Stock-Based Compensation (Tables)
|
12 Months Ended |
Apr. 26, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Total Stock-Based Compensation Expense |
The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants. Stock-based compensation expense is recorded in SG&A expense in the consolidated statement of income:
| | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | (52 weeks) | | (52 weeks) | | (52 weeks) | | (Amounts in thousands) | | 4/26/2025 | | 4/27/2024 | | 4/29/2023 | | Equity-based awards expense | | | | | | | | Restricted stock | | $ | 8,897 | | | $ | 6,959 | | | $ | 5,069 | | | Performance-based shares | | 6,276 | | | 5,109 | | | 4,293 | | | Stock options | | 924 | | | 1,257 | | | 2,076 | | | Restricted stock units issued to Directors | | 1,303 | | | 1,101 | | | 1,020 | | | Total equity-based awards expense | | 17,400 | | | 14,426 | | | 12,458 | | Liability-based awards expense (1) | | 91 | | | 152 | | | 162 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total stock-based compensation expense | | $ | 17,491 | | | $ | 14,578 | | | $ | 12,620 | |
(1)Includes stock appreciation rights, deferred stock units issued to Directors, restricted stock units, and performance-based units. Compensation expense for these awards is based on the market price of our common stock on the grant date and is remeasured each reporting period based on the market value of our common shares on the last day of the reported period.
|
| Schedule of Information about Non-Vested Share Awards |
The following table summarizes information about non-vested awards as of and for the year ended April 26, 2025:
| | | | | | | | | | | | | | | | | | Shares or Units (In Thousands) | | Weighted Average Grant Date Fair Value | | Non-vested awards at April 27, 2024 | | 561 | | | $ | 27.58 | | | Granted | | 246 | | | 38.17 | | | Vested | | (181) | | | 28.24 | | | Canceled | | (19) | | | 30.43 | | | Non-vested awards at April 26, 2025 | | 607 | | | 32.25 | |
|
| Schedule of Information about Performance-Based Shares Outstanding |
The following table summarizes the performance-based shares outstanding at the maximum award amounts based upon the respective performance share agreements: | | | | | | | | | | | | | | | | | | Shares (In Thousands) | | Weighted Average Grant Date Fair Value | | Outstanding shares at April 27, 2024 | | 801 | | | $ | 25.06 | | | Granted | | 328 | | | 35.59 | | | Vested | | (67) | | | 36.13 | | | Unearned or canceled | | (184) | | | 26.87 | | | Outstanding shares at April 26, 2025 | | 878 | | | 27.77 | |
|
| Schedule of Share-Based Payment Arrangement, Performance Shares, Vested |
The fair value of each performance-based share that we granted during fiscal 2025, 2024, and 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | Grant Year | | Vesting based on: | | Fiscal 2025 | | Fiscal 2024 | | Fiscal 2023 | Performance goals (1) | | $ | 35.59 | | | $ | 25.48 | | | $ | 22.43 | | Market conditions (2) | | $ | 54.67 | | | $ | 34.15 | | | $ | 36.63 | |
(1)Represents the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest (2)Based on Monte Carlo valuation model
|
| Schedule of Equity-Based Compensation Expenses Related to Performance-Based Shares |
Equity-based compensation expenses related to performance-based shares recognized in our consolidated statement of income are as follows: | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | (52 weeks) | | (52 weeks) | | (52 weeks) | | (Amounts in thousands) | | 4/26/2025 | | 4/27/2024 | | 4/29/2023 | | Fiscal 2021 grant | | $ | — | | | $ | — | | | $ | 548 | | | Fiscal 2022 grant | | — | | | 1,379 | | | 1,649 | | | Fiscal 2023 grant | | 2,194 | | | 1,867 | | | 2,096 | | | Fiscal 2024 grant | | 2,018 | | | 1,863 | | | — | | | Fiscal 2025 grant | | 2,064 | | | — | | | — | | | Total expense | | $ | 6,276 | | | $ | 5,109 | | | $ | 4,293 | |
|
| Schedule of Fair Value Assumptions for Stock Options |
The fair value of stock options granted during fiscal year 2023 were calculated using the following assumptions:
| | | | | | | | | | | | | | | | | | | | | Grant Year | | | | | | | | Fiscal 2023 | | Assumption | | Risk-free interest rate | | | | | 2.87% | | U.S. Treasury issues with term equal to expected life at grant date | | Dividend rate | | | | | 2.70% | | Estimated future dividend rate and common share price at grant date | | Expected life | | | | | 5.0 years | | Contractual term of stock option and expected employee exercise trends | | Stock price volatility | | | | | 42.78% | | Historical volatility of our common shares | | Fair value per option | | | | | $ | 7.90 | | | |
|
| Schedule of Plan Activity for Stock Options |
Plan activity for stock options under the above plans was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares (In Thousands) | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value (In Thousands) | | Outstanding at April 27, 2024 | 1,129 | | | $ | 30.69 | | | 6.0 | | $ | 3,951 | | | Granted | — | | | — | | | N/A | | N/A | | Canceled | (9) | | | 37.43 | | | N/A | | N/A | | | | | | | | | | Exercised | (487) | | | 31.58 | | | N/A | | 5,014 | | | Outstanding at April 26, 2025 | 633 | | | 29.91 | | | 5.9 | | 5,728 | | | | | | | | | | | Exercisable at April 26, 2025 | 478 | | | $ | 30.60 | | | 5.6 | | $ | 3,987 | |
|