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Stock-Based Awards
 6 Months Ended
Jan. 25, 2014
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 and six months ended January 25, 2014 and January 26, 2013 were as follows:
 
For the Three Months Ended
 
For the Six Months Ended
 
January 25, 2014
 
January 26, 2013
 
January 25, 2014
 
January 26, 2013
 
(Dollars in thousands)
Stock-based compensation
$
3,544

 
$
2,496

 
$
7,049

 
$
4,762

Tax (benefit) recognized in the statement of operations
$
(1,368
)
 
$
(1,063
)
 
$
(2,665
)
 
$
(1,827
)


Compensation expense previously recognized with respect to performance share units will be reversed to the extent that performance goals are not met. As of January 25, 2014, unrecognized compensation expense related to stock options, time-based restricted share units ("RSUs") and target performance share units ("Performance RSUs") was $4.9 million, $7.9 million and $15.3 million, respectively. This expense will be recognized over a weighted-average period of 2.4 years, 3.0 years and 1.7 years, respectively, which is based on the average remaining service periods of the awards. As of January 25, 2014, the Company may recognize an additional $8.9 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 six months ended January 25, 2014: 
 
Stock Options
 
Shares
 
Weighted Average Exercise Price
 
 
 
 
Outstanding as of July 27, 2013
2,769,132

 
$
18.27

Granted
89,956

 
$
27.50

Options exercised
(616,119
)
 
$
19.26

Forfeited or canceled
(4,262
)
 
$
26.42

Outstanding as of January 25, 2014
2,238,707

 
$
18.35

 
 
 
 
Exercisable options as of January 25, 2014
1,766,977

 
$
18.38



RSUs and Performance RSUs - The following table summarizes RSU and Performance RSU activity during the six months ended January 25, 2014:

 
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
94,456

 
$
27.36

 
429,485

 
$
27.66

Share units vested
(137,333
)
 
$
16.19

 
(265,025
)
 
$
18.35

Forfeited or canceled
(4,156
)
 
$
19.26

 
(267,581
)
 
$
18.37

Outstanding as of January 25, 2014
416,285

 
$
20.46

 
1,212,017

 
$
21.74


 
The granted Performance RSUs in the above table is comprised of 373,465 target shares, granted to officers and employees, and 56,020 supplemental shares, granted to officers. Approximately 265,000 Performance RSUs outstanding as of July 27, 2013 were canceled during the first quarter of fiscal 2014 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 January 25, 2014 is comprised of 764,548 target shares and 447,469 supplemental shares.