XML 37 R22.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Share-Based Compensation | 12 Months Ended
--- | ---
Mar. 02, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation We have a 2019 Stock Incentive Plan and a 2019 Non-Employee Director Stock Plan (the Plans) that provide for the issuance of 1,150,000 and 150,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. Awards under these Plans may be in the form of incentive stock options (to employees only), non-statutory options, stock-settled stock appreciation rights (SARs), or nonvested share awards and units, all of which are granted at a price or with an exercise price equal to the fair market value of the Company’s stock at the date of award. We also have 2009 Non-Employee Director Stock Incentive Plan under which deferred restricted stock units were allocated, in addition to deferred restricted stock units acquired pursuant to a dividend equivalent reinvestment feature. As of June 23, 2019, no additional awards can be made under the 2009 Non-Employee Director Stock Incentive Plan. We recorded share-based compensation expense, in which we account for any forfeitures as they occur, as follows:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Restricted stock awards and restricted stock unit awards |  | $ | 6,753 |  |  | $ | 5,607 |  |  | $ | 5,345 |
Performance stock unit awards |  | 2,714 |  |  | 2,389 |  |  | 501 |
Stock options |  | 254 |  |  | 660 |  |  | 447 |
Share-based compensation expense |  | 9,721 |  |  | 8,656 |  |  | 6,293 |
Stock Options Stock option and SAR activity for the current fiscal year is summarized below:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value at Year-End
Outstanding at February 25, 2023 |  | 158,000 |  |  | $ | 23.04 |  |  |  |  |
Awards exercised |  | (86,458) |  |  | 23.04 |  |  |  |  |
Awards canceled |  | (71,542) |  |  | 23.04 |  |  |  |  |
Outstanding at March 2, 2024 |  | — |  |  | $ | — |  |  | 0.0 years |  | $ | — |
For the fiscal year ended March 2, 2024, 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 $1.8 million. For the fiscal year ended February 25, 2023, 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 was $2.7 million. Service Condition Awards Nonvested share awards and units generally vest over a two, three or four-year period. The following table summarizes nonvested restricted stock awards and restricted stock units activity for fiscal 2024:
|  | Number of Shares and Units |  | Weighted Average Grant Date Fair Value
February 25, 2023 |  | 375,080 |  |  | $ | 35.89 |
Granted |  | 199,138 |  |  | 43.38 |
Vested |  | (166,957) |  |  | 32.54 |
Canceled |  | (22,800) |  |  | 42.82 |
March 2, 2024 |  | 384,461 |  |  | $ | 40.28 |
Performance Condition Awards 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 2024, 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 three-fiscal-year performance period. 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, ranging from 0% to 200% of target, dependent on achieving a defined performance goal and being employed at the end of the performance period. The following table summarizes nonvested performance share units granted and outstanding for which all plans are at maximum achievement of 200% of target:
|  | Number of Shares and Units |  | Weighted Average Grant Date Fair Value
February 25, 2023 |  | 79,699 |  |  | $ | 40.83 |
Granted |  | 48,483 |  |  | 43.61 |
Canceled |  | (13,078) |  |  | 41.80 |
March 2, 2024 |  | 115,104 |  |  | $ | 41.89 |
At March 2, 2024, there was $11.2 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 21 months. The total fair value of shares vested during fiscal 2024 was $5.8 million.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration