Stock-Based Compensation (Tables)

3 Months Ended

Jul. 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 in our consolidated statement of income:

	Quarter Ended
(Unaudited, amounts in thousands)	7/30/2022		7/24/2021
Equity-based awards expense	$	1,417	$	2,460
Liability-based awards expense (1)	128		(684)
Total stock-based compensation expense	$	1,545	$	1,776

(1)Liability-based awards are comprised primarily of deferred stock units granted to non-employee directors. 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 the first quarter of fiscal 2023 was calculated using the following assumptions:

(Unaudited)	Fiscal 2023 grant		Assumption
Risk-free interest rate	2.87%		U.S. Treasury issues with term equal to expected life at grant date
Dividend rate	2.70%		Estimated future dividend rate and common share price at grant date
Expected life	5.0 years		Contractual term of stock option and expected employee exercise trends
Stock price volatility	42.78%		Historical volatility of our common shares
Fair value per option	$	7.90