Stock-Based Compensation (Tables)

12 Months Ended

Apr. 25, 2015

Stock-Based Compensation

Stock-based compensation expense recognized in consolidated statement of income

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

(Amounts in thousands)	4/25/2015		4/26/2014		4/27/2013
Equity-based awards expense	$	6,780	$	8,739	$	11,458
Liability-based awards expense		4,597		5,736		2,170
Total stock-based compensation expense	$	11,377	$	14,475	$	13,628

Schedule of grants made during the period

The table below summarizes the grants made during fiscal 2015:

(Shares/units in thousands)	Shares/units granted	Liability/ Equity award	Settlement
Stock options	374	Equity	Common shares
Restricted stock	116	Equity	Common shares
Restricted stock units—directors	33	Equity	Common shares
Performance-based shares	192	Equity	Common shares

Schedule of plan activity for stock options

Plan activity for stock options under the above plans is 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 26, 2014		798		$	11.79		7.5	$	10,185
Granted		374			23.63
Exercised		(130	)		10.71			$	2,011
Outstanding at April 25, 2015		1,042		$	16.15		7.6	$	11,773
Exercisable at April 25, 2015		382		$	10.78		6.4	$	6,387

Fair value assumptions for stock options

We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. We estimate expected volatility based on the historical volatility of our common shares. We base the average expected life on the contractual term of the stock option and expected employee exercise trends. We base the risk-free rate on U.S. Treasury issues with a term equal to the expected life assumed at the date of the grant. The fair value of stock options granted during fiscal 2015, fiscal 2014, and fiscal 2013 were calculated using the following assumptions:

	4/25/2015			4/26/2014			4/27/2013
Risk-free interest rate		1.59	%		0.84	%		0.75	%
Dividend rate		1.00	%		0.84	%		0	%
Expected life in years		5.0			5.0			5.0
Stock price volatility		54.4	%		81.3	%		83.8	%
Fair value per share	$	10.45		$	11.63		$	7.87

Fair value assumptions for SARs

We granted SARs in each of the fiscal years ended April 26, 2014, and April 27, 2013. At April 25, 2015, we measured the fair value of the SARs granted during these fiscal years using the following assumptions:

	Fiscal 2014 grant			Fiscal 2013 grant
Risk-free interest rate		1.02	%		0.64	%
Dividend rate		1.16	%		1.16	%
Expected life in years		3.2			2.2
Stock price volatility		34.0	%		30.0	%
Fair value per share	$	10.24		$	15.09

Schedule of nonvested restricted stock award activity

The following table summarizes information about non-vested share awards as of and for the year ended April 25, 2015:

	Number of Shares (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested shares at April 26, 2014		102		$	7.77
Granted		116			23.68
Vested		(66	)		6.92
Canceled		(10	)		17.68
Non-vested shares at April 25, 2015		142		$	20.50

Schedule of nonvested restricted stock unit activity

The following table summarizes information about non-vested stock units as of and for the year ended April 25, 2015:

	Number of Units (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested units at April 26, 2014		221		$	15.90
Vested		(63	)		15.35
Canceled		(12	)		16.14
Non-vested units at April 25, 2015		146		$	16.12

Schedule of number of performance-based shares and units granted

Payout of these grants depends on our financial performance (80%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (20%). The performance award opportunity ranges from 50% of the employee's target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years. The number of performance-based units/shares granted were as follows:

Performance-based awards granted (Shares/units in thousands)	Number of Units		Number of Shares
Fiscal 2013 grant		146		133
Fiscal 2014 grant		35		191
Fiscal 2015 grant		—		192

Schedule of number of awards earned based on performance conditions

Based on our financial results for fiscal 2015, certain performance conditions were met for some of our outstanding performance-based awards. The number of awards earned based on performance conditions were as follows:

Performance-based awards earned (Shares/units in thousands)	Number of Shares/Units
Fiscal 2013 performance-based shares		171
Fiscal 2013 performance-based units		154
Fiscal 2014 performance-based shares		84
Fiscal 2014 performance-based units		14
Fiscal 2015 performance-based shares		49

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):

(Amounts in thousands)	4/25/2015		4/26/2014		4/27/2013
Fiscal 2011 grant	$	—	$	—	$	1,707
Fiscal 2012 grant		—		3,603		5,442
Fiscal 2013 grant		568		849		440
Fiscal 2014 grant		769		1,006		—
Fiscal 2015 grant		908		—		—