XML 32 R40.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Apr. 27, 2013
Stock-Based Compensation [Abstract] |
Schedule of grants made during the period | The table below summarizes the grants made during fiscal 2013:
(Shares/units in millions) |  | Shares/units granted |  | Liability/ Equity award |  | Settlement
Stock options |  | 0.2 |  | Equity |  | Common shares
Stock appreciation rights ("SARs") |  | 0.1 |  | Liability |  | Cash
Restricted stock units – employees |  | 0.2 |  | Liability |  | Cash
Restricted stock units – directors |  | Less than 0.1 |  | Equity |  | Common shares
Performance-based units |  | 0.1 |  | Liability |  | Cash
Performance-based shares |  | 0.1 |  | Equity |  | Common shares
Stock-based compensation expense recognized in consolidated statement of income | The table below summarizes the total stock-based compensation expense recognized in our consolidated statement of income:
(Amounts in millions) |  | 4/27/2013 |  |  | 4/28/2012 |  |  | 4/30/2011 |
Equity-based awards expense |  | $ | 11.5 |  |  | $ | 5.7 |  |  | $ | 3.7 |
Liability-based awards expense (income) |  |  | 2.1 |  |  |  | 0.4 |  |  |  | (0.5 | )
Total stock-based compensation expense |  | $ | 13.6 |  |  | $ | 6.1 |  |  | $ | 3.2 |
Schedule of stock options plans activity | Plan activity for stock options under the above plans is as follows:
|  | Number of Shares (In Thousands) |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at April 28, 2012 |  |  | 1,755 |  |  | $ | 9.33 |  |  |  | 3.7 |  |  |  |
Granted |  |  | 230 |  |  |  | 11.97 |  |  |  |  |  |  |  |
Exercised |  |  | (554 | ) |  |  | 5.72 |  |  |  |  |  |  | $ | 5,978 |
Expired |  |  | (157 | ) |  |  | 22.56 |  |  |  |  |  |  |  |  |
Canceled |  |  | (18 | ) |  |  | 7.05 |  |  |  |  |  |  |  |  |
Outstanding at April 27, 2013 |  |  | 1,256 |  |  | $ | 9.78 |  |  |  | 4.7 |  |  | $ | 10,537 |
Exercisable at April 27, 2013 |  |  | 490 |  |  | $ | 12.19 |  |  |  | 2.8 |  |  | $ | 3,291 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of nonvested share activity | The following table summarizes information about non-vested share awards as of and for the year ended April 27, 2013:
|  | Number of Shares (In Thousands) |  |  | Weighted Average Grant Date Fair Value |
Non-vested shares at April 28, 2012 |  |  | 973 |  |  | $ | 6.58 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (413 | ) |  |  | 6.34 |
Canceled |  |  | (30 | ) |  |  | 7.30 |
Non-vested shares at April 27, 2013 |  |  | 530 |  |  | $ | 6.67 |
Awards granted during fiscal 2012 |  |  |  |  |  | $ | 6.58 |
Awards granted during fiscal 2011 |  |  |  |  |  | $ | 6.41 |
Restricted Stock Units. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors is authorized to award restricted stock units to certain employees and our non-employee directors. The restricted stock units granted to employees are accounted for as liability-based awards because upon vesting these awards will be paid in cash. Compensation expense is initially measured and recognized based on the market value (intrinsic value) of our common stock on the grant date and amortized over the vesting period. The liability is remeasured and adjusted based on the market value (intrinsic value) of our common shares on the last day of the reporting period until paid with a corresponding adjustment to reflect the cumulative amount of compensation expense. The fair value of the restricted stock units at April 27, 2013, was $17.69. Each restricted stock unit is the equivalent of one common share. Restricted stock units vest at 25% per year, beginning one year from the grant date for a term of four years. Compensation expense of $0.5 million related to restricted stock units granted to employees was recognized in selling, general and administrative expense for the year ended April 27, 2013. The unrecognized compensation cost at April 27, 2013, related to employee restricted stock units was $2.2 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 3.2 years. The following table summarizes information about non-vested stock units as of and for the year ended April 27, 2013:
|  | Number of Units (In Thousands) |  |  | Weighted Average Grant Date Fair Value |
Non-vested units at April 28, 2012 |  |  | 7 |  |  | $ | 6.10 |
Granted |  |  | 160 |  |  |  | 12.06 |
Vested |  |  | (2 | ) |  |  | 5.17 |
Canceled |  |  | (9 | ) |  |  | 11.97 |
Non-vested units at April 27, 2013 |  |  | 156 |  |  | $ | 11.91 |
Schedule of number of awards earned based on performance conditions | Based on our financial results for fiscal 2013, certain performance conditions were met for some of our outstanding performance-based awards. The number of awards earned based on performance conditions were as follows:
Performance-based award earned |  | Number of Shares/Units (In Millions) |
Fiscal 2011 performance-based shares |  |  | 0.2 |
Fiscal 2013 performance-based shares |  |  | 0.1 |
Fiscal 2013 performance-based units |  |  | 0.1 |
Schedule of equity-based compensation expenses related to performance-based shares | Equity-based compensation expenses related to performance-based shares recognized in our consolidated statement of income were as follows (for the fiscal years ended):
(Amounts in millions) |  | 4/27/2013 |  |  | 4/28/2012 |  |  | 4/30/2011 |
Fiscal 2011 grant |  | $ | 1.7 |  |  | $ | 0.2 |  |  | $ | — |
Fiscal 2012 grant |  | $ | 5.5 |  |  | $ | 1.4 |  |  | $ | — |
Fiscal 2013 grant |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |
Stock Options [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Valuation Assumptions | The fair value of each option grant was estimated at the date of the grant using a Black-Scholes option-pricing model, which requires management to make certain assumptions. Expected volatility was estimated based on the historical volatility of our common shares. The average expected life was based on the contractual term of the stock option and expected employee exercise and post-vesting employment termination trends. The risk-free rate was based on U.S. Treasury issues with a term equal to the expected life assumed at the date of grant. The turnover rate was estimated at the date of grant based on historical experience. The fair value of stock options granted during fiscal 2013, fiscal 2012, and fiscal 2011 were calculated using the following assumptions:
|  | 4/27/2013 |  |  | 4/28/2012 |  |  | 4/30/2011 |
Risk-free interest rate |  |  | 0.75 | % |  |  | 1.5 | % |  |  | 0.75 | %
Dividend rate |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected life in years |  |  | 5.0 |  |  |  | 5.5 |  |  |  | 3.0 |
Stock price volatility |  |  | 83.8 | % |  |  | 88.8 | % |  |  | 86.6 | %
Turnover rate |  |  | 0 | % |  |  | 4.0 | % |  |  | 3.0 | %
Fair value per share |  | $ | 7.87 |  |  | $ | 6.68 |  |  | $ | 4.27 |
Stock Appreciation Rights (SARs) [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Valuation Assumptions | The fair value of the SARs granted during the first quarter of fiscal 2013 was remeasured at April 27, 2013, using the following assumptions:
|  | 4/27/2013 |
Risk-free interest rate |  |  | 0.82 | %
Dividend rate |  |  | 0.9 | %
Expected life in years |  |  | 4.2 |
Stock price volatility |  |  | 72.2 | %
Fair value per share |  | $ | 10.69 |

X
- Definition Tabular disclosure of equity based compensation expenses related to performance based shares. + References No definition available. + Details
Name: | lzb_ScheduleOfEquityBasedCompensationExpensesRelatedToPerformanceBasedSharesTableTextBlock
Namespace Prefix: | lzb_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of grants during the period for stock options, SARs, restricted stock units, performance-based units and performance based shares. + References No definition available. + Details
Name: | lzb_ScheduleOfGrantsMadeDuringPeriodTableTextBlock
Namespace Prefix: | lzb_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of awards that were earned for performance-based shares or units related to performance conditions being met. + References No definition available. + Details
Name: | lzb_ScheduleOfPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | lzb_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options and SARs , including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
Name: | lzb_ScheduleOfShareBasedPaymentAwardStockOptionsAndSarsValuationAssumptionsTableTextBlock
Namespace Prefix: | lzb_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph g(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=6793087&loc=d3e301413-122809 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration