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Stock-Based Compensation (Tables) | 12 Months Ended
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Apr. 27, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule 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) |  | (52 weeks) |  | (53 weeks)
(Amounts in thousands) |  | 4/27/2024 |  | 4/29/2023 |  | 4/30/2022
Equity-based awards expense |  |  |  |  |  |
Restricted stock |  | $ | 6,959 |  |  | $ | 5,069 |  |  | $ | 3,720 |
Performance-based shares |  | 5,109 |  |  | 4,293 |  |  | 4,971 |
Stock options |  | 1,257 |  |  | 2,076 |  |  | 1,973 |
Restricted stock units issued to Directors |  | 1,101 |  |  | 1,020 |  |  | 1,194 |
Total equity-based awards expense |  | 14,426 |  |  | 12,458 |  |  | 11,858 |
Liability-based awards expense (1) |  | 152 |  |  | 162 |  |  | (1,131) |
Total stock-based compensation expense |  | $ | 14,578 |  |  | $ | 12,620 |  |  | $ | 10,727 |
(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.
Schedule of Information about Non-Vested Share Awards | The following table summarizes information about non-vested awards as of and for the year ended April 27, 2024:
|  | Shares or Units (In Thousands) |  | Weighted Average Grant Date Fair Value
Non-vested awards at April 29, 2023 |  | 393 |  |  | $ | 28.10 |
Granted |  | 331 |  |  | 27.68 |
Vested |  | (131) |  |  | 29.00 |
Canceled |  | (32) |  |  | 29.16 |
Non-vested awards at April 27, 2024 |  | 561 |  |  | 27.58 |
Schedule 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 29, 2023 |  | 763 |  |  | $ | 28.47 |
Granted |  | 438 |  |  | 25.48 |
Vested |  | (100) |  |  | 30.75 |
Unearned or canceled |  | (569) |  |  | 26.20 |
Outstanding shares at April 27, 2024 |  | 532 |  |  | 26.39 |
Schedule of Share-Based Payment Arrangement, Performance Shares, Vested | The fair value of each performance-based share that we granted during fiscal 2024, 2023, and 2022 was as follows:
|  | Grant Year
Vesting based on: |  | Fiscal 2024 |  | Fiscal 2023 |  | Fiscal 2022
Performance goals (1) |  | $ | 25.48 |  |  | $ | 22.43 |  |  | $ | 36.13 |
Market conditions (2) |  | $ | 34.15 |  |  | $ | 36.63 |  |  | $ | 51.85 |
(1)Represents the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest (2)Based on Monte Carlo valuation model
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) |  | (52 weeks) |  | (53 weeks)
(Amounts in thousands) |  | 4/27/2024 |  | 4/29/2023 |  | 4/30/2022
Fiscal 2020 grant |  | $ | — |  |  | $ | — |  |  | $ | 1,066 |
Fiscal 2021 grant |  | — |  |  | 548 |  |  | 2,195 |
Fiscal 2022 grant |  | 1,379 |  |  | 1,649 |  |  | 1,710 |
Fiscal 2023 grant |  | 1,867 |  |  | 2,096 |  |  | — |
Fiscal 2024 grant |  | 1,863 |  |  | — |  |  | — |
Total expense |  | $ | 5,109 |  |  | $ | 4,293 |  |  | $ | 4,971 |
Schedule of Fair Value Assumptions for Stock Options | The fair value of stock options granted during fiscal years 2023 and 2022 were calculated using the following assumptions:
|  | Grant Year |  |
|  |  | Fiscal 2023 |  | Fiscal 2022 |  | Assumption
Risk-free interest rate |  |  | 2.87% |  | 0.82% |  | 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 |  | Contractual term of stock option and expected employee exercise trends
Stock price volatility |  |  | 42.78% |  | 42.16% |  | Historical volatility of our common shares
Fair value per option |  |  | $ | 7.90 |  |  | $ | 12.29 |  |  |
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 29, 2023 | 1,621 |  |  | $ | 29.73 |  |  | 6.7 |  | $ | 2,175 |
Granted | — |  |  | — |  |  | N/A |  | N/A
Canceled | (18) |  |  | 31.11 |  |  | N/A |  | N/A
Exercised | (474) |  |  | 27.39 |  |  | N/A |  | 4,242 |
Outstanding at April 27, 2024 | 1,129 |  |  | 30.69 |  |  | 6.0 |  | 3,951 |
Exercisable at April 27, 2024 | 822 |  |  | $ | 31.46 |  |  | 5.4 |  | $ | 2,087 |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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