The Company has reserved 10.5 million shares of its common stock for issuance upon exercise of options and other awards granted or to be granted under stock incentive plans for employees and for non-employee members of the Board of Directors (collectively, the “plans”). These awards generally vest and are expensed in equal annual amounts over three to five years. The plans provide that options be granted at exercise prices not less than the market value of the underlying common stock on the date the option is granted and options and share awards are adjusted for such changes as stock splits and stock dividends. Options are exercisable for periods of no more than seven years after date of grant. Upon exercise in the case of stock options, grant in the case of restricted stock or vesting in the case of performance based contingent stock and restricted stock unit grants, shares are issued out of available treasury shares. The Company’s current plan permits the granting of awards in the form of stock, stock appreciation rights, stock awards and cash awards in addition to stock options.

Total compensation expense related to stock options, restricted stock units, including those awards made to non-employee members of its Board of Directors, and stock performance awards for the years ended December 25, 2022, December 26, 2021 and December 27, 2020 was $81.3 million, $97.8 million and $49.7 million, respectively, and was recorded as follows:


(In millions)	2022		2021	2020

Product development	$	4.8	3.7	3.3
Selling, distribution and administration (a)	76.5		94.1	46.4
Total stock compensation expense before income taxes	81.3		97.8	49.7
Income tax benefit	9.0		10.2	5.3
Total stock compensation expense after income taxes	$	72.3	87.6	44.4

The following table represents total stock compensation expense, net of performance adjustments, by award type related to stock performance awards, restricted stock units, stock options and awards made to non-employee members of the Company’s Board of Directors, for the years ended December 25, 2022, December 26, 2021 and December 27, 2020:


(In millions)	2022		2021	2020
Stock performance awards	$	9.6	26.9	8.4
Restricted stock units	60.7		50.9	28.5
Stock options	8.9		18.4	11.0
Non-employee awards	2.1		1.6	1.8
Total stock compensation expense before income taxes	81.3		97.8	49.7
Income tax benefit	9.0		10.2	5.3
Total compensation expense after income taxes	$	72.3	87.6	44.4

In 2022, 2021 and 2020, as part of its annual equity grant to executive officers and certain other employees, the Company issued contingent stock performance awards (the “Stock Performance Awards”). These awards provide the recipients with the ability to earn shares of the Company’s common stock based on the Company’s achievement of stated cumulative operating performance targets over the three fiscal years ended December 2023, December 2022, and December 2022 for the 2022, 2021 and 2020 awards, respectively. Each Stock Performance Award granted in 2020 has a target number of shares of common stock associated with such award which may be earned by the recipient if the Company achieves the stated diluted earnings per share and revenue targets and for certain employees participating in the 2020 awards, the Stock Performance Awards include an additional target for the Company's return on invested capital. For the 2021 and 2022 awards, all employee awards will be measured on achieving diluted earnings per share, revenue and return on invested capital targets. The ultimate amount of the award may vary from 0% to 200% of the target number of shares, depending on the cumulative results achieved.


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	0.7		0.6	0.5
Granted	0.4		0.2	0.4
Forfeited	(0.1)		—	(0.1)
Canceled	—		(0.1)	(0.2)
Vested	(0.2)		—	—
Outstanding at end of year	0.8		0.7	0.6
Weighted average grant-date fair value:
Granted	$	88.77	96.06	56.49
Forfeited	$	80.77	—	80.31
Canceled	$	—	77.33	88.25
Vested	$	86.90	—	99.58
Outstanding at end of year	$	78.15	75.74	69.25

Stock Performance Awards are valued at the market value of the underlying common stock at the dates of grant and are expensed over the performance period. On a periodic basis, the Company reviews the actual and forecasted performance of the Company against the stated targets for each award. The total expense is adjusted upward or downward based on the expected number of shares to be issued as defined in the respective stock performance award agreement. If minimum targets as detailed under the award are not met, no additional compensation expense will be recognized and any previously recognized compensation expense will be reversed. During 2022, 2021 and 2020, the Company recognized expense, net of performance adjustments, of $9.6 million, $26.9 million and $8.4 million, respectively, relating to Stock Performance Awards. The expense recognized in 2021 included $7.6 million of additional stock expense associated with the contractual acceleration of outstanding performance share awards upon the passing of the Company's former CEO. At December 25, 2022, the amount of total unrecognized compensation cost related to these awards is approximately $26.5 million and the weighted average period over which this will be expensed is 22 months.

The Company, as part of its annual equity grant to executive officers and certain other employees, issues restricted stock or grants restricted stock units. These shares or units are nontransferable and subject to forfeiture for periods prescribed by the Company. These awards are valued at the market value of the underlying common stock at the date of grant and are subsequently amortized over the periods during which the restrictions lapse, generally three years. During 2022, 2021 and 2020, the Company recognized compensation expense, net of forfeitures, on these awards of $60.7 million, $50.9 million and $28.5 million, respectively. The expense recognized in 2021 included $6.0 million of additional stock expense associated with the contractual acceleration of outstanding restricted stock awards upon the passing of the Company's former CEO. At December 25, 2022, the amount of total unrecognized compensation cost related to restricted stock units is $61.8 million and the weighted average period over which this will be expensed is 23 months.


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	1.1		1.0	0.5
Granted	0.7		0.7	0.8
Forfeited	(0.1)		(0.1)	(0.1)
Vested	(0.5)		(0.5)	(0.2)
Outstanding at end of year	1.2		1.1	1.0
Weighted average grant-date fair value:
Granted	$	86.41	91.06	91.80
Forfeited	$	91.18	85.88	94.01
Vested	$	91.33	91.42	94.21
Outstanding at end of year	$	88.85	91.78	91.56


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	2.9		2.8	2.4
Granted	0.6		0.6	0.8
Exercised	(0.8)		(0.5)	(0.3)
Expired or forfeited	(0.9)		—	(0.1)
Outstanding at end of year	1.8		2.9	2.8
Exercisable at end of year	0.8		2.1	1.5
Weighted average exercise price:
Granted	$	94.89	90.31	96.79
Exercised	$	85.60	65.12	55.82
Expired or forfeited	$	97.16	95.59	94.32
Outstanding at end of year	$	93.62	92.15	88.16
Exercisable at end of year	$	92.95	92.05	82.80

With respect to the 1.8 million outstanding options and 0.8 million options exercisable at December 25, 2022, the weighted average remaining contractual life of these options was 4.61 years and 3.26 years, respectively, all of which have no intrinsic value.

and has been determined based on historical exercise experience. The weighted average fair value of options granted in fiscal 2022, 2021 and 2020 was $22.12, $21.30 and $18.58, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the fiscal years 2022, 2021 and 2020:

The intrinsic values, which represent the difference between the fair market value on the date of exercise and the exercise price of the option, for the options exercised in fiscal 2022, 2021 and 2020 were $13.6 million, $16.0 million and $9.7 million, respectively.

In 2022, 2021 and 2020, the Company granted 24,000, 17,000 and 30,000 shares of common stock, respectively, to its non-employee members of its Board of Directors. Of these shares, the receipt of 12,000 shares from the 2022 grant, 10,000 shares from the 2021 grant and 20,000 shares from the 2020 grant has been deferred to the date upon which the respective director ceases to be a member of the Company’s Board of Directors. These awards were valued at the market value of the underlying common stock at the date of grant and vested upon grant. In connection with these grants, compensation cost of $2.1 million was recorded in selling, distribution and administration expense in the year ended December 25, 2022, $1.6 million in the year ended December 26, 2021 and $1.8 million in the year December 27, 2020.