair value of the awards granted during the nine months ended March 30, 2014 and March 24, 2013 to be $23.23 and $13.57 per RSU, respectively. The Company estimates the fair value of RSUs based on the market price of the Company’s common stock at the award grant date. A summary of the RSU activity for the nine months ended March 30, 2014 is as follows:
|  | Non-vested |  |  | Weighted Average Grant Date Fair Value |  |  | Vested |  |  | Total |  |  | Weighted Average Grant Date Fair Value |
Outstanding at June 30, 2013 |  |  | 75 |  |  | $ | 11.94 |  |  |  | 112 |  |  |  | 187 |  |  | $ | 11.78 |
Granted |  |  | 47 |  |  | $ | 22.68 |  |  |  | — |  |  |  | 47 |  |  | $ | 22.68 |
Vested |  |  | (71 | ) |  | $ | 15.96 |  |  |  | 71 |  |  |  | — |  |  | $ | 15.96 |
Converted |  |  | — |  |  | $ | — |  |  |  | (31 | ) |  |  | (31 | ) |  | $ | 12.06 |
Forfeited |  |  | (2 | ) |  | $ | 22.08 |  |  |  | — |  |  |  | (2 | ) |  | $ | 22.08 |
Outstanding at March 30, 2014 |  |  | 49 |  |  | $ | 16.11 |  |  |  | 152 |  |  |  | 201 |  |  | $ | 14.19 |
At March 30, 2014, the number of RSUs vested and expected to vest was 201, with an aggregate intrinsic value of $4,535. The aggregate intrinsic value of the 152 vested RSUs at March 30, 2014 was $3,427. The remaining unrecognized compensation cost related to the unvested RSUs at March 30, 2014 is $320, which is expected to be recognized over a weighted average period of 2.2 years. For the nine month periods ended March 30, 2014 and March 24, 2013, the total intrinsic value of RSUs converted was $696 and $114, respectively. The tax benefit realized from the conversion of RSUs was $275 and $45 for the nine months ended March 30, 2014 and March 24, 2013, respectively. Summary The total cost charged against income related to all stock-based compensation arrangements was as follows:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | March 30, 2014 |  |  | March 24, 2013 |  |  | March 30, 2014 |  |  | March 24, 2013 |
Stock options |  | $ | 280 |  |  | $ | 217 |  |  | $ | 718 |  |  | $ | 676 |
RSUs |  |  | 82 |  |  |  | 50 |  |  |  | 855 |  |  |  | 611 |
Total compensation cost |  | $ | 362 |  |  | $ | 267 |  |  | $ | 1,573 |  |  | $ | 1,287 |
The total income tax benefit recognized for stock based compensation was $444 and $329 for the nine months ended March 30, 2014 and March 24, 2013, respectively. As of March 30, 2014, a summary of the number of securities currently available for future issuance under equity compensation plans is as follows:
Authorized under the 2013 Plan |  |  | 1,000 |
Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP |  |  | — |
Less: Service condition options granted |  |  | (5 | )
Less: RSUs granted to non-employee directors |  |  | (25 | )
Available for issuance under the 2013 Plan |  |  | 970 |

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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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