Share-Based Compensation

9 Months Ended

Nov. 27, 2021

Share-based Payment Arrangement [Abstract]

Total share-based compensation expense included in the results of operations was $4.8 million for the nine-month period ended November 27, 2021 and $6.2 million for the nine-month period ended November 28, 2020.

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 27, 2021	633,700	$	23.04

Awards exercised	(178,564)	23.04
Awards canceled	(84,336)	23.04
Outstanding at November 27, 2021	370,800	$	23.04	8.6 years	$	4,694,328
Vested or expected to vest at November 27, 2021	370,800	$	23.04	8.6 years	$	4,694,328

For the nine-months ended November 27, 2021 and November 28, 2020, cash proceeds from the exercise of stock options were $4.1 million and $1.5 million, 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 $2.3 million and $1.8 million, for the nine-months ended November 27, 2021 and November 28, 2020, respectively.

Executive Compensation Program

In fiscal 2022, the Compensation Committee of the Board of Directors implemented an executive compensation program for certain key employees. In the first quarter of fiscal 2022, we issued performance shares in the form of nonvested share unit awards, which give the recipient the right to receive shares earned at the vesting date. The number of share units issued at grant is equal to the target number of performance shares and allows for the right to receive an additional number of shares dependent on achieving a defined performance goal of return on invested capital and being employed at the end of the performance period.

Nonvested share awards and units

Nonvested share activity, including performance share units, 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 27, 2021	475,227	$	27.52
Granted(1)	235,028	35.48
Vested	(185,329)	30.36
Canceled	(23,306)	29.68
Nonvested at November 27, 2021(2)	501,620	$	30.10

(1) Includes a total of 54,395 nonvested share units granted and outstanding at target level for the fiscal 2022-2024 performance period.

(2) Includes a total of 50,825 nonvested share units granted and outstanding at target level for the fiscal 2022-2024 performance period.

At November 27, 2021, there was $11.0 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 28 months. The total fair value of shares vested during the nine months ended November 27, 2021 was $6.9 million.