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Stock-Based Compensation (Tables)
 12 Months Ended
Apr. 29, 2023
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
(52 weeks)(53 weeks)(52 weeks)
(Amounts in thousands)4/29/20234/30/20224/24/2021
Equity-based awards expense
Stock options $2,076 $1,973 $2,959 
Restricted stock5,069 3,720 3,367 
Restricted stock units issued to Directors1,020 1,194 840 
Performance-based shares4,293 4,971 5,505 
Total equity-based awards expense12,458 11,858 12,671 
Liability-based awards expense (1)
162 (1,131)1,878 
Total stock-based compensation expense$12,620 $10,727 $14,549 
(1)Includes stock appreciation rights, deferred stock units issued to Directors, restricted stock units, and performance-based units. 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 2023, 2022, and 2021 were calculated using the following assumptions:
Grant Year
Fiscal 2023
Fiscal 2022
Fiscal 2021
Assumption
Risk-free interest rate2.87%0.82%0.34%U.S. Treasury issues with term equal to expected life at grant date
Dividend rate2.70%1.58%—%Estimated future dividend rate and common share price at grant date
Expected life5.0 years5.0 years5.0 yearsContractual term of stock option and expected employee exercise trends
Stock price volatility42.78%42.16%41.79%Historical volatility of our common shares
Fair value per option$7.90 $12.29 $10.06 
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 30, 20221,516 $30.51 6.6$24 
Granted318 24.41 N/AN/A
Canceled(37)30.46 N/AN/A
Exercised(176)26.64 N/A1,047 
Outstanding at April 29, 20231,621 29.73 6.72,175 
Exercisable at April 29, 20231,076 $30.15 5.7$776 
Summary of Information about Non-Vested Share Awards
The following table summarizes information about non-vested awards as of and for the year ended April 29, 2023:

 
Shares or Units
(In Thousands)
Weighted Average Grant Date Fair Value
Non-vested awards at April 30, 2022287 $33.45 
Granted256 24.58 
Vested(107)32.81 
Canceled(43)31.15 
Non-vested awards at April 29, 2023393 28.10 
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 30, 2022621 $32.28 
Granted482 24.41 
Vested(122)28.68 
Unearned or canceled(218)30.21 
Outstanding shares at April 29, 2023763 28.47 
Schedule of Equity-Based Compensation Expenses Related to Performance-Based Shares Equity-based compensation expenses related to performance-based shares recognized in our consolidated statement of income were as follows (for the fiscal years ended):
Fiscal Year Ended
(52 weeks)(53 weeks)(52 weeks)
(Amounts in thousands)4/29/20234/30/20224/24/2021
Fiscal 2019 grant$— $— $1,545 
Fiscal 2020 grant— 1,066 2,051 
Fiscal 2021 grant548 2,195 1,909 
Fiscal 2022 grant1,649 1,710 — 
Fiscal 2023 grant2,096 — — 
Total expense$4,293 $4,971 $5,505