Stock-Based Awards

The Company has outstanding stock-based awards under its 2003 Long-Term Incentive Plan, 2007 Non-Employee Directors Equity Plan, 2012 Long-Term Incentive Plan, and 2017 Non-Employee Directors Equity Plan (collectively, the “Plans”). No further awards will be granted under the 2003 Long-Term Incentive Plan or 2007 Non-Employee Directors Equity Plan. As of January 26, 2019, the total number of shares available for grant under the Plans was 1,201,611.

Stock-based compensation expense and the related tax benefit recognized during fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016 were as follows (dollars in thousands):



	Fiscal Year Ended		Six Months Ended		Fiscal Year Ended
	January 26, 2019		January 27, 2018		July 29, 2017		July 30, 2016
Stock-based compensation	$	20,187	$	13,277	$	20,805	$	16,850
Recognized tax benefit of stock-based compensation	$	5,043	$	4,793	$	7,996	$	6,436

In addition, the Company realized approximately $0.2 million, $7.8 million, $8.4 million, and $13.0 million of excess tax benefits, net of tax deficiencies, during fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016, respectively, related to the vesting and exercise of share-based awards. Excess tax benefits, net of tax deficiencies, represent cash flows realized from tax deductions in excess of the recognized tax benefit of stock-based compensation.

As of January 26, 2019, the Company had unrecognized compensation expense related to stock options, RSUs, and Performance RSUs (based on the Company’s expected achievement of performance measures) of $2.5 million, $9.0 million, and $16.7 million, respectively. This expense will be recognized over a weighted-average number of years of 2.2, 2.4, and 1.0, respectively, based on the average remaining service periods for the awards. As of January 26, 2019, the Company may recognize an additional $10.3 million in compensation expense in future periods if the maximum amount of Performance RSUs is earned based on certain performance measures being met.

The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016 and the significant valuation assumptions:



	Fiscal Year Ended			Six Months Ended			Fiscal Year Ended
	January 26, 2019			January 27, 2018			July 29, 2017			July 30, 2016
Weighted average fair value of RSUs granted	$	97.90		$	87.34		$	79.04		$	72.41
Weighted average fair value of Performance RSUs granted	$	106.19		$	84.13		$	79.29		$	77.86
Weighted average fair value of stock options granted	$	48.19		$	42.60		$	39.90		$	45.13
Stock option assumptions:
Risk-free interest rate	2.7		%	2.3		%	2.3		%	2.0		%
Expected life (in years)	6.3			7.6			7.6			7.3
Expected volatility	43.3		%	43.4		%	44.7		%	55.0		%
Expected dividends	—			—			—			—

Stock Options

The following table summarizes stock option award activity during fiscal 2019:



	Stock Options
	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value (In thousands)
Outstanding as of January 27, 2018	636,730		$	27.93
Granted	28,796		$	106.19
Options exercised	(82,235	)	$	10.59
Canceled	—		$	—
Outstanding as of January 26, 2019	583,291		$	34.24	4.4	$	17,785

Exercisable options as of January 26, 2019	512,871		$	26.43	3.9	$	17,785

The total amount of exercisable options as of January 26, 2019 presented above reflects the approximate amount of options expected to vest. The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $59.18 on the last trading day of fiscal 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of fiscal 2019. The amount of aggregate intrinsic value will change based on the price of the Company’s common stock. The total intrinsic value of stock options exercised was $5.7 million, $4.5 million, $7.8 million, and $15.0 million for fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016, respectively. The Company received cash from the exercise of stock options of $0.9 million, $0.7 million, $1.4 million, and $2.7 million during fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016, respectively.

RSUs and Performance RSUs

The following table summarizes RSU and Performance RSU award activity during fiscal 2019:



	Restricted Stock
	RSUs				Performance RSUs
	Share Units		Weighted Average Grant Price		Share Units		Weighted Average Grant Price
Outstanding as of January 27, 2018	133,896		$	71.81	390,327		$	80.52
Granted	62,477		$	97.90	218,628		$	106.19
Share units vested	(63,230	)	$	65.49	(173,139	)	$	79.84
Forfeited or canceled	(6,673	)	$	70.56	(58,462	)	$	75.34
Outstanding as of January 26, 2019	126,470		$	87.92	377,354		$	96.51

The total amount of granted Performance RSUs presented above consists of 158,841 target shares and 59,787 supplemental shares. During fiscal 2019, the Company canceled 24,689 supplemental shares of Performance RSUs, as a result of performance criteria for attaining those supplemental shares being partially met for the applicable performance periods. Approximately 23,384 target shares and 15,385 supplemental shares outstanding as of January 26, 2019 will be canceled during the three months ended April 27, 2019 as a result of the fiscal 2019 performance period criteria being partially met. The total amount of Performance RSUs outstanding as of January 26, 2019 consists of 273,219 target shares and 104,135 supplemental shares.

The total fair value of restricted share units vested during fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016 was $15.3 million, $37.7 million, $33.2 million, and $39.1 million, respectively.