v3.22.4
Note N - Share-based Compensation
9 Months Ended
Dec. 25, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE N – SHARE-BASED COMPENSATION

 

Total share-based compensation during each of the thirteen and thirty-nine week periods ended December 25, 2022 and December 26, 2021 was $65 and $8, and $81 and $66, respectively. As of December 25, 2022, there was $3,409 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately fifty-five months, which represents the weighted average remaining requisite service periods for such awards.

 

During the thirty-nine week period ended December 25, 2022, the Company granted 50,000 restricted stock units at a fair value of $67.59 per unit representing the closing price on the date of grant, which will be fully vested five years from the date of grant. The restricted stock units vest ratably over a five-year period as follows: 10,000 restricted stock units on December 8, 2023; 10,000 restricted stock units on December 8, 2024; 10,000 restricted stock units on December 8, 2025; 10,000 restricted stock units on December 8, 2026; and 10,000 restricted stock units on December 8, 2027.

 

The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands):

      

    Thirteen weeks ended     Thirty-nine weeks ended  
   

December 25,

2022

   

December 26,

2021

   

December 25,

2022

   

December 26,

2021

 
                                 

Stock options

  $ 8     $ 8     $ 24     $ 52  

Restricted stock units

    57       -       57       14  

Total compensation cost

  $ 65     $ 8     $ 81     $ 66  

 

 

Stock options:

 

There were no new share-based awards granted during the thirty-nine week period ended December 25, 2022.

 

Transactions with respect to stock options for the thirty-nine weeks ended December 25, 2022 are as follows:

 

           

Weighted-

   

Weighted-

   

Aggregate

 
           

Average

   

Average

   

Intrinsic

 
           

Exercise

   

Remaining

   

Value

 
   

Shares

   

Price

   

Contractual Life

   

(in thousands)

 
                                 
                                 

Options outstanding at March 27, 2022

    20,000     $ 79.20       2.92       -  

Granted

    -       -       -       -  

Exercised

    -       -       -       -  

Options outstanding at December 25, 2022

    20,000     $ 79.20       2.17       -  
                                 

Options exercisable at December 25, 2022

    12,500     $ 85.62       1.29       -  

 

Restricted stock units:

 

Transactions with respect to restricted stock units for the thirty-nine weeks ended December 25, 2022 are as follows:

 

           

Weighted-

 
           

Average

 
           

Grant-date

Fair value

 
   

Shares

   

Per share

 

Unvested restricted stock units at March 27, 2022

    --     $ --  

Granted

    50,000     $ 67.59  

Vested

    --     $ -  

Unvested restricted stock units at December 25, 2022

    50,000     $ 67.59