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Note 7 - Share-based Payments | 3 Months Ended
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Aug. 27, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 7. SHARE-BASED PAYMENTS For the first quarter of fiscal 2024 and 2023, we recognized total stock-based compensation income (including restricted stock units and performance shares) of $2.7 million and expense of $23.0 million, respectively. In the first quarter of fiscal 2024, we granted 1.9 million restricted stock units at a weighted average grant date price of $32.62 per share unit and 0.9 million performance shares at a weighted average grant date price of $32.57 per share. Performance shares are granted to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goal for the three-year performance period ending in fiscal 2024 (the "2024 performance period") is based on our diluted earnings per share ("EPS") compound annual growth rate ("CAGR"), subject to certain adjustments, measured over the defined performance period. The performance goals for the three-year performance periods ending in fiscal 2025 (the "2025 performance period") and 2026 (the "2026 performance period") are based on our net sales and diluted EPS growth, subject to certain adjustments, measured over the defined performance period, with each year of the performance period weighted one-third. For each of the 2024 performance period, 2025 performance period, and 2026 performance period, the awards actually earned will range from zero to two hundred percent of the targeted number of performance shares for such performance period. Dividend equivalents are paid on the portion of performance shares actually earned at our regular dividend rate in additional shares of common stock. Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and generally only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.

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