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Stock-Based Compensation (Tables)
 12 Months Ended
Apr. 27, 2024
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 in the consolidated statement of income:
Fiscal Year Ended
(52 weeks)(52 weeks)(53 weeks)
(Amounts in thousands)4/27/20244/29/20234/30/2022
Equity-based awards expense
Restricted stock$6,959 $5,069 $3,720 
Performance-based shares5,109 4,293 4,971 
Stock options 1,257 2,076 1,973 
Restricted stock units issued to Directors1,101 1,020 1,194 
Total equity-based awards expense14,426 12,458 11,858 
Liability-based awards expense (1)
152 162 (1,131)
Total stock-based compensation expense$14,578 $12,620 $10,727 
(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 27, 2024:

 
Shares or Units
(In Thousands)
Weighted Average Grant Date Fair Value
Non-vested awards at April 29, 2023393 $28.10 
Granted331 27.68 
Vested(131)29.00 
Canceled(32)29.16 
Non-vested awards at April 27, 2024561 27.58 
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 29, 2023763 $28.47 
Granted438 25.48 
Vested(100)30.75 
Unearned or canceled(569)26.20 
Outstanding shares at April 27, 2024532 26.39 
Schedule of Share-Based Payment Arrangement, Performance Shares, Vested
The fair value of each performance-based share that we granted during fiscal 2024, 2023, and 2022 was as follows:
Grant Year
Vesting based on:
Fiscal 2024
Fiscal 2023
Fiscal 2022
Performance goals (1)
$25.48 $22.43 $36.13 
Market conditions (2)
$34.15 $36.63 $51.85 
(1)Represents the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest
(2)Based on Monte Carlo valuation model
Schedule of Equity-Based Compensation Expenses Related to Performance-Based Shares
Equity-based compensation expenses related to performance-based shares recognized in our consolidated statement of income were as follows (for the fiscal years ended):
Fiscal Year Ended
(52 weeks)(52 weeks)(53 weeks)
(Amounts in thousands)4/27/20244/29/20234/30/2022
Fiscal 2020 grant$— $— $1,066 
Fiscal 2021 grant— 548 2,195 
Fiscal 2022 grant1,379 1,649 1,710 
Fiscal 2023 grant1,867 2,096 — 
Fiscal 2024 grant1,863 — — 
Total expense$5,109 $4,293 $4,971 
Schedule of Fair Value Assumptions for Stock Options
The fair value of stock options granted during fiscal years 2023 and 2022 were calculated using the following assumptions:

Grant Year
Fiscal 2023
Fiscal 2022
Assumption
Risk-free interest rate2.87%0.82%U.S. Treasury issues with term equal to expected life at grant date
Dividend rate2.70%1.58%Estimated future dividend rate and common share price at grant date
Expected life5.0 years5.0 yearsContractual term of stock option and expected employee exercise trends
Stock price volatility42.78%42.16%Historical volatility of our common shares
Fair value per option$7.90 $12.29 
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 29, 20231,621 $29.73 6.7$2,175 
Granted— — N/AN/A
Canceled(18)31.11 N/AN/A
Exercised(474)27.39 N/A4,242 
Outstanding at April 27, 20241,129 30.69 6.03,951 
Exercisable at April 27, 2024822 $31.46 5.4$2,087