Stock-Based Compensation (Tables)

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

	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/25/14		10/26/13		10/25/14		10/26/13
Equity-based awards expense	$	2,037	$	2,478	$	5,047	$	5,671
Liability-based awards expense	821		1,886		373		3,790
Total stock-based compensation expense	$	2,858	$	4,364	$	5,420	$	9,461

The table below summarizes the grants we made during the first six months of fiscal 2015:

(Unaudited, shares/units in thousands)	Shares/units granted	Liability/ Equity award	Settlement
Stock options	374	Equity	Common shares
Restricted stock	103	Equity	Common shares
Restricted stock units — directors	33	Equity	Common shares
Performance-based shares	192	Equity	Common shares

The fair value of stock options granted during the first quarter of fiscal 2015 using the following assumptions:

(Unaudited)	7/26/14
Risk-free interest rate	1.59		%
Dividend rate	1.00		%
Expected life in years	5.0
Stock price volatility	54.40		%
Fair value per share	$	10.45

Awards Granted During 2014

The fair value of the SARs granted during fiscal 2014 using the following assumptions:

(Unaudited)	10/25/14
Risk-free interest rate	1.05		%
Dividend rate	1.10		%
Expected life in years	3.63
Stock price volatility	43.20		%
Fair value per share	$	7.67

Awards Granted During 2013

The fair value of the SARs granted during fiscal 2013 using the following assumptions:

(Unaudited)	10/25/14
Risk-free interest rate	1.05		%
Dividend rate	1.10		%
Expected life in years	2.71
Stock price volatility	35.22		%
Fair value per share	$	10.25