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Stock-Based Compensation (Tables)

3 Months Ended

Jul. 26, 2014

Stock-Based Compensation

Summary of total stock-based compensation expense

The table below summarizes the total stock-based compensation expense recognized for all outstanding grants in our consolidated statement of income:

		Quarter Ended
(Unaudited, amounts in thousands)		7/26/14			7/27/13
Equity-based awards expense		$	3,010		$	3,193
Liability-based awards expense (income)		(448		)	1,904
Total stock-based compensation expense		$	2,562		$	5,097

Schedule of grants made during the period

The table below summarizes the grants made during the first quarter of fiscal 2015:

(Unaudited, shares/units in thousands)		Shares/units granted		Liability/ Equity award		Settlement
Stock options		374		Equity		Common shares
Restricted stock		92		Equity		Common shares
Performance-based shares		192		Equity		Common shares

Fair value assumptions for stock options

The fair value of stock options granted during the first quarter of fiscal 2015 was calculated using the following assumptions:

(Unaudited)		7/26/14
Risk-free interest rate		1.59		%
Dividend rate		1.00		%
Expected life in years		5.0
Stock price volatility		54.40		%
Fair value per share		$	10.45

Awards Granted During 2014 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value assumptions for SARs

The fair value of the SARs granted during fiscal 2014 was remeasured at July 26, 2014, using the following assumptions:

(Unaudited)		7/26/14
Risk-free interest rate		1.68		%
Dividend rate		1.10		%
Expected life in years		3.88
Stock price volatility		45.62		%
Fair value per share		$	8.21

Awards Granted During 2013 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value assumptions for SARs

The fair value of the SARs granted during fiscal 2013 was remeasured at July 26, 2014, using the following assumptions:

(Unaudited)		7/26/14
Risk-free interest rate		0.90		%
Dividend rate		1.10		%
Expected life in years		2.96
Stock price volatility		41.13		%
Fair value per share		$	10.50

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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