Note 9 - Stock-based Compensation |
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Share-based Payment Arrangement [Text Block] |
Note –9 Stock-based Compensation
The Company has two incentive stock plans, the 2006 Omnibus Incentive Plan (the “2006 Plan”) and the 2014 Omnibus Equity Compensation Plan (the “2014 Plan”). As a result of the approval of the 2014 Plan by the Company's stockholders at the Company's 2014 annual meeting, grants may
no longer be issued under the 2006 Plan.The Company believes that awards of long-term, equity-based incentive compensation will attract and retain directors, officers and employees of the Company and will encourage these individuals to contribute to the successful performance of the Company, which will lead to the achievement of the Company's overall goal of increasing stockholder value. Awards granted under the 2014 Plan may be in the form of incentive stock options, non-qualified stock options, shares of restricted or unrestricted stock, stock units, stock appreciation rights, or other stock-based awards. Awards may be granted subject to the achievement of performance goals or other conditions, and certain awards may be payable in stock or cash, or a combination of the two. The 2014 Plan is administered by the Compensation Committee of the Board (the “Compensation Committee”), which selects eligible employees, non-employee directors and other individuals to participate in the 2014 Plan and determines the type, amount, duration (such duration not to exceed a term of ten (10 ) years for grants of options) and other terms of individual awards. At March 28, 2021,
183,000 shares of the Company's common stock were available for future issuance under the 2014 Plan, which may be issued from authorized and unissued shares of the Company's common stock or treasury shares.Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation – Stock Compensation , which requires stock-based compensation to be accounted for using a fair-value-based measurement. During fiscal years 2021 and 2020, the Company recorded $394,000 and $297,000 of stock-based compensation, respectively. The Company records the compensation expense associated with stock-based awards granted to individuals in the same expense classifications as the cash compensation paid to those same individuals. No stock-based compensation costs were capitalized as part of the cost of an asset as of March 28, 2021.
Stock Options: The following table represents stock option activity for fiscal years 2021 and 2020:
As of March 28, 2021, the intrinsic value of the outstanding and exercisable stock options was $668,000 and $139,000, respectively. The Company did not 2021 or 2020. Upon the exercise of stock options, participants may choose to surrender to the Company those shares from the option exercise necessary to satisfy the exercise amount and their income tax withholding obligations that arise from the option exercise. The effect on the cash flow of the Company from these “cashless” option exercises is that the Company remits cash on behalf of the participant to satisfy his or her income tax withholding obligations. The Company used cash to remit the required income tax withholding amounts from “cashless” option exercises of $162,000 and $3,000 during fiscal years 2021 and 2020, respectively. As of March 29, 2020,
none To determine the estimated fair value of stock options granted, the Company uses the Black-Scholes-Merton valuation formula, which is a closed-form model that uses an equation to estimate fair value. The following table sets forth the assumptions used to determine the fair value of the non-qualified stock options awarded to certain employees during fiscal years 2021 and 2020, which options vest over a two
For the fiscal years ended March 28, 2021 and March 29, 2020, the Company recognized compensation expense associated with stock options as follows (in thousands):
A summary of stock options outstanding and exercisable as of March 28, 2021 is as follows:
As of March 28, 2021, total unrecognized stock-option compensation costs amounted to $132,000, which will be recognized as the underlying stock options vest over a weighted-average period of 9.0 months. The amount of future stock-option compensation expense could be affected by any future stock option grants and by the separation from the Company of any employee or director who has stock options that are unvested as of such individual's separation date.Non-vested Stock Granted to Non-Employee Directors: The Board granted the following shares of non-vested stock to the Company's non-employee directors:
These shares vest over a two -year period, assuming continued service. The fair value of non-vested stock granted to the Company's non-employee directors was based on the closing price of the Company's common stock on the date of each grant. In August 2020 and August 2019,
37,256 and 28,000 shares that had been granted to the Company's non-employee directors vested, having an aggregate value on the respective vesting dates of $179,000 and $135,000, respectively.Non-vested Stock Granted to Employees: The Board granted the following shares of non-vested stock to certain of the Company's employees:
These shares vest on the second anniversary of each respective grant date, assuming continued service. The shares that were granted on January 18, 2019 vested on January 18, 2021, with such shares having an aggregate value on the vesting date of $182,000 .Performance Bonus Plan: On June 9, 2020, the Compensation Committee terminated the Company's 2012 Performance Bonus Plan (the “2012 Plan”). Under the 2012 Plan, certain executive officers were eligible to receive awards of shares of common stock in the event that the aggregate average market value of the common stock during the relevant fiscal year, plus the amount of cash dividends paid in respect of the common stock during such period, increased. These individuals may have instead been awarded cash, if and to the extent that an insufficient number of shares of common stock was available for issuance from all shareholder-approved, equity-based plans or programs of the Company then in effect. The 2012 Plan also imposed individual limits on awards and provided that shares of common stock that may have been awarded would vest over a two -year period. Thus, compensation expense associated with 2012 Plan awards were recognized over a three -year period – the fiscal year in which the award was earned, plus the two -year vesting period. There were no no March 28, 2021 or March 29, 2020 in connection with the 2012 Plan. During fiscal year 2020, 21,125 shares that had been granted during fiscal year 2018 vested, with such shares having an aggregate value of $109,000. Individuals holding shares that had vested surrendered to the Company the number of shares necessary to satisfy the income tax withholding obligations that arose from the vesting of the shares, and the Company remitted $17,000 to the appropriate taxing authorities on behalf of such individuals.For the fiscal years ended March 28, 2021 and March 29, 2020, the Company recognized compensation expense associated with non-vested stock grants, which is included in marketing and administrative expenses in the accompanying consolidated statements of income, as follows (in thousands):
As of March 28, 2021, total unrecognized compensation expense related to the Company's non-vested stock grants was $330,000, which will be recognized over the remaining portion of the respective vesting periods associated with each block of grants, such grants having a weighted average vesting term of 11.2 months. The amount of future compensation expense related to non-vested stock grants could be affected by any future non-vested stock grants and by the separation from the Company of any individual who has unvested grants as of such individual's separation date. |