The Company issues stock options, restricted stock units, restricted shares, and deferred stock units as part of its stock incentive plans for employees and nonemployee directors. Stock-based compensation expense for fiscal years 2022, 2021, and 2020, was $24.9 million, $24.7 million, and $22.5 million, respectively. The Company recognizes stock-based compensation expense ratably over the vesting period or the individual's retirement eligibility date.

As of October 30, 2022, there was $19.6 million of total unrecognized compensation expense from stock-based compensation arrangements granted under the plans. This compensation is expected to be recognized over a weighted-average period of approximately 1.5 years. During fiscal years 2022, 2021, and 2020, cash received from stock option exercises was $79.8 million, $45.9 million, and $81.8 million, respectively.

Shares issued for option exercises, restricted stock units, restricted shares, and deferred stock units may be either authorized but unissued shares or shares of treasury stock. The number of shares available for future grants was 11.1 million at October 30, 2022, 12.5 million at October 31, 2021, and 13.7 million at October 25, 2020.

Stock Options: The Company’s policy is to grant options with the exercise price equal to the market price of the common stock on the date of grant. Options typically vest over four years and expire ten years after the date of the grant.

A reconciliation of the number of options outstanding and exercisable as of October 30, 2022, is:


	Shares (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Stock Options Outstanding at October 31, 2021	19,022	$	33.49
Granted	1,358	43.19
Exercised	(3,845)	22.17
Forfeited	(403)	40.06
Expired	(1)	40.59
Stock Options Outstanding at October 30, 2022	16,130	$	36.85	4.9	$	163,808
Stock Options Exercisable at October 30, 2022	10,816	$	34.56	3.9	$	134,370

The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised during each of the past three fiscal years, are:


	Fiscal Year Ended
	October 30,		October 31,		October 25,
In thousands, except per share amounts	2022		2021		2020
Weighted-average Grant Date Fair Value	$	7.09	$	7.52	$	7.72
Intrinsic Value of Exercised Options	109,745		94,108		182,821

The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions:


	Fiscal Year Ended
	October 30,		October 31,		October 25,
	2022		2021		2020
Risk-free Interest Rate	1.6	%	1.0	%	1.7	%
Dividend Yield	2.4	%	2.1	%	2.0	%
Stock Price Volatility	20.4	%	20.0	%	19.0	%
Expected Option Life	7.5 years		7.4 years		7.5 years

As part of the annual valuation process, the Company reassesses the appropriateness of the inputs used in the valuation models. The Company establishes the risk-free interest rate using U.S. Treasury yields as of the grant date. The dividend yield is based on the dividend rate approved by the Company’s Board of Directors and the stock price on the grant date. The expected volatility assumption is based on historical volatility. The expected life assumption is based on an analysis of past exercise behavior by option holders. In performing the valuations for option grants, the Company has not stratified option holders as exercise behavior has historically been consistent across all employees.

Restricted Stock Units: Restricted stock units are valued equal to the market price of the common stock on the date of the grant and generally vest after three years. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. A reconciliation of the restricted stock units as of October 30, 2022, is:


	Shares (in thousands)	Weighted- Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Restricted Stock Units Outstanding at October 31, 2021	385	$	46.81
Granted	362	44.14
Dividend Equivalents	9	50.32
Vested	(41)	45.68
Forfeited	(34)	44.76
Restricted Stock Units Outstanding at October 30, 2022	681	$	45.53	1.5	$	31,972

The weighted-average grant date fair value of restricted stock units granted and the total fair value of restricted stock units granted during each of the past three fiscal years, are:


	Fiscal Year Ended
	October 30,		October 31,		October 25,
In thousands, except per share amounts	2022		2021		2020
Weighted-average Grant Date Fair Value	$	44.14	$	47.52	$	45.88
Fair Value of Restricted Stock Units Granted	15,980		10,699		9,383
Fair Value of Restricted Stock Units Vested	$	1,893	$	1,460	$	839

Restricted Shares: Restricted shares awarded to nonemployee directors annually on February 1 are subject to a restricted period which expires the date of the Company’s next annual stockholders meeting. Newly elected directors receive a prorated award of restricted shares of the Company's common stock, which expires on the date of the Company's second succeeding annual stockholders meeting. A reconciliation of the restricted shares as of October 30, 2022, is:


In thousands, except per share amounts	Shares	Weighted- Average Grant Date Fair Value
Restricted Shares Outstanding at October 31, 2021	38	$	46.92
Granted	37	47.11
Vested	(38)	46.92

Restricted Shares Outstanding at October 30, 2022	37	$	47.11

The weighted-average grant date fair value of restricted shares granted, the total fair value of restricted shares granted, and the fair value of shares that have vested during each of the past three fiscal years are:


	Fiscal Year Ended
	October 30,		October 31,		October 25,
In thousands, except per share amounts	2022		2021		2020
Weighted-average Grant Date Fair Value	$	47.11	$	46.92	$	47.29
Fair Value of Restricted Shares Granted	1,760		1,760		1,973
Fair Value of Restricted Shares Vested	$	1,760	$	2,133	$	1,974

Deferred Stock Units: Nonemployee directors can elect to receive all or a portion of their annual retainer in the form of non-forfeitable deferred stock units which vest immediately. The deferred stock units accumulate dividend equivalents, which are provided as additional units. Each deferred stock unit represents the right to receive one share of the Company’s common stock following the completion of the director’s service.

During fiscal 2022, the Company granted 12.3 thousand units, credited dividend equivalents of 2.1 thousand units and distributed 5.5 thousand units, which had a weighted-average fair value on the grant date of $48.30, $48.44, and $17.95 per share respectively. As of October 30, 2022, 104.9 thousand units were outstanding, which had a weighted-average fair value on the grant date of $36.18 per share and an aggregate intrinsic fair value of $4.9 million.