Stock-Based Compensation (Tables)
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12 Months Ended |
Apr. 01, 2017 |
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| Stock-Based Compensation |
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| Schedule of assumptions used to determine fair value of stock options |
The fair values of stock options granted in fiscal 2017, 2016 and 2015 were estimated on the grant dates using the following assumptions:
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Fiscal Year Ended
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April 1,
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March 26,
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March 28,
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2017
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2016
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2015
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Expected option term(1)
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5.5
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years
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5.5
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years
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5.5
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years
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Expected volatility factor(2)
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35.8
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%
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-
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36.0
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%
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33.3
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%
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-
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36.7
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%
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37.0
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%
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-
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56.2
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%
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Risk-free interest rate(3)
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1.4
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%
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1.3
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%
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-
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1.8
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%
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1.4
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%
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-
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2.0
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%
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Expected annual dividend yield(4)
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0
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%
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0
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%
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0
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%
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(1)
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The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected life of the options using the simplified method. |
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(2)
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Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards. |
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(3)
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The risk‑free interest rate is determined using the rate on treasury securities with the same term. |
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(4)
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The Company’s board of directors does not plan to pay cash dividends in the foreseeable future. Consequently, we used an expected dividend yield of zero. |
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| Schedule of stock award activity |
The following table summarizes the stock award activity for the fiscal year ended April 1, 2017:
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Weighted
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Grant Date
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Average
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Weighted
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Remaining
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Aggregate
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Stock
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Average
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Contractual
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Intrinsic
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Options
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Exercise Price(1)
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Life (in Years)
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Value
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(in thousands)
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Outstanding at March 26, 2016
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2,447,133
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$
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9.87
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Granted
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560,892
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$
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7.38
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Exercised
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(210,177)
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$
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6.05
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$
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1,208
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Cancelled, forfeited or expired
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(254,188)
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$
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13.27
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Outstanding at April 1, 2017
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2,543,660
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$
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9.29
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5.9
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$
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6,475
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Vested and expected to vest after April 1, 2017
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2,543,660
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$
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9.29
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5.9
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$
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6,475
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Exerciseable at April 1, 2017
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1,395,160
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$
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7.64
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5.4
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$
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4,463
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(1)
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The grant date weighted-average exercise price reflects the reduction of the exercise price by $2.00 per share for the 1,918,550 unvested options that were part of the April 2014 dividend discussed above. |
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| Schedule of non-vested stock options |
A summary of the status of non-vested stock options as of April 1, 2017 and changes during fiscal 2017 is presented below:
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Weighted-
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Average
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Grant Date
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Shares
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Fair Value
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Nonvested at March 26, 2016
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1,335,103
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$
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5.82
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Granted
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560,892
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$
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2.60
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Vested
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(535,199)
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$
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4.41
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Nonvested shares forfeited
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(212,296)
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$
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6.16
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Nonvested at April 1, 2017
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1,148,500
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$
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4.84
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| CEO |
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| Stock-Based Compensation |
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| Schedule of assumptions used to determine fair value of stock options |
The following significant assumptions were used as of October 29, 2014:
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Stock price
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$
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16.00
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Exercise price
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$
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16.00
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Expected option term
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6.0
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years
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Expected volatility
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55.0
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%
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Risk-free interest rate
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1.8
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%
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Expected annual dividend yield
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0
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%
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