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Share-Based Compensation | 9 Months Ended
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Nov. 27, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Share-based Payment Arrangement | SHARE-BASED COMPENSATION Performance Units During the nine months ended November 27, 2020, we issued two sets of performance units (“PSUs”) to certain employees. The first set, consisting of 303,973 PSUs, will be earned at the end of 2021 (the “2021 Short-Term PSUs”), and the second set, consisting of 529,500 PSUs, will be earned over a three-year performance period of 2021 through 2023 (the “2021 Long-Term PSUs”). The 2021 Short-Term PSUs will be earned based on our Compensation Committee’s qualitative assessment of management’s performance in 2021 in a number of specified areas (collectively, the “2021 Performance Measures”). The 2021 Long-Term PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies. The performance conditions for the 2021 Long-Term PSUs consist of the 2021 Performance Measures and performance conditions for 2022 and 2023 which will be established by the Compensation Committee in future periods. Due to the qualitative assessment, these awards are not considered granted under GAAP. When the Compensation Committee determines whether or not, and to what extent, the 2021 Performance Measures have been met, the 2021 Short-Term PSUs and one-third of the 2021 Long-Term PSUs will be considered granted. Once granted, the expense for these awards will be determined based on the target achieved and the fair value of the market condition on the grant date. The expense will be recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period, if any. During the nine months ended November 22, 2019, we issued 296,600 PSUs to certain employees which will be earned over a three-year performance period of 2020 through 2022 (the “2020 Long-Term PSUs”). The 2020 Long-Term PSUs will be earned based on achievement of certain performance conditions and then modified based on achievement of certain total shareholder return results relative to a comparison group of companies. The performance conditions for the first year of the performance period were established in Q1 2020, and accordingly, 98,867 of the 2020 Long-Term PSUs were considered granted in Q1 2020. The 2021 Performance Measures have been established as the performance conditions for the second year of the performance period of the 2020 Long-Term PSUs, and accordingly, no additional portion of such awards have been considered granted. When the Compensation Committee determines whether or not, and to what extent, the 2021 Performance Measures have been met, an additional one-third of these awards will be considered granted. Once granted, the expense for these awards will be determined based on the target achieved and the fair value of the market condition on the grant date. The expense will be recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. The performance conditions for 2022 for these awards will be established by the Compensation Committee in future periods. The total PSU expense and associated tax benefit for all outstanding awards for the three and nine months ended November 27, 2020 and November 22, 2019 are as follows:
| Three Months Ended | Nine Months Ended |
Performance Units | November 27, 2020 | November 22, 2019 | November 27, 2020 | November 22, 2019 |  |
Expense | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 2.0 |  |  |  |  |  |
Tax benefit | — |  |  | — |  |  | 0.1 |  |  | 0.5 |  |  |  |  |  |
As of November 27, 2020, there was $0.2 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.0 years. There were no PSU grants, vestings or forfeitures for the nine months ended November 27, 2020. Restricted Stock Units During the nine months ended November 27, 2020, we awarded 1,371,077 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the RSUs will be issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the date of grant. The total RSU expense and associated tax benefit for all outstanding awards for the three and nine months ended November 27, 2020 and November 22, 2019 are as follows:
| Three Months Ended | Nine Months Ended |
Restricted Stock Units | November 27, 2020 | November 22, 2019 | November 27, 2020 | November 22, 2019 |  |
Expense | $ | 1.9 |  |  | $ | 1.8 |  |  | $ | 10.9 |  |  | $ | 11.7 |  |  |  |  |  |
Tax benefit | 0.5 |  |  | 0.5 |  |  | 2.8 |  |  | 3.1 |  |  |  |  |  |
As of November 27, 2020, there was $8.1 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 2.0 years. The RSU activity for the nine months ended November 27, 2020 is as follows:
Nonvested Units | Total | Weighted-Average Grant Date Fair Value per Unit
Nonvested as of February 28, 2020 | 1,761,124 |  | $ | 15.28 |
Granted | 1,371,077 |  | 9.49 |
Vested | (149,625) |  | 15.12 |
Forfeited | (42,668) |  | 14.34 |
Nonvested as of November 27, 2020 | 2,939,908 |  | $ | 12.60 |

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- Definition The entire disclosure for share-based payment arrangement. + 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 + Details
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