Stock-Based Compensation

12 Months Ended

Mar. 04, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Share-Based Compensation

We have a 2009 Stock Incentive Plan and a 2009 Non-Employee Director Stock Incentive Plan (the Plans) which provide for the issuance of 1,888,000 and 350,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. Awards under these Plans may be in the form of incentive stock options (to employees only), nonstatutory options or stock-settled stock appreciation rights (SARs) and are granted with an exercise price equal to the fair market value of the Company’s stock at the date of award. We also issue nonvested share awards and nonvested share unit awards under the Plans. Issued SARs vest over a three-year period and options issued to non-employee directors vest at the end of six months, both with a 10-year term. Nonvested share awards and nonvested share unit awards generally vest over a two, three or four-year period.

We had a 2002 Omnibus Stock Incentive Plan, which was terminated in June 2009; no new grants may be made under this plan, although exercises of SARs and options previously granted thereunder will still occur in accordance with the terms of the various grants.

Total stock-based compensation expense under all Plans included in the results of operations was $6.0 million for fiscal 2017, $4.9 million for fiscal 2016 and $4.8 million for 2015. We elect to account for any forfeitures as they occur.

Stock Options and SARs

There were no stock options or SARs issued in any fiscal year presented. Activity for the current year is summarized as follows:

	Number of Shares		Weighted Average Exercise  Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value at Year-End
Outstanding at February 27, 2016	403,714		$	11.81
Awards exercised	(173,813	)	14.34
Outstanding and exercisable at March 4, 2017	229,901		$	9.90	4.0 Years	$	11,101,695

Cash proceeds from the exercise of stock options were $1.9 million, $1.6 million and $1.2 million for fiscal 2017, 2016 and 2015, respectively. The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $6.0 million, $7.5 million and $4.6 million in fiscal 2017, 2016 and 2015, respectively.

Nonvested Share Awards and Units

The following table summarizes nonvested share activity for fiscal 2017:

	Number of Shares and Units		Weighted Average Grant Date Fair Value
February 27, 2016	275,457		$	37.48
Granted	148,672		42.90
Vested	(143,875	)	28.81
Canceled	(1,050	)	44.55
March 4, 2017	279,204		$	44.80

At March 4, 2017, there was $6.6 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 20 months. The total fair value of shares vested during fiscal 2017 was $6.3 million.