Stock-Based Compensation

9 Months Ended

Nov. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Total stock-based compensation expense included in the results of operations was $3.5 million for each of the nine-month periods ended November 30, 2013 and December 1, 2012.

Stock Options and SARs

There were no options or SARs issued in the first nine months of fiscal 2014 or 2013. The following table summarizes the award transactions for the nine months ended November 30, 2013:

	Options/SARs Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at March 2, 2013	1,362,373		$	15.89
Awards exercised	(302,670	)	20.64
Awards canceled	(8,376	)	19.40
Outstanding at November 30, 2013	1,051,327		$	14.51	5.1 Years	$	22,406,495
Vested or expected to vest at November 30, 2013	1,051,327		$	14.51	5.1 Years	$	22,406,495
Exercisable at November 30, 2013	901,156		$	15.54	4.6 Years	$	18,279,796

At November 30, 2013, there was $0.3 million of total unrecognized compensation cost related to stock option awards, which is expected to be recognized over a weighted average period of approximately nine months. Cash proceeds from the exercise of stock options were $2.0 million and $1.2 million for the nine months ended November 30, 2013 and December 1, 2012, respectively. The amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant for options exercised was $2.4 million during the nine months ended November 30, 2013 and was $1.8 million during the prior-year period.

Nonvested Shares and Share Units

The following table summarizes the nonvested share award transactions, including nonvested share units, for the nine months ended November 30, 2013:

	Nonvested Shares and Units
	Number of Shares and Units		Weighted Average Grant Date Fair Value
Nonvested at March 2, 2013	831,573		$	13.17
Granted	155,471		26.36
Vested	(336,933	)	13.04
Canceled(1)	(78,797	)	13.80
Nonvested at November 30, 2013(2)	571,314		$	16.75

(1) Includes 75,547 of nonvested share units canceled under the fiscal 2011-2013 performance period because Apogee performed below target level for that performance period. Nonvested share units of 174,353 (at target) were previously granted in fiscal 2011 for this performance period.

(2) Includes a total of 117,765 nonvested share units granted and outstanding at target level for the fiscal 2012-2014 performance period.

At November 30, 2013, there was $5.9 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 23 months. The total fair value of shares vested during the nine-month period of fiscal 2014 was $8.5 million.