Stock-Based Awards

Stock-based compensation expense and the related tax benefit recognized and realized during fiscal 2017, 2016, and 2015 were as follows (dollars in thousands):



	Fiscal Year Ended
	2017		2016		2015
Stock-based compensation	$	20,805	$	16,850	$	13,923
Related tax benefit for stock-based compensation	$	7,996	$	6,436	$	5,458
Cash tax benefit realized from option exercises and stock vestings	$	14,487	$	18,097	$	13,976

As of July 29, 2017, the Company had unrecognized compensation expense related to stock options, time-based restricted share units (“RSUs”), and target Performance RSUs (based on the Company’s estimate of performance goal achievement) of $2.8 million, $8.5 million, and $18.5 million, respectively. This expense will be recognized over a weighted-average number of years of 2.6, 2.6, and 2.0, respectively, based on the average remaining service periods for the awards. As of July 29, 2017, the Company may recognize an additional $6.7 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 2017, 2016, and 2015 and the significant valuation assumptions:



	Fiscal Year Ended
	2017			2016			2015
Weighted average fair value of RSUs granted	$	79.04		$	72.41		$	31.42
Weighted average fair value of Performance RSUs granted	$	79.29		$	77.86		$	31.03
Weighted average fair value of stock options granted	$	78.46		$	78.20		$	19.48
Stock option assumptions:
Risk-free interest rate	2.3		%	2.0		%	2.1		%
Expected life (in years)	7.6			7.3			8.8
Expected volatility	44.7		%	55.0		%	54.5		%
Expected dividends	—			—			—

Stock Options

The following table summarizes stock option award activity during fiscal 2017:



	Stock Options
	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value (In thousands)
Outstanding as of July 30, 2016	737,267		$	20.99
Granted	36,914		$	78.46
Options exercised	(102,831	)	$	14.09
Canceled	(1,000	)	$	6.83
Outstanding as of July 29, 2017	670,350		$	25.24	4.9	$	43,614

Exercisable options as of July 29, 2017	539,378		$	18.34	4.2	$	38,812

The total amount of exercisable options as of July 29, 2017 presented above reflects the approximate amount of options expected to vest after giving effect to estimated forfeitures at an insignificant rate. The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $90.30 on the last trading day of fiscal 2017 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 2017. 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 $7.8 million, $15.0 million, and $24.9 million for fiscal 2017, 2016, and 2015, respectively. The Company received cash from the exercise of stock options of $1.4 million, $2.7 million, and $8.9 million during fiscal 2017, 2016, and 2015, respectively.

RSUs and Performance RSUs

The following table summarizes RSU and Performance RSU award activity during fiscal 2017:



	Restricted Stock
	RSUs				Performance RSUs
	Share Units		Weighted Average Grant Price		Share Units		Weighted Average Grant Price
Outstanding as of July 30, 2016	251,264		$	42.56	625,971		$	47.66
Granted	66,382		$	79.04	274,282		$	79.29
Share units vested	(126,186	)	$	34.65	(287,593	)	$	40.53
Forfeited or canceled	(3,995	)	$	46.87	(58,778	)	$	43.52
Outstanding as of July 29, 2017	187,465		$	60.71	553,882		$	67.46

The total amount of granted Performance RSUs presented above consists of 198,140 target shares and 76,142 supplemental shares. During fiscal 2017, the Company canceled 49,797 supplemental shares of Performance RSUs outstanding as of July 30, 2016, as a result of the fiscal 2016 performance criteria for attaining those supplemental shares not being met. The total amount of Performance RSUs outstanding as of July 29, 2017 consists of 413,805 target shares and 140,077 supplemental shares. Of the supplemental shares outstanding as of July 29, 2017, approximately 46,211 shares will vest and approximately 21,136 will be canceled in the quarter ending October 28, 2017 as a result of the fiscal 2017 performance criteria for attaining supplemental shares being partially met.

The unvested RSUs reflect the approximate amount of units expected to vest after giving effect to estimated forfeitures at an insignificant rate. The total fair value of restricted share units vested during fiscal 2017, 2016, and 2015 was $33.2 million, $39.1 million, and $15.2 million, respectively.