Share-Based Compensation

9 Months Ended

Dec. 02, 2017

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

Share-Based Compensation

Share-Based Compensation

Total share-based compensation expense included in the results of operations was $4.6 million for the nine-month period ended December 2, 2017 and $4.4 million for the nine-month period ended November 26, 2016.

Stock Options and SARs

Stock option and SAR activity for the current nine-month period is summarized as follows:

Stock Options and SARs	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at March 4, 2017	229,901		$	9.90
Awards exercised	(100,000	)	8.34
Outstanding and exercisable at December 2, 2017	129,901		$	11.10	3.0 Years	$	4,878,738

Cash proceeds from the exercise of stock options were $0.8 million and $1.3 million for the nine months ended December 2, 2017 and November 26, 2016, 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 $4.8 million during the nine months ended December 2, 2017 and $4.5 million during the prior-year period.

Nonvested Shares and Share Units

Nonvested share activity for the current nine-month period is summarized as follows:

Nonvested Shares and Units	Number of Shares and Units		Weighted Average Grant Date Fair Value
Nonvested at March 4, 2017	279,204		$	44.79
Granted	124,416		55.40
Vested	(130,093	)	45.31
Canceled	(7,000	)	55.89
Nonvested at December 2, 2017	266,527		$	49.20

At December 2, 2017, there was $8.5 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 21 months. The total fair value of shares vested during the nine months ended December 2, 2017 was $7.0 million.