Share-Based Compensation

9 Months Ended

Nov. 28, 2020

Share-based Payment Arrangement [Abstract]

Total share-based compensation expense included in the results of operations was $6.2 million for the nine-month period ended November 28, 2020 and $4.6 million for the nine-month period ended November 30, 2019.

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 February 29, 2020	100,341	$	8.34
Awards granted	660,600	23.04
Awards exercised	(127,241)	11.45

Outstanding at November 28, 2020	633,700	$	23.04	9.6 years	$	2,889,672
Vested or expected to vest at November 28, 2020	633,700	$	23.04	9.6 years	$	2,889,672

For the nine-months ended November 28, 2020, cash proceeds from the exercise of stock options were $1.5 million and 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 $1.8 million. No awards were issued or exercised during the nine-months ended November 30, 2019.

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 February 29, 2020	309,259	$	40.58
Granted	342,196	20.46
Vested	(140,953)	39.76
Canceled	(2,059)	34.38
Nonvested at November 28, 2020	508,443	$	27.29

At November 28, 2020, there was $8.6 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 25 months. The total fair value of shares vested during the nine months ended November 28, 2020 was $3.2 million.