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Stock-Based Awards
 3 Months Ended
Oct. 26, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Awards
Stock-Based Awards

The Company has certain stock-based compensation plans which provide for the grants of equity awards, including stock options, restricted shares, performance shares, restricted share units, performance share units, and stock appreciation rights.

Compensation expense for stock-based awards is based on the fair value at the measurement date and is included in general and administrative expenses in the condensed consolidated statements of operations. Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during the three months ended October 26, 2013 and October 27, 2012 were as follows:
 
For the Three Months Ended
 
October 26, 2013
 
October 27, 2012
 
(Dollars in thousands)
Stock-based compensation
$
3,506

 
$
2,266

Tax benefit recognized in the statement of operations
$
1,299

 
$
765



Compensation expense previously recognized with respect to performance share units will be reversed to the extent that performance goals are not met. As of October 26, 2013, unrecognized compensation expense related to stock options, time-based restricted share units ("RSUs") and target performance share units ("Performance RSUs") was $4.3 million, $6.1 million and $7.9 million, respectively. This expense will be recognized over a weighted-average period of 1.9 years, 2.9 years and 1.5 years, respectively, which is based on the average remaining service periods of the awards. As of October 26, 2013, the Company may recognize an additional $8.2 million in compensation expense related to Performance RSUs if the maximum amount of restricted share units are earned based on certain performance goals being met.

Stock Options - The following table summarizes stock option award activity during the three months ended October 26, 2013:
 
 
Stock Options
 
Shares
 
Weighted Average Exercise Price
 
 
 
 
Outstanding as of July 27, 2013
2,769,132

 
$
18.27

Options exercised
(454,216
)
 
$
22.29

Outstanding as of October 26, 2013
2,314,916

 
$
17.48

 
 
 
 
Exercisable options as of October 26, 2013
1,424,099

 
$
19.70



RSUs and Performance RSUs - The following table summarizes RSU and Performance RSU activity during the three months ended October 26, 2013:

 
Restricted Stock
 
RSUs
 
Performance RSUs
 
Share Units
 
Weighted Average Grant Price
 
Share Units
 
Weighted Average Grant Price
 
 
 
 
 
 
 
 
Outstanding as of July 27, 2013
463,318

 
$
17.78

 
1,315,138

 
$
18.44

Granted
1,035

 
$
25.99

 
65,154

 
$
30.55

Share units vested
(1,035
)
 
$
25.99

 
(43,979
)
 
$
14.75

Forfeited or canceled
—

 
$
—

 
(265,461
)
 
$
18.36

Outstanding as of October 26, 2013
463,318

 
$
17.78

 
1,070,852

 
$
19.35


 
The granted Performance RSUs in the above table is comprised of 32,577 target shares and 32,577 supplemental shares. Approximately 265,000 Performance RSUs outstanding as of July 27, 2013 were canceled during the three months ended October 26, 2013 as a result of the fiscal 2013 performance criteria for attaining supplemental shares not being met. The total amount of Performance RSUs outstanding as of October 26, 2013 is comprised of 646,167 target shares and 424,685 supplemental shares.