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Share-Based Compensation | 3 Months Ended
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Jun. 01, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation As part of our compensation structure, we grant stock-based compensation awards to certain employees and non-employee directors during the fiscal year. These awards may be in the form of incentive stock options (to employees only), nonstatutory options, 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, unless the date of the award is on a day the Nasdaq Stock Market is not open for trading, then the exercise price shall equal the fair market value on the most recent preceding date when such market is open. The table below sets forth the number of stock-based compensation awards granted during the three-months ended June 1, 2024, along with the weighted average grant date fair value:
Awards |  | Number of Awards |  | Weighted Average Grant Date Fair Value
Restricted stock awards and restricted stock units(1) |  | 91,957 |  |  | $ | 62.25 |
Performance share units (2) |  | 35,332 |  |  | $ | 62.53 |
(1) Represent service condition awards which generally vest over a two- or three-year period.
(2) Represent performance condition awards with the grant equal to the target number of performance shares based on the share price at grant date. These grants allow for the right to receive a variable number of shares, between 0% and 200% of target, dependent on being employed at the end of the performance period and achieving defined performance goals for average return on invested capital and cumulative earnings per share.
Total share-based compensation expense included in the results of operations was $2.7 million for the three-month period ended June 1, 2024, and $2.2 million for the three-month period ended May 27, 2023. At June 1, 2024, there was $10.6 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 19 months. The total fair value of shares vested during the three-months ended June 1, 2024 was $9.0 million.

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