Stock-Based Compensation

9 Months Ended

Nov. 26, 2016

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

Share-Based Compensation

Total share-based compensation expense included in the results of operations was $4.4 million and $3.7 million for the nine-month periods ended November 26, 2016 and November 28, 2015, respectively.

Stock Options and SARs

There were no stock options or SARs issued in the first nine months of either fiscal 2017 or 2016. The following table summarizes activity for the nine months ended November 26, 2016:



Stock Options and SARs	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at February 27, 2016	403,714		$	11.81
Awards exercised	(128,387	)	10.77
Outstanding and exercisable at November 26, 2016	275,327		$	12.30	3.8 Years	$	9,944,785

Cash proceeds from the exercise of stock options were $1.3 million and $1.6 million for the nine months ended November 26, 2016 and November 28, 2015, respectively. The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $4.5 million during the nine months ended November 26, 2016 and $7.5 million during the prior-year period.

Nonvested Shares and Share Units

The following table summarizes nonvested share activity for the nine months ended November 26, 2016:



Nonvested Shares and Units	Number of Shares and Units		Weighted Average Grant Date Fair Value
Nonvested at February 27, 2016	275,457		$	37.48
Granted	148,672		42.90
Vested	(140,404	)	28.43
Canceled	(750	)	45.79
Nonvested at November 26, 2016	282,975		$	44.79

At November 26, 2016, there was $8.2 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 22 months. The total fair value of shares vested during the nine months ended November 26, 2016 was $6.2 million.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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