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Stock-Based Awards
 6 Months Ended
Jan. 24, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Awards
Stock-Based Awards

The Company has certain stock-based compensation plans which provide for the grants of stock-based awards, including stock options, restricted shares, performance shares, restricted share units, performance share units, and stock appreciation rights.

Compensation expense for stock-based awards is based on the fair value at the measurement date and is included in general and administrative expenses in the condensed consolidated statements of operations. The total amount of stock-based compensation expense ultimately recognized is based on the number of awards that actually vest and fluctuates as a result of performance criteria for performance-based awards, as well as the vesting period of all stock-based awards. For performance share units ("Performance RSUs"), the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if management determines it is probable that the performance criteria for the awards will be met. Accordingly, the amount of compensation expense recognized during any fiscal year may not be representative of future stock-based compensation expense.

Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during the three and six months ended January 24, 2015 and January 25, 2014 are as follows:
 
For the Three Months Ended
 
For the Six Months Ended
 
January 24, 2015
 
January 25, 2014
 
January 24, 2015
 
January 25, 2014
 
(Dollars in thousands)
Stock-based compensation
$
3,664

 
$
3,544

 
$
7,554

 
$
7,049

Tax benefit recognized in the statement of operations
$
1,508

 
$
1,368

 
$
2,973

 
$
2,665



As of January 24, 2015, unrecognized compensation expense related to stock options, time-based restricted share units ("RSUs") and target Performance RSUs was $3.9 million, $8.0 million and $17.6 million, respectively, based on the Company's estimate of performance goal achievement. This expense will be recognized over a weighted-average period of 2.9 years, 2.7 years and 1.7 years, respectively, which is based on the average remaining service periods of the awards. As of January 24, 2015, the Company may recognize an additional $5.3 million in compensation expense related to Performance RSUs if the maximum amount of restricted share units are earned based on certain performance goals being met.

Stock Options

The following table summarizes stock option award activity during the six months ended January 24, 2015:

 
Stock Options
 
Shares
 
Weighted Average Exercise Price
 
 
 
 
Outstanding as of July 26, 2014
2,044,893

 
$
18.68

Granted
90,686

 
$
31.46

Options exercised
(177,362
)
 
$
13.16

Forfeited or canceled
(484,126
)
 
$
34.48

Outstanding as of January 24, 2015
1,474,091

 
$
14.95

 
 
 
 
Exercisable options as of January 24, 2015
1,215,823

 
$
12.70



RSUs and Performance RSUs

The following table summarizes RSU and Performance RSU activity during the six months ended January 24, 2015:

 
Restricted Stock
 
RSUs
 
Performance RSUs
 
Share Units
 
Weighted Average Grant Price
 
Share Units
 
Weighted Average Grant Price
 
 
 
 
 
 
 
 
Outstanding as of July 26, 2014
398,931

 
$
20.61

 
1,190,184

 
$
21.73

Granted
99,064

 
$
31.15

 
416,987

 
$
31.03

Share units vested
(133,468
)
 
$
19.55

 
(317,908
)
 
$
21.59

Forfeited or canceled
(1,658
)
 
$
18.46

 
(329,012
)
 
$
19.85

Outstanding as of January 24, 2015
362,869

 
$
23.89

 
960,251

 
$
26.46


 
The granted Performance RSUs in the above table is comprised of 357,331 target shares, granted to officers and employees, and 59,656 supplemental shares granted to officers. Performance RSUs of 312,163 outstanding as of July 26, 2014, including 48,313 target shares and 263,850 supplemental shares, were canceled during fiscal 2015 as a result of the fiscal 2014 performance criteria not being fully met. The total amount of Performance RSUs outstanding as of January 24, 2015 is comprised of 730,046 target shares and 230,205 supplemental shares.