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Stock-Based Awards | 12 Months Ended
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Jan. 25, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Awards | Stock-Based Awards We have outstanding stock-based awards under our 2003 Long-Term Incentive Plan, 2007 Non-Employee Directors Equity Plan, 2012 Long-Term Incentive Plan, and 2017 Non-Employee Directors Equity Plan (collectively, the “Plans”). No further awards will be granted under the 2003 Long-Term Incentive Plan or 2007 Non-Employee Directors Equity Plan. As of January 25, 2020, the total number of shares available for grant under the Plans was 1,259,615. Stock-based compensation expense and the related tax benefit recognized during fiscal 2020, fiscal 2019, the 2018 transition period, and fiscal 2017 were as follows (dollars in thousands):
| Fiscal Year Ended |  | Six Months Ended |  | Fiscal Year Ended
| January 25, 2020 |  | January 26, 2019 |  | January 27, 2018 |  | July 29, 2017
Stock-based compensation | $ | 10,034 |  |  | $ | 20,187 |  |  | $ | 13,277 |  |  | $ | 20,805 |
Income tax effect of stock-based compensation | $ | 2,482 |  |  | $ | 5,043 |  |  | $ | 4,793 |  |  | $ | 7,996 |
In addition, we realized approximately $1.0 million of net tax deficiencies during fiscal 2020, and $0.2 million, $7.8 million, and $8.4 million of excess tax benefits, net of tax deficiencies, during fiscal 2019, the 2018 transition period, and fiscal 2017, respectively, related to the vesting and exercise of share-based awards. As of January 25, 2020, we had unrecognized compensation expense related to stock options, RSUs, and target Performance RSUs (based on the Company’s expected achievement of performance measures) of $2.0 million, $8.6 million, and $4.5 million, respectively. This expense will be recognized over a weighted-average number of years of 2.2, 2.3, and 1.7, respectively, based on the average remaining service periods for the awards. As of January 25, 2020, we may recognize an additional $20.3 million in compensation expense in future periods if the maximum number 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 2020, fiscal 2019, the 2018 transition period, and fiscal 2017 and the significant valuation assumptions:
| Fiscal Year Ended |  | Six Months Ended |  | Fiscal Year Ended
| January 25, 2020 |  | January 26, 2019 |  | January 27, 2018 |  | July 29, 2017
Weighted average fair value of RSUs granted | $ | 48.37 |  |  | $ | 97.90 |  |  | $ | 87.34 |  |  | $ | 79.04 |
Weighted average fair value of Performance RSUs granted | $ | 45.94 |  |  | $ | 106.19 |  |  | $ | 84.13 |  |  | $ | 79.29 |
Weighted average fair value of stock options granted | $ | 24.72 |  |  | $ | 48.19 |  |  | $ | 42.60 |  |  | $ | 39.90 |
Stock option assumptions: |  |  |  |  |  |  |
Risk-free interest rate | 2.3 | % |  | 2.7 | % |  | 2.3 | % |  | 2.3 | %
Expected life (in years) | 8.4 |  |  | 6.3 |  |  | 7.6 |  |  | 7.6 |
Expected volatility | 45.3 | % |  | 43.3 | % |  | 43.4 | % |  | 44.7 | %
Expected dividends | — |  |  | — |  |  | — |  |  | — |
Stock Options The following table summarizes stock option award activity during fiscal 2020:
| Stock Options
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (In years) |  | Aggregate Intrinsic Value (In thousands)
Outstanding as of January 26, 2019 | 583,291 |  |  | $ | 34.24 |  |  |  |  |
Granted | 39,276 |  |  | $ | 45.94 |  |  |  |  |
Options exercised | (45,258 | ) |  | $ | 11.11 |  |  |  |  |
Canceled | — |  |  | $ | — |  |  |  |  |
Outstanding as of January 25, 2020 | 577,309 |  |  | $ | 36.85 |  |  | 4.1 |  | $ | 9,485 |
Exercisable options as of January 25, 2020 | 497,739 |  |  | $ | 31.44 |  |  | 3.4 |  | $ | 9,485 |
The total amount of exercisable options as of January 25, 2020 presented above reflects the approximate amount of options expected to vest. The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $44.51 on the last trading day of fiscal 2020 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 2020. 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 $1.8 million, $5.7 million, $4.5 million, and $7.8 million for fiscal 2020, fiscal 2019, the 2018 transition period, and fiscal 2017, respectively. We received cash from the exercise of stock options of $0.5 million, $0.9 million, $0.7 million, and $1.4 million during fiscal 2020, fiscal 2019, the 2018 transition period, and fiscal 2017, respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during fiscal 2020:
| Restricted Stock
| RSUs |  | Performance RSUs
| Share Units |  | Weighted Average Grant Price |  | Share Units |  | Weighted Average Grant Price
Outstanding as of January 26, 2019 | 126,470 |  |  | $ | 87.92 |  |  | 377,354 |  |  | $ | 96.51 |
Granted | 117,492 |  |  | $ | 48.37 |  |  | 475,629 |  |  | $ | 45.94 |
Share units vested | (66,485 | ) |  | $ | 79.06 |  |  | (75,404 | ) |  | $ | 88.24 |
Forfeited or canceled | (2,560 | ) |  | $ | 65.55 |  |  | (137,841 | ) |  | $ | 83.94 |
Outstanding as of January 25, 2020 | 174,917 |  |  | $ | 65.05 |  |  | 639,738 |  |  | $ | 62.60 |
The total number of granted Performance RSUs presented above consists of 333,567 target shares and 142,062 supplemental shares. During fiscal 2020, we canceled 70,445 target shares and 46,424 supplemental shares of Performance RSUs, as a result of performance criteria for attaining those shares being partially met for the applicable performance periods. Approximately 143,456 target shares and 65,370 supplemental shares outstanding as of January 25, 2020 will be canceled during the three months ending April 25, 2020 as a result of the fiscal 2020 performance period criteria being partially met. The total amount of Performance RSUs outstanding as of January 25, 2020 consists of 450,588 target shares and 189,150 supplemental shares. The total fair value of restricted share units vested during fiscal 2020, fiscal 2019, the 2018 transition period, and fiscal 2017 was $6.7 million, $15.3 million, $37.7 million, and $33.2 million, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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