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Omnibus Incentive Plan
3 Months Ended
Nov. 27, 2021
Share-based Payment Arrangement [Abstract]  
Stock Option Plan Stock-based compensation includes stock options, restricted stock units, performance stock unit awards and stock appreciation rights, which are awarded to employees, directors, and consultants of the Company. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award based on their grant date fair value. Stock-based compensation expense is included within General and administrative expense, which is the same financial statement caption where the recipient’s other compensation is reported.    The Company recorded stock-based compensation expense of $2.6 million and $1.1 million in the thirteen weeks ended November 27, 2021 and November 28, 2020, respectively.
Stock Options

    The following table summarizes stock option activity for the thirteen weeks ended November 27, 2021:

Shares underlying optionsWeighted average
exercise price
Weighted average remaining contractual life (years)
Outstanding as of August 28, 20212,993,163 $16.31 
Granted138,479 40.88 
Exercised(19,804)13.83 
Forfeited(2,300)19.89 
Outstanding as of November 27, 20213,109,538 $17.42 6.73
Vested and expected to vest as of November 27, 20213,109,538 $17.42 6.73
Exercisable as of November 27, 20212,494,944 $14.13 6.10

    As of November 27, 2021, the Company had $6.5 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 2.3 years. During the thirteen weeks ended November 27, 2021 and November 28, 2020, the Company received $0.3 million and $0.2 million in cash from stock option exercises, respectively.

Restricted Stock Units

    The following table summarizes restricted stock unit activity for the thirteen weeks ended November 27, 2021:

UnitsWeighted average
grant-date fair value
Non-vested as of August 28, 2021496,334 $24.56 
Granted129,423 39.54 
Vested(139,459)22.13 
Forfeited(10,675)25.72 
Non-vested as of November 27, 2021475,623 $29.34 

    As of November 27, 2021, the Company had $12.1 million of total unrecognized compensation cost related to restricted stock units that will be recognized over a weighted average period of 2.0 years.

Performance Stock Units

    During the thirteen weeks ended November 27, 2021, the Board of Directors granted performance stock units under the Company’s equity compensation plan. Performance stock units vest in a range between 0% and 200% based upon certain performance criteria in a three-year period. Performance stock units were valued using a Monte Carlo simulation.

    The following table summarizes performance stock unit activity for the thirteen weeks ended November 27, 2021:

UnitsWeighted average
grant-date fair value
Non-vested as of August 28, 2021380,097 $19.31 
Granted50,212 63.42 
Vested(166,688)11.93 
Forfeited(6,350)16.48 
Non-vested as of November 27, 2021257,271 $32.77 

    As of November 27, 2021, the Company had $5.7 million of total unrecognized compensation cost related to performance stock units that will be recognized over a weighted average period of 1.8 years.
Stock Appreciation Rights

    Stock appreciation rights (“SARs”) permit the holder to participate in the appreciation of the Company’s common stock price and are awarded to non-employee, consultants of the Company. The Company’s SARs settle in shares of its common stock once the applicable vesting criteria has been met. SARs cliff vest three years from the date of grant and must be exercised within ten years.

    The following table summarizes SARs activity for the thirteen weeks ended November 27, 2021:

Shares underlying SARsWeighted average
exercise price
Weighted average remaining contractual life (years)
Outstanding as of August 28, 2021150,000 $24.20 
Granted— — 
Exercised— — 
Forfeited— — 
Outstanding as of November 27, 2021150,000 $24.20 7.93
Vested and expected to vest as of November 27, 2021150,000 $24.20 7.93
Exercisable as of November 27, 2021— $— 0.00

    As of November 27, 2021, the Company had $0.1 million of total unrecognized compensation cost related to its SARs that will be recognized over a weighted average period of 0.9 years.