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Stock-Based Compensation (Tables)

9 Months Ended

Feb. 02, 2020

Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units

The following table provides assumptions used to determine the fair market value of the market-based shareholder return component of awards using the Monte Carlo simulation model during the fiscal year the grants noted below were awarded:

		Fiscal 2020				Fiscal 2019				Fiscal 2018
Closing price of our common stock		$	18.49			$	24.35			$	32.50
Expected volatility of our common stock			30.0	%			33.5	%			31.0	%
Expected volatility of peer companies (1) (2)		29.9% - 82.3%					16.0	%			16.5	%
Risk-free interest rate			1.73	%			2.74	%			1.56	%
Dividend yield			2.10	%			1.35	%			1.66	%
Correlation coefficient of peer companies (1) (2)		0.00 – 0.43					0.47				0.46

(1) The expected volatility and correlation coefficient of our peer companies for fiscal 2020 were based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed the ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

(2) The expected volatility and correlation coefficient of our peer companies for fiscal 2019 and 2018 were based on the Russell 2000 Index which was approved by the Compensation Committee of our board of directors as the benchmark for determining the market-based total shareholder return component. Since the Russell 2000 Index was the only benchmark for determining the market-based total shareholder return component, no ranges were disclosed for these assumptions.

Performance Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during the nine-month period ending February 2, 2020 and the entire fiscal year ending April 28, 2019:

Fiscal Year		Restricted Stock Units Vested				(3) Fair Value				Weighted Average Price Per Share
Fiscal 2020 (1)			9,489			$	165			$	17.36		(4)
Fiscal 2020 (2)			4,148			$	72			$	17.36		(4)
Fiscal 2019 (1)			128,632			$	3,754			$	29.19		(4)
Fiscal 2019 (2)			10,364			$	320			$	30.90		(4)

(1) Certain senior executives and key employees.

(2) Non-employee

(3) Dollar amounts are in thousands.

(4) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.

Time Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our time-based restricted stock units that vested during the nine-month period ending February 2, 2020 and the entire fiscal year ending April 28, 2019:

Fiscal Year		Restricted Stock Units Vested				(1) Fair Value				Weighted Average Price Per Share
Fiscal 2020			—			$	—				—
Fiscal 2019			1,200			$	21			$	17.36		(2)

(1) Dollar amounts are in thousands.

(2) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective time-based restricted stock units vested.

Executive officers and key employees [Member]

Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that are currently unvested:

Date of Grant		(3) Restricted Stock Units Awarded				Price Per Share					Vesting Period
July 18, 2019 (1)			93,653			$	19.04		(4)		3 years
July 18, 2019 (2)			30,426			$	18.49		(7)		3 years
August 2, 2018 (1)			86,599			$	18.51		(5)		3 years
August 2, 2018 (2)			47,800			$	24.35		(7)		3 years
July 13, 2017 (1)			78,195			$	31.85		(6)		3 years
July 13, 2017 (2)			44,000			$	32.50		(7)		3 years

(1) Performance-based restricted stock units awarded to certain senior executives.

(2) Performance-based restricted stock units awarded to key employees.

(3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4) Price per share represents the fair market value per share ($1.03 per $1 or an increase of $0.55 to the closing price of the common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on July 18, 2019.

(5) Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of the common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on August 2, 2018.

(6) Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on July 13, 2017.

(7) Price per share represents the closing price of our common stock on the date of grant.

Management [Member] | Time Vested Restricted Stock Awards [Member]

Summary of Grants of Time-Based Restricted Stock Awards

The following table summarizes information related to our grants of time-based restricted stock units associated with senior executives and key members of management that are currently unvested:

Date of Grant		Time Based Stock Units Awarded				Price Per Share					Vesting Period
July 18, 2019			34,399			$	18.49		(1)		3 years
August 2, 2018			10,000			$	24.35		(1)		5 years

(1) Price per share represents closing price of common stock on the date the respective award was granted

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