exercised, and the weighted average exercise price of these shares was $14.15. No options were exercised during fiscal 2021 or 2019.
On April 30, 2020, May 15, 2020, August 19, 2020 and February 8, 2021, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 165,000 stock options to select key employees. The grant date value of these stock options has been determined using the Black-Scholes-Merton pricing model, based upon facts and assumptions existing at the date of grant. Stock options granted have exercise prices equal to the market price of the Company’s stock on the grant date. The stock options vest 25% after one year and then 1/36 per month for the following three years.
On May 15, 2020, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 65,000 performance-based stock options to select key employees. The grant date value of these stock options has been determined using the Black-Scholes-Merton pricing model, based upon facts and assumptions existing at the date of grant. Stock options granted have exercise prices equal to the market price of the Company’s stock on the grant date. If certain performance-based milestones are met and the employee remains employed by the Company, the stock options vest 25% after one year and then 1/36 per month for the following three years.
Subsequent to the Company’s 2021 fiscal year end, on April 29, 2021, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 187,500 stock options to select key employees. The grant date value of these stock options has been determined using the Black-Scholes-Merton pricing model, based upon facts and assumptions existing at the date of grant. Stock options granted have exercise prices equal to the market price of the Company’s stock on the grant date. The stock options vest 25% after one year and then 1/36 per month for the following three years.
Team Member Stock Purchase Plan: The Company has a Team Member Stock Purchase Plan that permits eligible employees to purchase up to an aggregate of 450,000 shares of the Company's common stock at 85% of the lower of the market price on the first day of a six-month period or the market price on the last day of that same six-month period. Expenses incurred for the Team Member Stock Purchase Plan during the fiscal years ended March 28, 2021, March 29, 2020, and March 31, 2019 were $61,500, $78,400, and $82,600, respectively. During the fiscal years ended March 28, 2021, March 29, 2020, and March 31, 2019, 40,493, 34,829, and 19,183 shares were sold to employees under this plan, having a weighted average market value of $4.92, $7.51, and $14.54, respectively.
Note 16. Fair Value Disclosure
Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:
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Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, and quoted prices for identical or similar assets or liabilities in markets that are not active.
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Level 3: Unobservable inputs for the asset or liability that reflect the reporting entity’s own assumptions about the inputs used in pricing the asset or liability.
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As of March 28, 2021 and March 29, 2020, the Company has no assets or liabilities recorded at fair value.
The carrying amounts of cash and cash equivalents, trade accounts receivable, product inventory, trade accounts payable, accrued expenses, revolving credit facility, life insurance policies and other current liabilities approximate their fair values as of March 28, 2021 and March 29, 2020 due to their short-term nature.
Note 17. Supplemental Cash Flow Information
Cash paid for income taxes net of refunds, for fiscal years 2021, 2020, and 2019 totaled $21,000, $1,515,300, and $1,835,400, respectively. Cash paid for interest during fiscal years 2021, 2020, and 2019 totaled $952,700, $1,106,300, and $809,000, respectively. Interest capitalized during fiscal years 2021 and 2020 was $450,200 and $87,700, respectively. No interest was capitalized during fiscal year 2019.