XML 123 R23.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Note 16 - Stock-based Compensation | 12 Months Ended
--- | ---
Jun. 28, 2015
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 fiscal years 2015, 2014 and 2013, the Company granted stock options to purchase 150, 97 and 138 shares of stock, respectively, to certain key employees. The stock options vest ratably over the required three-year service period and have ten-year contractual terms. For the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, the weighted average exercise price of the options granted was $27.38, $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 $17.31, $14.66 and $7.28 per share, respectively. For options granted, the valuation models used the following assumptions:
|  | For the Fiscal Years Ended |
|  | June 28, 2015 |  |  | June 29, 2014 |  |  | June 30, 2013 |
Expected term (years) |  |  | 7.3 |  |  |  | 7.4 |  |  |  | 7.5 |
Risk-free interest rate |  |  | 2.2% |  |  |  | 2.1% |  |  |  | 1.0% |
Volatility |  |  | 62.6% |  |  |  | 65.9% |  |  |  | 66.9% |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
The Company uses historical data to estimate the expected term and volatility. 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 fiscal year ended June 28, 2015 is as follows:
|  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at June 29, 2014 |  |  | 800 |  |  | $ | 9.77 |  |  |  |  |  |  |  |  |
Granted |  |  | 150 |  |  | $ | 27.38 |  |  |  |  |  |  |  |  |
Exercised |  |  | (11 | ) |  | $ | 8.48 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (5 | ) |  | $ | 9.14 |  |  |  |  |  |  |  |  |
Expired |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding at June 28, 2015 |  |  | 934 |  |  | $ | 12.63 |  |  |  | 5.6 |  |  | $ | 19,507 |
Vested and expected to vest as of June 28, 2015 |  |  | 926 |  |  | $ | 12.53 |  |  |  | 5.6 |  |  | $ | 19,439 |
Exercisable at June 28, 2015 |  |  | 685 |  |  | $ | 8.61 |  |  |  | 4.5 |  |  | $ | 17,059 |
As of June 28, 2015, all options subject to a market condition were vested. During fiscal year 2015, 10 options subject to a market condition vested when the closing price of the Company’s common stock on the New York Stock Exchange was at least $30 per share for thirty consecutive trading days. At June 28, 2015, the remaining unrecognized compensation cost related to the unvested stock options was $1,266, which is expected to be recognized over a weighted average period of 1.9 years. For the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, the total intrinsic value of options exercised was $190, $12,963 and $1,937, respectively. The amount of cash received from the exercise of options was $95, $3,136 and $1,298 for the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, respectively. The tax benefit realized from stock options exercised was $73, $4,934 and $680 for the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, respectively. Restricted stock units During fiscal years 2014 and 2013, the Company granted 22 and 32 restricted stock units (“RSUs”), respectively, to certain key employees. The employee RSUs are subject to a vesting restriction and convey no rights of ownership in shares of Company stock until such employee RSUs have vested and been distributed to the grantee in the form of Company stock. The employee 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 employee 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 employee RSUs granted during fiscal years 2014 and 2013 to be $22.08 and $11.23 per employee RSU, respectively. During fiscal years 2015, 2014 and 2013, the Company granted 17, 25 and 30 RSUs, respectively, to the Company’s non-employee directors. The director RSUs became fully vested on the grant date. The director RSUs convey no rights of ownership in shares of Company stock until such director RSUs have been distributed to the grantee in the form of Company stock. The vested director 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 director RSUs granted during fiscal years 2015, 2014 and 2013 to be $28.58, $23.23 and $13.57 per director 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 fiscal year ended June 28, 2015 is as follows:
|  | Non-vested |  |  | Weighted Average Grant Date Fair Value |  |  | Vested |  |  | Total |  |  | Weighted Average Grant Date Fair Value |
Outstanding at June 29, 2014 |  |  | 49 |  |  | $ | 16.11 |  |  |  | 152 |  |  |  | 201 |  |  | $ | 14.19 |
Granted |  |  | 17 |  |  | $ | 28.58 |  |  |  | — |  |  |  | 17 |  |  | $ | 28.58 |
Vested |  |  | (46 | ) |  | $ | 19.86 |  |  |  | 46 |  |  |  | — |  |  | $ | 19.86 |
Converted |  |  | — |  |  | $ | — |  |  |  | (31 | ) |  |  | (31 | ) |  | $ | 15.30 |
Forfeited |  |  | — |  |  | $ | — |  |  |  | — |  |  |  | — |  |  | $ | — |
Outstanding at June 28, 2015 |  |  | 20 |  |  | $ | 18.35 |  |  |  | 167 |  |  |  | 187 |  |  | $ | 15.35 |
At June 28, 2015, the number of RSUs vested and expected to vest was 187, with an aggregate intrinsic value of $6,292. The aggregate intrinsic value of the 167 vested RSUs at June 28, 2015 was $5,593. The remaining unrecognized compensation cost related to the unvested RSUs at June 28, 2015 is $61, which is expected to be recognized over a weighted average period of 1 year. For the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, the total intrinsic value of RSUs converted was $958, $696 and $114, respectively. The tax benefit realized from the conversion of RSUs was $373, $275 and $45 for the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, respectively. Summary The total cost charged against income related to all stock-based compensation arrangements was as follows:
|  | For the Fiscal Years Ended |
|  | June 28, 2015 |  |  | June 29, 2014 |  |  | June 30, 2013 |
Stock options |  | $ | 1,955 |  |  | $ | 1,001 |  |  | $ | 847 |
RSUs |  |  | 676 |  |  |  | 938 |  |  |  | 686 |
Total compensation cost |  | $ | 2,631 |  |  | $ | 1,939 |  |  | $ | 1,533 |
The total income tax benefit recognized for stock-based compensation was $623, $513 and $381 for fiscal years 2015, 2014 and 2013, respectively. As of June 28, 2015, total unrecognized compensation costs related to all unvested stock-based compensation arrangements was $1,327. The weighted average period over which these costs are expected to be recognized is 1.8 years. As of June 28, 2015, a summary of the number of securities remaining 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 |  |  | 1 |
Less: Service condition options granted |  |  | (155 | )
Less: RSUs granted to non-employee directors |  |  | (42 | )
Available for issuance under the 2013 Plan |  |  | 804 |

X
- 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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 3: 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 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 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration