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Stock-Based Compensation (Tables) | 9 Months Ended
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Jan. 22, 2022
Share-based Payment Arrangement [Abstract] |
Summary of total stock-based compensation expense | The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income:
|  | Quarter Ended |  | Nine Months Ended
(Unaudited, amounts in thousands) |  | 1/22/2022 |  | 1/23/2021 |  | 1/22/2022 |  | 1/23/2021
Equity-based awards expense |  | $ | 2,533 |  |  | $ | 2,948 |  |  | $ | 8,887 |  |  | $ | 9,115 |
Liability-based awards expense (1) |  | (73) |  |  | 587 |  |  | (696) |  |  | 1,925 |
Total stock-based compensation expense |  | $ | 2,460 |  |  | $ | 3,535 |  |  | $ | 8,191 |  |  | $ | 11,040 |
(1)Liability-based awards are comprised primarily of deferred stock units granted to non-employee directors. Compensation expense for these awards is based on the market price of our common stock on the grant date and is remeasured each reporting period based on the market value of our common shares on the last day of the reported period.
Fair value assumptions for stock options | The fair value of stock options granted during the first quarter of fiscal 2022 was calculated using the following assumptions:
(Unaudited) |  | Fiscal 2022 grant |  | Assumption
Risk-free interest rate |  | 0.82 | % |  | U.S. Treasury issues with term equal to expected life at grant date
Dividend rate |  | 1.58 | % |  | Estimated future dividend rate and common share price at grant date
Expected life |  | 5.0 years |  | Contractual term of stock option and expected employee exercise trends
Stock price volatility |  | 42.16 | % |  | Historical volatility of our common shares
Fair value per option |  | $ | 12.29 |  |  |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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