Share-Based Compensation

3 Months Ended

May 27, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based CompensationAs part of our compensation structure, we grant stock-based compensation awards to certain employees and non-employee directors during the fiscal year. These awards may be in the form of incentive stock options (to employees only), nonstatutory options, or nonvested share awards and units, all of which are granted at a price or with an exercise price equal to the fair market value of the Company’s stock at the date of award. Refer to our Form 10-K for further information on our share-based compensation plans.

The table below sets forth the number of stock-based compensation awards granted during the three-months ended May 27, 2023, along with the weighted average grant date fair value:


Awards	Number of Awards	Weighted Average Exercise Price
Restricted stock awards and restricted stock units(1)	159,286	$	42.77
Performance share units ("PSUs")(2)	47,402	$	43.59

(1) Represent service condition awards which generally vest over a two- or three-year period.
(2) Represent performance condition awards with the grant equal to the target number of performance shares based on the share price at grant date. These grants allow for the right to receive a variable number of shares, between 0% and 200% of target, dependent on achieving a defined performance goal of return on invested capital and being employed at the end of the performance period.

Total share-based compensation expense included in the results of operations was $2.2 million for the three-month period ended May 27, 2023, and $1.6 million for the three-month period ended May 28, 2022.

At May 27, 2023, there was $10.3 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 the three months ended May 27, 2023 was $5.5 million.

As of May 27, 2023, we had remaining stock options outstanding and expense to vest of 158,000, with a weighted average exercise price of $23.04 and an aggregate intrinsic value of $2.0 million.