Stock-Based Compensation

9 Months Ended

Nov. 29, 2014

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

Stock-Based Compensation

Share-Based Compensation

Total share-based compensation expense included in the results of operations was $3.7 million and $3.5 million for the nine-month periods ended November 29, 2014 and November 30, 2013, respectively.

Stock Options and SARs

There were no options or SARs issued in the first nine months of either fiscal 2015 or 2014. The following table summarizes the award transactions for the nine months ended November 29, 2014:

	Options/SARs Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at March 1, 2014	847,852		$	13.88
Awards exercised	(119,944	)	19.95
Awards canceled	(500	)	11.86
Outstanding and exercisable at November 29, 2014	727,408		$	12.88	5.1 Years	$	23,531,021

Cash proceeds from the exercise of stock options were $0.8 million and $2.0 million for the nine months ended November 29, 2014 and November 30, 2013, 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 $2.1 million during the nine months ended November 29, 2014 and $2.4 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 29, 2014:

	Nonvested Shares and Units
	Number of Shares and Units		Weighted Average Grant Date Fair Value
Nonvested at March 1, 2014	575,064		$	16.89
Granted(1)	182,718		28.12
Vested	(351,151	)	15.25
Canceled	(584	)	31.95
Nonvested at November 29, 2014	406,047		$	23.34

(1) Includes 40,735 of shares granted and immediately vested for achievement above target for the fiscal 2012-2014 performance period. Nonvested share units of 117,765 (at target) were previously granted in fiscal 2012 for this performance period.

At November 29, 2014, there was $6.1 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 2015 was $11.3 million.