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Stock-Based Compensation (Tables) | 12 Months Ended
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Apr. 29, 2023
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. Stock-based compensation expense is recorded in SG&A in the consolidated statement of income:
|  | Fiscal Year Ended
|  | (52 weeks) |  | (53 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
Equity-based awards expense |  |  |  |  |  |
Stock options |  | $ | 2,076 |  |  | $ | 1,973 |  |  | $ | 2,959 |
Restricted stock |  | 5,069 |  |  | 3,720 |  |  | 3,367 |
Restricted stock units issued to Directors |  | 1,020 |  |  | 1,194 |  |  | 840 |
Performance-based shares |  | 4,293 |  |  | 4,971 |  |  | 5,505 |
Total equity-based awards expense |  | 12,458 |  |  | 11,858 |  |  | 12,671 |
Liability-based awards expense (1) |  | 162 |  |  | (1,131) |  |  | 1,878 |
Total stock-based compensation expense |  | $ | 12,620 |  |  | $ | 10,727 |  |  | $ | 14,549 |
(1)Includes stock appreciation rights, deferred stock units issued to Directors, restricted stock units, and performance-based units. 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 fiscal years 2023, 2022, and 2021 were calculated using the following assumptions:
| Grant Year |  |
| Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021 |  | Assumption
Risk-free interest rate | 2.87% |  | 0.82% |  | 0.34% |  | U.S. Treasury issues with term equal to expected life at grant date
Dividend rate | 2.70% |  | 1.58% |  | —% |  | Estimated future dividend rate and common share price at grant date
Expected life | 5.0 years |  | 5.0 years |  | 5.0 years |  | Contractual term of stock option and expected employee exercise trends
Stock price volatility | 42.78% |  | 42.16% |  | 41.79% |  | Historical volatility of our common shares
Fair value per option | $ | 7.90 |  |  | $ | 12.29 |  |  | $ | 10.06 |  |  |
Schedule of Plan Activity for Stock Options | Plan activity for stock options under the above plans was 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 30, 2022 | 1,516 |  |  | $ | 30.51 |  |  | 6.6 |  | $ | 24 |
Granted | 318 |  |  | 24.41 |  |  | N/A |  | N/A
Canceled | (37) |  |  | 30.46 |  |  | N/A |  | N/A
Exercised | (176) |  |  | 26.64 |  |  | N/A |  | 1,047 |
Outstanding at April 29, 2023 | 1,621 |  |  | 29.73 |  |  | 6.7 |  | 2,175 |
Exercisable at April 29, 2023 | 1,076 |  |  | $ | 30.15 |  |  | 5.7 |  | $ | 776 |
Summary of Information about Non-Vested Share Awards | The following table summarizes information about non-vested awards as of and for the year ended April 29, 2023:
|  | Shares or Units (In Thousands) |  | Weighted Average Grant Date Fair Value
Non-vested awards at April 30, 2022 |  | 287 |  |  | $ | 33.45 |
Granted |  | 256 |  |  | 24.58 |
Vested |  | (107) |  |  | 32.81 |
Canceled |  | (43) |  |  | 31.15 |
Non-vested awards at April 29, 2023 |  | 393 |  |  | 28.10 |
Summary of Information about Performance-Based Shares Outstanding | The following table summarizes the performance-based shares outstanding at the maximum award amounts based upon the respective performance share agreements:
|  | Shares (In Thousands) |  | Weighted Average Grant Date Fair Value
Outstanding shares at April 30, 2022 |  | 621 |  |  | $ | 32.28 |
Granted |  | 482 |  |  | 24.41 |
Vested |  | (122) |  |  | 28.68 |
Unearned or canceled |  | (218) |  |  | 30.21 |
Outstanding shares at April 29, 2023 |  | 763 |  |  | 28.47 |
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):
|  | Fiscal Year Ended
|  | (52 weeks) |  | (53 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
Fiscal 2019 grant |  | $ | — |  |  | $ | — |  |  | $ | 1,545 |
Fiscal 2020 grant |  | — |  |  | 1,066 |  |  | 2,051 |
Fiscal 2021 grant |  | 548 |  |  | 2,195 |  |  | 1,909 |
Fiscal 2022 grant |  | 1,649 |  |  | 1,710 |  |  | — |
Fiscal 2023 grant |  | 2,096 |  |  | — |  |  | — |
Total expense |  | $ | 4,293 |  |  | $ | 4,971 |  |  | $ | 5,505 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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