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Stock-Based Compensation (Tables) | 12 Months Ended
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Apr. 25, 2015
Stock-Based Compensation |
Stock-based compensation expense recognized in consolidated statement of income | The table below summarizes the total stock-based compensation expense recognized for all outstanding grants in our consolidated statement of income:
(Amounts in thousands) |  | 4/25/2015 |  | 4/26/2014 |  | 4/27/2013 |
Equity-based awards expense |  | $ | 6,780 |  | $ | 8,739 |  | $ | 11,458 |
Liability-based awards expense |  |  | 4,597 |  |  | 5,736 |  |  | 2,170 |
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Total stock-based compensation expense |  | $ | 11,377 |  | $ | 14,475 |  | $ | 13,628 |
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Schedule of grants made during the period | The table below summarizes the grants made during fiscal 2015:
(Shares/units in thousands) |  | Shares/units granted |  | Liability/ Equity award |  | Settlement
Stock options |  | 374 |  | Equity |  | Common shares
Restricted stock |  | 116 |  | Equity |  | Common shares
Restricted stock units—directors |  | 33 |  | Equity |  | Common shares
Performance-based shares |  | 192 |  | Equity |  | Common shares
Schedule of plan activity for stock options | 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 (In Thousands) |
Outstanding at April 26, 2014 |  |  | 798 |  | $ | 11.79 |  |  | 7.5 |  | $ | 10,185 |
Granted |  |  | 374 |  |  | 23.63 |  |  |  |  |  |  |
Exercised |  |  | (130 | ) |  | 10.71 |  |  |  |  | $ | 2,011 |
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Outstanding at April 25, 2015 |  |  | 1,042 |  | $ | 16.15 |  |  | 7.6 |  | $ | 11,773 |
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Exercisable at April 25, 2015 |  |  | 382 |  | $ | 10.78 |  |  | 6.4 |  | $ | 6,387 |
Fair value assumptions for stock options | We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. We estimate expected volatility based on the historical volatility of our common shares. We base the average expected life on the contractual term of the stock option and expected employee exercise trends. We base the risk-free rate on U.S. Treasury issues with a term equal to the expected life assumed at the date of the grant. The fair value of stock options granted during fiscal 2015, fiscal 2014, and fiscal 2013 were calculated using the following assumptions:
|  | 4/25/2015 |  | 4/26/2014 |  | 4/27/2013 |
Risk-free interest rate |  |  | 1.59 | % |  | 0.84 | % |  | 0.75 | %
Dividend rate |  |  | 1.00 | % |  | 0.84 | % |  | 0 | %
Expected life in years |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |
Stock price volatility |  |  | 54.4 | % |  | 81.3 | % |  | 83.8 | %
Fair value per share |  | $ | 10.45 |  | $ | 11.63 |  | $ | 7.87 |
Fair value assumptions for SARs | We granted SARs in each of the fiscal years ended April 26, 2014, and April 27, 2013. At April 25, 2015, we measured the fair value of the SARs granted during these fiscal years using the following assumptions:
|  | Fiscal 2014 grant |  | Fiscal 2013 grant |
Risk-free interest rate |  |  | 1.02 | % |  | 0.64 | %
Dividend rate |  |  | 1.16 | % |  | 1.16 | %
Expected life in years |  |  | 3.2 |  |  | 2.2 |
Stock price volatility |  |  | 34.0 | % |  | 30.0 | %
Fair value per share |  | $ | 10.24 |  | $ | 15.09 |
Schedule of nonvested restricted stock award activity | The following table summarizes information about non-vested share awards as of and for the year ended April 25, 2015:
|  | Number of Shares (In Thousands) |  | Weighted Average Grant Date Fair Value |
Non-vested shares at April 26, 2014 |  |  | 102 |  | $ | 7.77 |
Granted |  |  | 116 |  |  | 23.68 |
Vested |  |  | (66 | ) |  | 6.92 |
Canceled |  |  | (10 | ) |  | 17.68 |
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Non-vested shares at April 25, 2015 |  |  | 142 |  | $ | 20.50 |
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Schedule of nonvested restricted stock unit activity | The following table summarizes information about non-vested stock units as of and for the year ended April 25, 2015:
|  | Number of Units (In Thousands) |  | Weighted Average Grant Date Fair Value |
Non-vested units at April 26, 2014 |  |  | 221 |  | $ | 15.90 |
Vested |  |  | (63 | ) |  | 15.35 |
Canceled |  |  | (12 | ) |  | 16.14 |
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Non-vested units at April 25, 2015 |  |  | 146 |  | $ | 16.12 |
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Schedule of number of performance-based shares and units granted | Payout of these grants depends on our financial performance (80%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (20%). The performance award opportunity ranges from 50% of the employee's target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years. The number of performance-based units/shares granted were as follows:
Performance-based awards granted (Shares/units in thousands) |  | Number of Units |  | Number of Shares |
Fiscal 2013 grant |  |  | 146 |  |  | 133 |
Fiscal 2014 grant |  |  | 35 |  |  | 191 |
Fiscal 2015 grant |  |  | — |  |  | 192 |
Schedule of number of awards earned based on performance conditions | Based on our financial results for fiscal 2015, 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 awards earned (Shares/units in thousands) |  | Number of Shares/Units |
Fiscal 2013 performance-based shares |  |  | 171 |
Fiscal 2013 performance-based units |  |  | 154 |
Fiscal 2014 performance-based shares |  |  | 84 |
Fiscal 2014 performance-based units |  |  | 14 |
Fiscal 2015 performance-based shares |  |  | 49 |
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 thousands) |  | 4/25/2015 |  | 4/26/2014 |  | 4/27/2013 |
Fiscal 2011 grant |  | $ | — |  | $ | — |  | $ | 1,707 |
Fiscal 2012 grant |  |  | — |  |  | 3,603 |  |  | 5,442 |
Fiscal 2013 grant |  |  | 568 |  |  | 849 |  |  | 440 |
Fiscal 2014 grant |  |  | 769 |  |  | 1,006 |  |  | — |
Fiscal 2015 grant |  |  | 908 |  |  | — |  |  | — |

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