Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2022

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. Stock-based compensation expense is recorded in SG&A in the consolidated statement of income:

	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Equity-based awards expense
Stock options	$	1,973	$	2,959	$	2,000
Restricted stock awards	3,720		3,367		2,913
Restricted stock units issued to Directors	1,194		840		900
Performance-based shares	4,971		5,505		2,558
Total equity-based awards expense	11,858		12,671		8,371
Liability-based awards expense
Stock appreciation rights	(102)		375		(240)
Deferred stock units issued to Directors	(1,058)		1,437		(768)
Other (1)	29		66		26
Total liability-based awards expense (2)	(1,131)		1,878		(982)
Total stock-based compensation expense	$	10,727	$	14,549	$	7,389

(1)Includes restricted stock units and performance-based units.

(2)Compensation expense for these awards is based on the market price of our common stock on the grant date and is remeasured each reporting period based on the market value of our common shares on the last day of the reported period.

Fair Value Assumptions for Stock Options

The fair value of stock options granted during fiscal years 2022, 2021, and 2020 were calculated using the following assumptions:

	Grant Year
	Fiscal 2022		Fiscal 2021		Fiscal 2020		Assumption
Risk-free interest rate	0.82%		0.34%		2.19%		U.S. Treasury issues with term equal to expected life at grant date
Dividend rate	1.58%		—%		1.72%		Estimated future dividend rate and common share price at grant date
Expected life	5.0 years		5.0 years		5.0 years		Contractual term of stock option and expected employee exercise trends
Stock price volatility	42.16%		41.79%		34.27%		Historical volatility of our common shares
Fair value per option	$	12.29	$	10.06	$	7.94

Schedule of Plan Activity for Stock Options

Plan activity for stock options under the above plans was as follows:

	Number of Shares (In Thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term  (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at April 24, 2021	1,342	$	29.05	7.2	$	19,008
Granted	253	37.93		N/A	N/A
Canceled	(41)	29.92		N/A	N/A
Exercised	(38)	29.32		N/A	252
Outstanding at April 30, 2022	1,516	30.51		6.6	24
Exercisable at April 30, 2022	1,042	$	28.97	5.8	$	24

Summary of Information about Non-Vested Share Awards

The following table summarizes information about non-vested share awards as of and for the year ended April 30, 2022:

	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Non-vested shares at April 24, 2021	320	$	30.14
Granted	122	38.27
Vested	(120)	30.37
Canceled	(35)	30.48
Non-vested shares at April 30, 2022	287	33.45

Summary of Information about Performance-Based Shares Outstanding

The following table summarizes the performance-based shares outstanding at the maximum award amounts based upon the respective performance share agreements:

	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Outstanding shares at April 24, 2021	669	$	30.32
Granted	250	36.13
Vested	(130)	31.71
Unearned or canceled	(168)	30.65
Outstanding shares at April 30, 2022	621	32.28

Schedule of Equity-Based Compensation Expenses Related to Performance-Based Shares

Equity-based compensation expenses related to performance-based shares recognized in our consolidated statement of income were as follows (for the fiscal years ended):

	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Fiscal 2018 grant	$	—	$	—	$	611
Fiscal 2019 grant	—		1,545		996
Fiscal 2020 grant	1,066		2,051		951
Fiscal 2021 grant	2,195		1,909		—
Fiscal 2022 grant	1,710		—		—
Total expense	$	4,971	$	5,505	$	2,558