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v3.24.2

Stock-Based Compensation (Tables) | 12 Months Ended
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Apr. 28, 2024
Summary of Time Based Restricted Stock Unit Activity | The following table summarizes the time-based restricted stock unit activity during fiscal years 2024, 2023, and 2022:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Shares |  |  | Shares |  |  | Shares |
outstanding at beginning of year |  |  | 285,826 |  |  |  | 210,284 |  |  |  | 174,295 |
granted |  |  | 174,753 |  |  |  | 119,687 |  |  |  | 37,991 |
vested (1) |  |  | (151,652 | ) |  |  | (32,799 | ) |  |  | — |
forfeited |  |  | — |  |  |  | (11,346 | ) |  |  | (2,002 | )
outstanding at end of year |  |  | 308,927 |  |  |  | 285,826 |  |  |  | 210,284 |
(1) During fiscal 2024, time-based restricted stock units totaling 151,652 vested at a fair value of $857,000, or $5.65 per share. During fiscal 2023, time-based restricted stock units totaling 32,799 vested at a fair value of $167,000, or $5.10 per share.
Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units | The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted stock units granted to senior executives on January 8, 2024, September 28, 2023, August 10, 2022, and July 22, 2021:
|  | January 8, |  | September 28, |  | August 10, |  | July 22,
|  | 2024 |  | 2023 |  | 2022 |  | 2021
Closing price of our common stock |  | $ | 5.61 |  |  | $ | 5.59 |  |  | $ | 5.06 |  |  | $ | 14.75 |
Expected volatility of our common stock |  |  | 33.5 | % |  |  | 37.3 | % |  |  | 48.2 | % |  |  | 54.2 | %
Expected volatility of peer companies |  |  | 33.7% - 102.6 | % |  |  | 35.7% - 91.5 | % |  |  | 41.6% - 105.1 | % |  |  | 45.7% - 101.5 | %
Risk-free interest rate |  |  | 4.30 | % |  |  | 4.90 | % |  |  | 3.13 | % |  |  | 0.33 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 3.00 | %
Correlation coefficient of peer companies |  |  | 0.01 - 0.21 |  |  |  | 0.01 - 0.21 |  |  |  | 0.05 - 0.23 |  |  |  | 0.03 - 0.35 |
Summary of Grants of Common Stock to Outside Directors | The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2024, 2023, and 2022:
|  | Common |  |  | (1) |  |  |
|  | Stock |  |  | Price Per |  |  | Vesting
Date of Grant |  | Awarded |  |  | Share |  |  | Period
July 3, 2023 - Fiscal 2024 |  |  | 16,616 |  |  | $ | 5.04 |  |  | Immediate
April 3, 2023 - Fiscal 2023 |  |  | 15,832 |  |  | $ | 5.29 |  |  | Immediate
January 3, 2023 - Fiscal 2023 |  |  | 17,819 |  |  | $ | 4.70 |  |  | Immediate
October 3, 2022 - Fiscal 2023 |  |  | 18,326 |  |  | $ | 4.57 |  |  | Immediate
July 1, 2022 - Fiscal 2023 |  |  | 19,753 |  |  | $ | 4.24 |  |  | Immediate
April 1, 2022 - Fiscal 2022 |  |  | 10,562 |  |  | $ | 7.93 |  |  | Immediate
January 3, 2022 - Fiscal 2022 |  |  | 8,357 |  |  | $ | 10.02 |  |  | Immediate
October 1, 2021 - Fiscal 2022 |  |  | 6,426 |  |  | $ | 13.03 |  |  | Immediate
July 1, 2021 - Fiscal 2022 |  |  | 4,312 |  |  | $ | 16.24 |  |  | Immediate
(1) Price per share represents closing price of our common stock on the date of grant.
Performance Based Restricted Stock Units [Member] |
Summary of Vested Performance Based Restricted Stock Units | The following table summarizes information related to our performance-based restricted stock units that vested during fiscal 2023 and 2022:
|  |  |  |  | (3) |  |  | (4) |  |
|  | Common |  |  | Weighted |  |  | Weighted |  |
|  | Stock Shares |  |  | Average |  |  | Average Price |  |
Fiscal Year |  | Vested |  |  | Fair Value |  |  | Per Share |  |
Fiscal 2023 (1) |  |  | 545 |  |  | $ | 3 |  |  | $ | 5.10 |  |
Fiscal 2023 (2) |  |  | 437 |  |  | $ | 2 |  |  | $ | 5.10 |  |
Fiscal 2022 (1) |  |  | 5,051 |  |  | $ | 87 |  |  | $ | 17.14 |  |
Fiscal 2022 (2) |  |  | 5,812 |  |  | $ | 100 |  |  | $ | 17.14 |  |
(1) Performance-based restricted stock units vested for senior executives. (2) Performance-based restricted stock units vested for key employees. (3) Dollar amounts are in thousands. (4) Price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.
Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member] |
Summary of Grants of Time-Based Restricted Stock Unit Awards | The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management during fiscal years 2024, 2023, and 2022:
|  | Time-Based |  |  | (1) |  |  |
|  | Restricted |  |  | Price |  |  | Vesting
Date of Grant |  | Stock Awarded |  |  | Per Share |  |  | Period
January 8, 2024 (2) |  |  | 14,758 |  |  | $ | 5.61 |  |  | 31 months
September 28, 2023 (2) |  |  | 100,068 |  |  | $ | 5.59 |  |  | 34 months
September 28, 2023 (3) |  |  | 59,928 |  |  | $ | 5.59 |  |  | 1 year
September 6, 2022 (2) |  |  | 25,114 |  |  | $ | 4.58 |  |  | 2 to 3 years
August 10, 2022 (2) |  |  | 78,228 |  |  | $ | 5.06 |  |  | 3 years
July 22, 2021 (2) |  |  | 30,835 |  |  | $ | 14.75 |  |  | 3 years
(1) Price per share represents the closing price of our common stock on the date the respective award was granted. (2) Time-based restricted stock units awarded to senior executives and key employees. (3) Time-based restricted stock units award to outside directors.
Executive officers and key employees [Member] |
Summary of Grants of Performance Based Restricted Stock Units | The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that were unvested as of April 28, 2024:
|  | (3) |  |  | (4) |  |  |  |  |  |  |
|  | Performance-Based |  |  | Restricted Stock |  |  |  |  |  |  |
|  | Restricted Stock |  |  | Units Expected |  |  |  |  |  |  |
Date of Grant |  | Units Awarded |  |  | to Vest |  |  | Price Per Share |  |  |  | Vesting Period
January 8, 2024 (1) |  |  | 24,597 |  |  |  | 9,164 |  |  | $ | 6.23 |  | (5) |  | 31 months
September 28, 2023 (1) |  |  | 202,900 |  |  |  | — |  |  | $ | 6.43 |  | (6) |  | 34 months
August 10, 2022 (1) |  |  | 172,992 |  |  |  | — |  |  | $ | 5.77 |  | (7) |  | 3 years
July 22, 2021 (1) |  |  | 122,476 |  |  |  | — |  |  | $ | 15.93 |  | (8) |  | 3 years
July 22, 2021 (2) |  |  | 20,500 |  |  |  | — |  |  | $ | 14.75 |  | (9) |  | 3 years
(1) Performance-based restricted stock units awarded to certain senior executives. (2) Performance-based restricted stock units awarded to key employees. (3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit award agreements as of the date of grant. (4) Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that are expected to vest as of April 28, 2024. (5) Price per share represents the fair market value per share ($1.11 per $1, or an increase of $0.62 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($5.61) for the performance-based component of the performance-based restricted stock units granted to senior executives on January 8, 2024. (6) Price per share represents the fair market value per share ($1.15 per $1, or an increase of $0.84 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($5.59) for the performance-based component of the performance-based restricted stock units granted to senior executives on September 28, 2023. (7) Price per share represents the fair market value per share ($1.14 per $1, or an increase of $0.71 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($5.06) for the performance-based component of the performance-based restricted stock units granted to senior executives on August 10, 2022. (8) Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($14.75) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 22, 2021. (9) Price per share represents the closing price of our common stock on the date of grant.

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