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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