XML 39 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Apr. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Stock by Class
The number of shares of common stock, par value $0.50 per share, authorized, issued and outstanding and in treasury, was as follows:
 
 
April 29, 2017
 
April 30, 2016
Authorized
100,000,000

 
100,000,000

Issued and outstanding
38,133,925

 
38,181,985

In treasury
1,346,624

 
1,346,624
Schedule of Expense Related to Equity Awards
The table below summarizes the expense related to the equity awards for fiscal 2017, 2016 and 2015.
 
Compensation Expense
 
Fiscal 2017
 
Fiscal 2016
 
Fiscal 2015
2014 Incentive Plan:
 
 
 
 
 
RSAs
$
6.6

 
$
3.6

 
$
0.5

RSUs
5.5

 
2.8

 
—

Total 2014 Incentive Plan
12.1

 
6.4

 
0.5

 
 
 
 
 
 
2010 Stock Plan:
 
 
 
 
 
RSAs
—

 
—

 
1.5

RSUs
0.1

 
0.1

 
0.1

Stock options
0.1

 
0.3

 
1.2

Total 2010 Stock Plan
0.2

 
0.4

 
2.8

 
 
 
 
 
 
2007 Stock Plan:
 
 
 
 
 
RSAs
—

 
—

 
0.5

Stock options
0.1

 
0.6

 
0.5

Total 2007 Stock Plan
0.1

 
0.6

 
1.0

 
 
 
 
 
 
Total Compensation Expense
$
12.4

 
$
7.4

 
$
4.3
2014 Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Restricted Stock Awards and Restricted Stock Units Activity
The following table summarizes the RSA and RSU activity for fiscal 2015, fiscal 2016 and fiscal 2017 under the 2014 Incentive Plan:
 
RSA Shares
 
RSU Shares
Unvested and unissued at May 3, 2014
—

 
—

Awarded
13,500

 
—

Vested
(13,500
)
 
—

Forfeited and Canceled
—

 
—

Unvested and unissued at May 2, 2015
—

 
—

Awarded
1,185,000

 
576,000

Vested
(24,000
)
 
—

Forfeited and Canceled
—

 
—

Unvested and unissued at April 30, 2016
1,161,000

 
576,000

Awarded
99,000

 
32,000

Vested
(27,000
)
 
(11,333
)
Forfeited and Canceled
(64,500
)
 
(28,667
)
Unvested and unissued at April 29, 2017
1,168,500

 
568,000
Schedule of Restricted Stock Awards and Restricted Stock Units by Grant Year and Vesting Period
 
 
 
 
 
 
Weighted Average Value
 
Probable Unearned Compensation Expense at April 29, 2017
 
Target Unearned Compensation Expense at April 29, 2017
Grant Fiscal Year
 
Number of Shares Unvested
 
Vesting Period
 
 
 
2016 and 2017
 
779,000

(1) 
Five-year RSA cliff, performance-based
 
$
31.41

 
$
16.4

 
$
16.4

2016 and 2017
 
568,000

 
Five-year RSU, 30% in fiscal 2018, 30% in fiscal 2019 and 40% in fiscal 2020
 
$
33.45

 
$
10.2

 
$
10.2


(1) RSA shares based on fiscal 2020 EBITDA target levels
2010 Stock Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Restricted Stock Awards and Restricted Stock Units Activity
The following table summarizes the RSA and RSU activity for fiscal year 2017, 2016 and 2015 under the 2010 Stock Plan:
 
RSA Shares
 
RSU Shares
Unvested and unissued at May 3, 2014
700,000

 
60,000

Awarded
—

 
—

Vested
(633,333
)
 
(60,000
)
Forfeited and Canceled
—

 
—

Unvested and unissued at May 2, 2015
66,667

 
—

Awarded
—

 
—

Vested
(33,333
)
 
—

Forfeited and Canceled
—

 
—

Unvested and unissued at April 30, 2016
33,334

 
—

Awarded
—

 
—

Vested
(33,334
)
 
—

Forfeited and Canceled
—

 
—

Unvested and unissued at April 29, 2017
—

 
—
Summary of Stock Option Activity and Related Information for Stock Options Granted
The following tables summarize the stock option activity and related information for the stock options granted under the 2010 Stock Plan for fiscal 2017, 2016 and 2015:
 
 
Summary of Option Activity
 
 
Shares
 
Wtd. Avg. Exercise Price
Outstanding May 3, 2014
 
420,001

 
$
11.75

Awarded
 
108,000

 
37.01

Exercised
 
(285,334
)
 
10.47

Canceled
 
—

 
—

Outstanding May 2, 2015
 
242,667

 
24.50

Awarded
 
—

 
—

Exercised
 
(18,668
)
 
12.96

Canceled
 
(26,667
)
 
32.07

Outstanding April 30, 2016
 
197,332

 
24.55

Awarded
 
—

 
—

Exercised
 
(125,332
)
 
17.40

Canceled
 
—

 
—

Outstanding April 29, 2017
 
72,000

 
$
37.01
Summary of Stock Option Activity and Related Information for Stock Options Granted, Options Outstanding and Exercisable
Options Outstanding
at April 29, 2017
Shares
 
Exercise Price
 
Avg. Remaining Life (Years)
72,000

 
$
37.01

 
7.3
Options Exercisable
at April 29, 2017
Shares
 
Exercise Price
 
Avg. Remaining Life (Years)
48,000

 
$
37.01

 
7.3
Schedule of Estimated Fair Value of Stock Options on Date of Grant, Assumptions
We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
 
2010 Stock Plan
 
Fiscal 2015
 
Awards
Average expected volatility
51.00
%
Average risk-free interest rate
1.00
%
Dividend yield
1.66
%
Expected life of options (in years)
4.12

Weighted-average grant-date fair value
$
14.99
2007 Stock Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Restricted Stock Awards and Restricted Stock Units Activity
The following table summarizes the RSA activity under the 2007 Stock Plan: 
 
Fiscal 2015
Unvested at beginning of fiscal year
—

Awarded
13,500

Vested
(13,500
)
Forfeited
—

Unvested at end of period
—
Summary of Stock Option Activity and Related Information for Stock Options Granted
The following tables summarize the stock option activity and related information for the stock options granted under the 2007 Stock Plan for fiscal year 2017, 2016 and 2015:
 
 
Summary of Option Activity
 
Shares
 
Wtd. Avg.
Exercise Price
Outstanding at May 3, 2014
172,359

 
$
10.02

Awarded
50,500

 
37.01

Exercised
(114,859
)
 
8.55

Canceled
—

 
—

Outstanding at May 2, 2015
108,000

 
24.21

Awarded
—

 
—

Exercised
(28,334
)
 
10.99

Canceled
—

 
—

Outstanding at April 30, 2016
79,666

 
28.91

Awarded
—

 
—

Exercised
(22,497
)
 
21.52

Canceled
—

 
—

Outstanding at April 29, 2017
57,169

 
$
31.82
Summary of Stock Option Activity and Related Information for Stock Options Granted, Options Outstanding and Exercisable
Options Outstanding
at April 29, 2017
Shares
 
Exercise Price
 
Avg.
Remaining
Life (Years)
5,000

 
$
10.55

 
3.3
8,333

 
$
17.27

 
6.3
43,836

 
$
37.01

 
7.3
57,169

 
$
31.82

 
 
Options Exercisable
at April 29, 2017
Shares
 
Exercise Price
 
Avg.
Remaining
Life (Years)
5,000

 
$
10.55

 
3.3
8,333

 
$
17.27

 
6.3
27,002

 
$
37.01

 
7.3
40,335

 
$
29.65

 
 
Schedule of Estimated Fair Value of Stock Options on Date of Grant, Assumptions
We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
 
Fiscal 2015
Awards
Average expected volatility
51.00
%
Average risk-free interest rate
1.00
%
Dividend yield
1.66
%
Expected life of options (in years)
4.12

Weighted-average grant-date fair value
$
14.99