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Stock-Based Compensation (Tables)
 9 Months Ended
Jan. 24, 2015
Stock-Based Compensation  
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

 

Nine Months Ended

 

(Unaudited, amounts in thousands)

 

1/24/15

 

1/25/14

 

1/24/15

 

1/25/14

 

Equity-based awards expense

 

$
1,047 

 

$
1,700 

 

$
6,094 

 

$
7,371 

 

Liability-based awards expense

 
3,322 

 
2,203 

 
3,695 

 
5,993 

 

Total stock-based compensation expense

 

$
4,369 

 

$
3,903 

 

$
9,789 

 

$
13,364 

 

 

Schedule of grants made during the period

The table below summarizes the grants we made during the first nine 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

 

 

Fair value assumptions for stock options

                                                                                                                                                                                               

We calculated 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  
Stock-Based Compensation  
Fair value assumptions for SARs

 

In fiscal 2014, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 26, 2014. At January 24, 2015, we measured the fair value of the SARs granted during fiscal 2014 using the following assumptions:

 

(Unaudited)

 

1/24/15

 

Risk-free interest rate

 
1.06 

%

Dividend rate

 
1.17 

%

Expected life in years

 
3.40 

 

Stock price volatility

 
38.80 

%

Fair value per share

 

$
10.92 

 

 

Awards Granted During 2013  
Stock-Based Compensation  
Fair value assumptions for SARs

 

In fiscal 2013, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 27, 2013. At January 24, 2015, we remeasured the fair value of the SARs granted during fiscal 2013 using the following assumptions:

 

(Unaudited)

 

1/24/15

 

Risk-free interest rate

 
0.64 

%

Dividend rate

 
1.17 

%

Expected life in years

 
2.48 

 

Stock price volatility

 
32.35 

%

Fair value per share

 

$
15.00