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STOCK OPTION AND BENEFIT PLANS (Tables) | 12 Months Ended
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Jul. 03, 2021
Share-based Payment Arrangement [Abstract] |
Grant Date Fair Value for Awards Estimated Using Option Valuation Method with Weighted Average Assumptions | On July 23, 2020, the Company granted 155,000 SARs under the 2010 Incentive Plan to certain key employees and outside directors at a strike price of $6.94 and a grant date fair value of $2.32. As of July 3, 2021, 150,000 remain outstanding. The grant date fair value for the awards granted during fiscal year 2021, were estimated using the Black Scholes option valuation method with the following weighted average assumptions as of July 23, 2020:
| Fiscal Year 2021
| July 23, 2020
Expected dividend yield | —%
Risk – free interest rate | 0.17%
Expected volatility | 42.85%
Expected life | 4.00
On July 26, 2019, the Company granted 175,000 SARs under the 2010 Incentive Plan to certain key employees and outside directors at a strike price of $4.93 and a grant date fair value of $1.23. As of July 3, 2021, 140,000 remain outstanding. The grant date fair value for the awards granted during fiscal year 2020, were estimated using the Black Scholes option valuation method with the following weighted average assumptions as of July 26, 2019:
| Fiscal Year 2020
| July 26, 2019
Expected dividend yield | —%
Risk – free interest rate | 1.54%
Expected volatility | 28.50%
Expected life | 4.00
On July 27, 2018, the Company granted 161,250 SARs under the 2010 Incentive Plan to certain key employees and outside directors at a strike price of $8.17 and a grant date fair value of $2.27. As of July 3, 2021, 116,250 remain outstanding. The grant date fair value for the awards granted during fiscal year 2019, were estimated using the Black Scholes option valuation method with the following weighted average assumptions as of July 27, 2018:
| Fiscal Year 2019
| July 27, 2018
Expected dividend yield | —%
Risk – free interest rate | 2.80%
Expected volatility | 29.75%
Expected life | 4.00
Summarizes Option/SARs Activity of All Plans | The following table summarizes the Company’s Options and SARs activity for all plans from July 1, 2018 through July 3, 2021:
| SARs Available For Grant |  | SARs Outstanding |  | Aggregate Intrinsic Value (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years)
Balances, July 1, 2018 | 404,335 |  |  | 1,074,999 |  |  | $ | 79 |  |  | $ | 8.90 |  |  | 2.3
Shares authorized | — |  |  |  |  |  |  | — |  |  |
SARs granted | (161,250) |  |  | 161,250 |  |  |  |  | 8.17 |  |  |
SARs forfeited | 250,833 |  |  | (250,833) |  |  |  |  | 10.59 |  |  |
SARs exercised | — |  |  | — |  |  | — |  |  | — |  |  |
Balances June 30, 2019 | 493,918 |  |  | 985,416 |  |  | $ | — |  |  | $ | 8.35 |  |  | 1.7
Shares authorized | — |  |  |  |  |  |  | — |  |  |
SARs granted | (175,000) |  |  | 175,000 |  |  |  |  | 4.93 |  |  |
SARs forfeited | 290,833 |  |  | (290,833) |  |  |  |  | 7.71 |  |  |
SARs exercised | — |  |  | — |  |  | — |  |  | — |  |  |
Balances, June 27, 2020 | 609,751 |  |  | 869,583 |  |  | $ | — |  |  | $ | 7.87 |  |  | 1.9
Shares authorized | — |  |  |  |  |  |  | — |  |  |
SARs granted | (155,000) |  |  | 155,000 |  |  |  |  | 6.94 |  |  |
SARs forfeited | 213,333 |  |  | (213,333) |  |  |  |  | 9.88 |  |  |
SARs exercised | 20,000 |  |  | (20,000) |  |  | — |  |  | 7.72 |  |  |
Balances, July 3, 2021 | 688,084 |  |  | 791,250 |  |  | $ | — |  |  | $ | 7.15 |  |  | 1.9
Exercisable at July 3, 2021 |  |  | 385,000 |  |  | $ | — |  |  | $ | 7.73 |  |  | 0.6
Additional Information Regarding Options Outstanding | Additional information regarding SARs outstanding and exercisable as of July 3, 2021, is as follows:
Range of Exercise Prices |  | Number Outstanding |  | Weighted Avg. Remaining Contractual Life (yrs.) |  | Weighted Avg. Exercise Price |  | Number Exercisable |  | Weighted Avg. Exercise Price
$4.40 – $7.90 |  | 477,500 |  |  | 2.6 |  | $ | 6.48 |  |  | 187,500 |  |  | $ | 7.26 |
7.91 – 9.91 |  | 313,750 |  |  | 0.3 |  | 8.17 |  |  | 197,500 |  |  | 8.17 |
$4.40 to $11.34 |  | 791,250 |  |  | 1.9 |  | $ | 7.15 |  |  | 385,000 |  |  | $ | 7.73 |

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