12. Stock-based compensation

The Company measures all stock-based payments at fair value and recognizes related expense within selling, general and administrative expenses in the consolidated statements of operations over the requisite service period (generally the vesting period). During fiscal 2026, 2025, and 2024, the Company recorded stock-based compensation expense of $48.7 million, $36.4 million, and $33.5 million, respectively, for all forms of stock-based compensation awards.

Stock plan

At June 27, 2026, the Company had 6.6 million shares of common stock reserved for stock-based payments, which consisted of 0.6 million shares for unvested or unexercised stock options, 4.6 million shares available for stock-based awards under plans approved by shareholders, and 1.4 million shares for restricted stock units and performance share units granted but not yet vested.

Stock options

There were no stock options granted in fiscal 2026 and 2025, and the stock-based compensation expense and unamortized stock-based compensation associated with stock options were not material.

Restricted stock units

Delivery of restricted stock units, and the associated compensation expense, is recognized over the vesting period and is generally subject to the employee’s continued service to the Company, except for employees who are retirement eligible under the terms of the restricted stock units. As of June 27, 2026, 1.1 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $36.3 million, $34.3 million, and $32.6 million for fiscal years 2026, 2025, and 2024, respectively.

The following is a summary of the changes in non-vested restricted stock units during fiscal 2026:

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As of June 27, 2026, there was $22.2 million of total unrecognized compensation expense related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of restricted stock units vested during fiscal 2026, 2025, and 2024, was $33.8 million, $31.4 million, and $31.0 million, respectively.

Performance share units

The Company granted 0.2 million performance share units during fiscal 2026, 2025, and 2024. During fiscal 2026, 2025, and 2024, the stock-based compensation expense associated with the performance share units was not material.