Stock-Based Compensation (Tables)

9 Months Ended

Jan. 23, 2021

Share-based Payment Arrangement [Abstract]

Summary of total stock-based compensation expense

The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income:

	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		01/23/21		01/25/20
Equity-based awards expense	$	2,948	$	2,528	$	9,115	$	7,235
Liability-based awards expense	587		(303)		1,925		37
Total stock-based compensation expense	$	3,535	$	2,225	$	11,040	$	7,272

Fair value assumptions for stock options

The fair value of stock options granted during the first quarter of fiscal 2021 was calculated using the following assumptions:

(Unaudited)	Fiscal 2021 grant			Assumption
Risk-free interest rate	0.34		%	U.S. Treasury issues with term equal to expected life at grant date
Dividend rate	0		%	Estimated future dividend rate and common share price at grant date
Expected life	5 years			Contractual term of stock option and expected employee exercise trends
Stock price volatility	41.79		%	Historical volatility of our common shares
Fair value per share	$	10.06