XML 61 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Aug. 29, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Total stock-based compensation expense for the past three fiscal years consisted of the following components:
(in thousands)202020192018
Share awards:
Time-based$4,287 $4,986 $4,152 
Performance-based796 716 2,525 
Stock options990 925 502 
Other(1)
402 431 255 
Total stock-based compensation expense$6,475 $7,058 $7,434 
(1)    Includes stock-based compensation expense related to Board of Directors stock award expense and ESPP expense. Directors may elect to defer all or part of their annual retainer into a deferred compensation plan. The plan allows them to defer into either money units or stock units.
Summary of Nonvested Time-Based Share Awards A summary of the status of nonvested time-based share awards at August 29, 2020, and changes during Fiscal 2020, is as follows:
SharesWeighted Average Fair Value
Outstanding at August 31, 2019215,506 $33.40 
Granted166,440 $42.76 
Vested(77,550)$34.45 
Forfeited/canceled(2,132)$36.08 
Outstanding at August 29, 2020302,264 $38.27 
Summary of Nonvested Performance-Based Awards A summary of the status of the Company's nonvested performance-based share awards at August 29, 2020, and changes during Fiscal 2020, is as follows:
SharesWeighted Average Fair Value
Outstanding at August 31, 2019207,433 $33.87 
Granted64,914 $47.93 
Vested(65,302)$28.21 
Forfeited/canceled(18,053)$32.79 
Outstanding at August 29, 2020188,992 $40.73 
Summary of Stock Option Activity
A summary of stock option activity for Fiscal 2020 is as follows:
Stock OptionsWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
(in thousands)
Outstanding at August 31, 2019253,145 $34.43 
Granted55,036 $47.93 
Exercised(9,718)$34.21 
Forfeited/canceled(6,019)$35.09 
Outstanding at August 29, 2020292,444 $36.96 7.7$6,273 
Vested and expected to vest at August 29, 2020292,444 $36.96 7.7$6,273 
Exercisable at August 29, 2020142,754 $34.20 6.9$3,455 
Fair Value of Stock Options Using Black-Scholes Option-Pricing Model Assumptions
The fair value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Valuation Assumptions(1)
202020192018
Expected dividend yield0.9 %1.3 %0.9 %
Risk-free interest rate(2)
1.7 %3.0 %2.0 %
Expected life of stock options (in years)(3)
555
Expected stock price volatility(4)
41.2 %39.1 %38.1 %
Weighted average fair value of options granted$17.18 $11.09 $14.78 
(1)    Forfeitures are recorded when they occur.
(2)    Based on U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options.
(3)    Estimated based on historical experience.
(4)    Based on historical experience over a term consistent with the expected life of the stock options.