Stock-Based Awards

Stock-based compensation expense and the related tax benefit recognized and realized related to stock options and restricted share units during fiscal 2015, 2014, and 2013 were as follows:



	Fiscal Year Ended
	2015		2014		2013
	(Dollars in thousands)
Stock-based compensation	$	13,923	$	12,596	$	9,902
Tax benefit recognized in the statement of operations	$	5,458	$	4,819	$	3,782
Cash tax benefit realized from option exercises and stock vestings	$	13,976	$	7,116	$	3,428

As of July 25, 2015, total unrecognized compensation expense of $22.4 million related to stock options, time-based restricted share units ("RSUs") and target Performance RSUs (based on the Company's estimate of performance goal achievement) of $3.0 million, $6.0 million, and $13.4 million, respectively. This expense will be recognized over a weighted-average period of 2.6 years, 2.4 years, and 1.4 years, respectively, based on the average remaining service periods of the awards. As of July 25, 2015, the Company may recognize an additional $5.2 million in compensation expense related to Performance RSUs if the maximum amount of restricted share units is earned based on certain performance goals being met.

The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2015, 2014, and 2013 and the significant valuation assumptions:



	Fiscal Year Ended
	2015			2014			2013
Weighted average fair value of RSUs granted	$	31.42		$	27.54		$	18.52
Weighted average fair value of Performance RSUs granted	$	31.03		$	27.66		$	18.08
Weighted average fair value of stock options granted	$	19.48		$	17.43		$	11.66
Stock option assumptions:
Risk-free interest rate	2.1		%	2.7		%	1.6		%
Expected life (years)	8.8			8.8			9.3
Expected volatility	54.5		%	55.1		%	55.4		%
Expected dividends	—			—			—

Stock Options

The following table summarizes stock option award activity during fiscal 2015:



	Stock Options
	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding as of July 26, 2014	2,044,893		$	18.68
Granted	90,686		$	31.46
Options exercised	(735,330	)	$	12.13
Forfeited or canceled	(484,926	)	$	34.44
Outstanding as of July 25, 2015	915,323		$	16.86	6.0	$	43,052

Exercisable options as of July 25, 2015	657,055		$	13.46	5.1	$	33,139

The total amount of exercisable options as of July 25, 2015 presented above reflects the approximate amount of options expected to vest after giving effect to estimated forfeitures at an insignificant rate. The aggregate intrinsic values for stock options presented above are based on the Company’s closing stock price of $63.90 on July 24, 2015. These amounts represent the total intrinsic value that would have been received by the holders of the stock-based awards had the awards been exercised and sold as of that date, excluding applicable taxes. The total intrinsic value of stock options exercised was $24.9 million, $8.4 million, and $6.0 million for fiscal 2015, 2014, and 2013, respectively. The Company received cash from the exercise of stock options of $8.9 million, $14.6 million, and $5.3 million during fiscal 2015, 2014, and 2013, respectively.

RSUs and Performance RSUs

The following table summarizes RSU and Performance RSU activity during fiscal 2015:



	Restricted Stock
	RSUs						Performance RSUs
	Share Units		Weighted Average Grant Price		Aggregate Intrinsic Value		Share Units		Weighted Average Grant Price		Aggregate Intrinsic Value
					(In thousands)						(In thousands)
Outstanding as of July 26, 2014	398,931		$	20.61			1,190,184		$	21.73
Granted	102,307		$	31.42			416,987		$	31.03
Share units vested	(153,140	)	$	19.96			(318,969	)	$	21.61
Forfeited or canceled	(26,090	)	$	19.32			(342,662	)	$	20.11
Outstanding as of July 25, 2015	322,008		$	24.46	$	20,576	945,540		$	26.46	$	60,420

The total amount of granted Performance RSUs presented above consists of 357,331 target shares, granted to officers and employees, and 59,656 supplemental shares granted to officers. During fiscal 2015, the Company canceled 312,163 Performance RSUs outstanding as of July 26, 2014, including 48,313 target shares and 263,850 supplemental shares, as a result of the fiscal 2014 performance criteria not being fully met. Approximately 169,790 supplemental shares outstanding as of July 25, 2015 will be canceled in fiscal 2016 as a result of performance criteria for attaining supplemental shares not being met. The total amount of Performance RSUs outstanding as of July 25, 2015 consists of 717,303 target shares and 228,237 supplemental shares.

The unvested RSUs reflect the approximate amount of units expected to vest after giving effect to estimated forfeitures. The total fair value of restricted share units vested during fiscal 2015, 2014, and 2013 was $15.2 million, $11.7 million, and $4.2 million, respectively.

The aggregate intrinsic values presented above for restricted share units are based on the Company’s closing stock price of $63.90 on July 24, 2015. These amounts represent the total intrinsic value that would have been received by the holders of the stock-based awards had the awards been exercised and sold as of that date, excluding applicable taxes.