We provide compensation benefits by issuing unrestricted stock, restricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units). In 2015, we issued time-lapse restricted stock units, EPS performance restricted stock units, TSR performance restricted stock units and special performance restricted stock units. We did not issue strategic performance restricted stock units in 2015. In previous years, we also issued stock options and stock appreciation rights.

Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $15 and $9 for the three-month periods ended May 3, 2015, and April 27, 2014, respectively. Tax-related benefits of $6 and $3 were also recognized for the three-month periods ended May 3, 2015, and April 27, 2014, respectively. Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $46 and $45 for the nine-month periods ended May 3, 2015, and April 27, 2014, respectively. The pre-tax stock-based compensation expense recognized in Earnings from discontinued operations was $1 for the nine-month period ended April 27, 2014. Tax-related benefits of $17 were also recognized for the nine-month periods ended May 3, 2015, and April 27, 2014. Cash received from the exercise of stock options was $9 and $14 for the nine-month periods ended May 3, 2015, and April 27, 2014, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows.

The following table summarizes stock option activity as of May 3, 2015:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(Options in thousands)				(In years)
Outstanding at August 3, 2014	408		$	28.33
Granted	—		$	—
Exercised	(310	)	$	27.85
Terminated	(3	)	$	26.36
Outstanding at May 3, 2015	95		$	29.91	0.7	$	1
Exercisable at May 3, 2015	95		$	29.91	0.7	$	1

The total intrinsic value of options exercised during the nine-month periods ended May 3, 2015, and April 27, 2014, was $5 and $8, respectively. As of January 2009, compensation related to stock options was fully expensed. We measured the fair value of stock options using the Black-Scholes option pricing model.

The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units as of May 3, 2015:



	Units		Weighted- Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 3, 2014	2,994		$	37.69
Granted	1,080		$	42.43
Vested	(1,257	)	$	35.62
Forfeited	(419	)	$	36.53
Nonvested at May 3, 2015	2,398		$	41.11

We determine the fair value of time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We expense EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. There were 252 thousand EPS performance target grants outstanding at May 3, 2015, with a weighted-average grant-date fair value of $40.72. We expense strategic performance restricted stock units on a straight-line basis over the service period. Awards of the strategic performance restricted stock units are earned based upon the achievement of two key metrics, net sales and EPS growth, compared to strategic plan objectives during a two-year period for grants in 2013 and during a three-year period for grants in 2014. There were 373 thousand strategic performance target grants outstanding at May 3, 2015 with a grant-date fair value of $41.21. The actual number of EPS performance restricted stock units and strategic performance restricted stock units issued at the vesting date could range from either 0% or 100% and 0% to 200%, respectively, of the initial grant, depending on actual performance achieved. We estimate expense based on the number of awards expected to vest.

In 2015, we issued special performance restricted stock units for which vesting is contingent upon meeting various financial goals and performance milestones to support innovation and growth initiatives. These awards vest over a period of 2 years and are included in the table above. The actual number of special performance awards issued at the vesting date could range from 0% to 150%. There were 184 thousand special performance restricted stock units outstanding at May 3, 2015, with a grant-date fair value of $42.22.

As of May 3, 2015, total remaining unearned compensation related to nonvested time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units was $38, which will be amortized over the weighted-average remaining service period of 1.7 years. The fair value of restricted stock units vested during the nine-month periods ended May 3, 2015, and April 27, 2014, was $54 and $105, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended April 27, 2014, was $39.83.

The following table summarizes TSR performance restricted stock units as of May 3, 2015:



	Units		Weighted- Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 3, 2014	861		$	38.15
Granted	874		$	43.39
Vested	—		$	—
Forfeited	(93	)	$	40.90
Nonvested at May 3, 2015	1,642		$	40.78

We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Assumptions used in the Monte Carlo simulation were as follows:



	2015	2014
Risk-free interest rate	0.97%	0.60%
Expected dividend yield	2.91%	2.98%
Expected volatility	16.20%	15.76%
Expected term	3 years	3 years

We recognize compensation expense on a straight-line basis over the service period. As of May 3, 2015, total remaining unearned compensation related to TSR performance restricted stock units was $32, which will be amortized over the weighted-average remaining service period of 2.1 years. There were no restricted stock units granted during 2012. The grant-date fair value of the TSR performance restricted stock units granted during 2014 was $36.26.

The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from financing activities for the nine-month periods ended May 3, 2015, and April 27, 2014, were $5 and $11, respectively.