Stock-Based Compensation (Tables)

12 Months Ended

Apr. 26, 2014

Stock-Based Compensation [Abstract]

Schedule of grants made during the period

The table below summarizes the grants made during fiscal 2014:

(Shares/units in thousands)	Shares/units granted		Liability/ Equity  award	Settlement
Stock options		175	Equity	Common shares
Stock appreciation rights (“SARs”)		142	Liability	Cash
Restricted stock units – employees		125	Liability	Cash
Restricted stock units – directors		34	Equity	Common shares
Performance-based units		35	Liability	Cash
Performance-based shares		191	Equity	Common shares

Stock-based compensation expense recognized in consolidated statement of income

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

(Amounts in thousands)	4/26/2014		4/27/2013		4/28/2012
Equity-based awards expense	$	8,739	$	11,458	$	5,718
Liability-based awards expense		5,736		2,170		405
Total stock-based compensation expense	$	14,475	$	13,628	$	6,123

Schedule of stock options plans activity

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
Outstanding at April 27, 2013		1,256		$	9.78		4.7	$	10,537
Granted		175			19.06
Exercised		(589	)		9.00			$	8,335
Expired		(42	)		20.44
Canceled		(2	)		21.68
Outstanding at April 26, 2014		798		$	11.79		7.5	$	10,185
Exercisable at April 26, 2014		287		$	8.78		6.3	$	4,531

Schedule of nonvested share awards and stock unit activity

The following table summarizes information about non-vested share awards as of and for the year ended April 26, 2014:

	Number of Shares (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested shares at April 27, 2013		530		$	6.67
Vested		(413	)		21.32
Canceled		(15	)		8.05
Non-vested shares at April 26, 2014		102		$	7.77
Awards granted during fiscal 2012				$	6.58

The following table summarizes information about non-vested stock units as of and for the year ended April 26, 2014:

	Number of Units (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested units at April 27, 2013		156		$	11.91
Granted		125			19.28
Vested		(41	)		11.54
Canceled		(19	)		14.75
Non-vested units at April 26, 2014		221		$	15.90

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 that 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. These performance awards are offered at no cost to the employees. 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 2012 grant		2		690
Fiscal 2013 grant		146		133
Fiscal 2014 grant		35		191

Schedule of number of awards earned based on performance conditions

Based on our financial results for fiscal 2014, 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 2012 performance-based shares		1,175
Fiscal 2012 performance-based units		5
Fiscal 2013 performance-based shares		95
Fiscal 2013 performance-based units		91
Fiscal 2014 performance-based shares		67
Fiscal 2014 performance-based units		11

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)	4/26/2014		4/27/2013		4/28/2012
Fiscal 2011 grant	$	—	$	1,707	$	200
Fiscal 2012 grant		3,603		5,442		1,409
Fiscal 2013 grant		849		440		—
Fiscal 2014 grant		1,006		—		—

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Valuation assumptions

The fair value of each option grant was estimated at the date of the grant using a Black-Scholes option-pricing model, which requires management to make certain assumptions. Expected volatility was estimated based on the historical volatility of our common shares. The average expected life was based on the contractual term of the stock option and expected employee exercise and post-vesting employment termination trends. The risk-free rate was based on U.S. Treasury issues with a term equal to the expected life assumed at the date of grant. The turnover rate was estimated at the date of grant based on historical experience. The fair value of stock options granted during fiscal 2014, fiscal 2013, and fiscal 2012 were calculated using the following assumptions:

	4/26/2014			4/27/2013			4/28/2012
Risk-free interest rate		0.84	%		0.75	%		1.5	%
Dividend rate		0.84	%		0	%		0	%
Expected life in years		5.0			5.0			5.5
Stock price volatility		81.3	%		83.8	%		88.8	%
Turnover rate		0	%		0	%		4.0	%
Fair value per share	$	11.63		$	7.87		$	6.68

Stock Appreciation Rights (SARs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Valuation assumptions

The fair value of the SARs granted during fiscal 2014 was remeasured at April 26, 2014, using the following assumptions:

	4/26/2014
Risk-free interest rate		1.64	%
Dividend rate		1.0	%
Expected life in years		4.1
Stock price volatility		49.5	%
Fair value per share	$	11.11