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Share-Based Compensation | 9 Months Ended
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Nov. 26, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Total share-based compensation expense included in the results of operations was $6.0 million for the nine-month period ended November 26, 2022 and $4.8 million for the nine-month period ended November 27, 2021. Stock options Stock option activity for the current nine-month period is summarized as follows:
Stock Options |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
Outstanding at beginning of year |  | 370,800 |  |  | $ | 23.04 |  |  |  |  |
Awards exercised |  | (145,060) |  |  | 23.04 |  |  |  |  |
Awards canceled/expired |  | (67,740) |  |  | 23.04 |  |  |  |  |
Outstanding and expected to vest at November 26, 2022 |  | 158,000 |  |  | $ | 23.04 |  |  | 0.7 years |  | $ | 2,000,280 |
For the nine-months ended November 26, 2022, there were no cash proceeds from the exercise of stock options as all stock options were exercised on a stock-for-stock basis. The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $2.7 million. For the nine-months ended November 27, 2021, cash proceeds from the exercise of stock options was $4.1 million and the aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $2.3 million. Executive compensation program In fiscal 2022, the Compensation Committee of the Board of Directors implemented an executive compensation program for certain key employees. In each of the first quarters of fiscal 2023 and fiscal 2022, we issued performance shares in the form of nonvested share unit awards, which give the recipient the right to receive shares earned at the end of the respective performance periods. The number of share units issued at grant is equal to the target number of performance shares and allows for the right to receive a variable number of shares dependent on achieving a defined performance goal of return on invested capital and being employed at the end of the performance period. Nonvested share awards and units Nonvested share activity, including restricted stock awards and performance share units, for the current nine-month period is summarized as follows:
Nonvested shares and units |  | Number of Shares and Units |  | Weighted Average Grant Date Fair Value
Nonvested at February 26, 2022 (1) |  | 488,944 |  |  | $ | 30.14 |
Granted (2) |  | 182,493 |  |  | 46.10 |
Vested |  | (148,332) |  |  | 27.56 |
Canceled (3) |  | (44,932) |  |  | 36.02 |
Nonvested at November 26, 2022(4) |  | 478,173 |  |  | $ | 36.48 |
(1) Includes a total of 50,825 nonvested share units granted and outstanding at target level for the fiscal 2022-2024 performance period. (2)Includes a total of 38,654 nonvested share units granted and outstanding at target level for the 2023-2025 performance period. (3) Includes a total of 9,690 nonvested share units cancelled for the fiscal 2022-2024 and fiscal 2023-2025 performance periods. (4)Includes a total of 45,207 and 34,492 nonvested share units granted and outstanding at target level for the 2022-2024 and 2023-2025 performance periods, respectively. At November 26, 2022, there was $11.4 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 25 months. The total fair value of shares vested during the nine months ended November 26, 2022 was $6.2 million.

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