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 2023, 2022, and 2021, was $24.1 million, $24.9 million, and $24.7 million, respectively. The Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the individual's retirement eligibility date.

As of October 29, 2023, there was $16.2 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 1.6 years. During fiscal years 2023, 2022, and 2021, cash received from stock option exercises was $12.0 million, $79.8 million, and $45.9 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 10.1 million at October 29, 2023, 11.1 million at October 30, 2022, and 12.5 million at October 31, 2021.

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 29, 2023, is:


	Shares (in thousands)	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Stock Options Outstanding at October 30, 2022	16,130	$	36.85
Granted	1,002	46.46
Exercised	(518)	29.24
Forfeited	(147)	41.51
Expired	(84)	42.55
Stock Options Outstanding at October 29, 2023	16,384	$	37.61	4.3	$	18,845
Stock Options Exercisable at October 29, 2023	13,611	$	36.00	3.5	$	18,845

The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised are:


	Fiscal Year Ended
	October 29,		October 30,		October 31,
In thousands, except per share amounts	2023		2022		2021
Weighted-average Grant Date Fair Value	$	10.06	$	7.09	$	7.52
Intrinsic Value of Exercised Options	6,350		109,745		94,108

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 29,		October 30,		October 31,
	2023		2022		2021
Risk-free Interest Rate	3.5	%	1.6	%	1.0	%
Dividend Yield	2.4	%	2.4	%	2.1	%
Stock Price Volatility	21.1	%	20.4	%	20.0	%
Expected Option Life	7.4 years		7.5 years		7.4 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 29, 2023, 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 30, 2022	681	$	45.53
Granted	237	45.96
Dividend Equivalents	18	41.44
Vested	(185)	45.88
Forfeited	(28)	45.64
Restricted Stock Units Outstanding at October 29, 2023	723	$	45.59	1.3	$	22,692

The weighted-average grant date fair value of restricted stock units granted, the total fair value of restricted stock units granted, and the fair value of restricted stock units that have vested are:


	Fiscal Year Ended
	October 29,		October 30,		October 31,
In thousands, except per share amounts	2023		2022		2021
Weighted-average Grant Date Fair Value	$	45.96	$	44.14	$	47.52
Fair Value of Restricted Stock Units Granted	10,889		15,980		10,699
Fair Value of Restricted Stock Units Vested	8,466		1,893		1,460

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 29, 2023, is:


	Shares (in thousands)	Weighted- average Grant Date Fair Value
Restricted Shares Outstanding at October 30, 2022	37	$	47.11
Granted	44	44.14
Vested	(37)	47.11

Restricted Shares Outstanding at October 29, 2023	44	$	44.14

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 are:


	Fiscal Year Ended
	October 29,		October 30,		October 31,
In thousands, except per share amounts	2023		2022		2021
Weighted-average Grant Date Fair Value	$	44.14	$	47.11	$	46.92
Fair Value of Restricted Shares Granted	1,920		1,760		1,760
Fair Value of Restricted Shares Vested	1,760		1,760		2,133

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 2023, the Company granted 17.5 thousand units, credited dividend equivalents of 2.7 thousand units and distributed 6.9 thousand units, which had a weighted-average fair value on the grant date of $38.93, $42.70, and $17.26 per share, respectively. As of October 29, 2023, 118.2 thousand units were outstanding, which had a weighted-average fair value on the grant date of $37.84 per share and an aggregate intrinsic fair value of $3.7 million.