Stock-Based Incentive Plans

3 Months Ended

Jul. 26, 2013

Stock Incentive and Purchase Plans [Abstract]

Stock Incentive and Purchase Plans

Note 10.  Stock-Based Incentive Plans

Stock-Based Compensation

Amounts of stock-based compensation recognized in the consolidated statement of income by expense category are as follows:

	For the Thirteen Weeks Ended
	July 26, 2013		July 27, 2012
Cost of goods sold	$	98,476	$	188,885
Selling, general and administrative		2,249,166		2,778,942
Research and development		805,857		1,438,706
Total stock-based compensation expense		3,153,499		4,406,533
Income tax benefit, related to awards, recognized in the consolidated statements of income		765,238		670,965
Total expense, net of income tax benefit	$	2,388,261	$	3,735,568

Amounts of stock-based compensation expense recognized in the consolidated statement of income by type of arrangement are as follows:

	For the Thirteen Weeks Ended
	July 26, 2013		July 27, 2012
Service-based stock option awards	$	970,018	$	875,218
Service-based restricted and restricted stock unit awards		1,486,595		1,975,803
Performance-based restricted stock and restricted stock unit awards		696,886		1,555,512
Total stock-based compensation expense	$	3,153,499	$	4,406,533

Stock Option Valuation Assumptions

We use the Black-Scholes option pricing methodology to calculate the grant date fair market value of stock option awards. The following table lists the assumptions we utilized as inputs to the Black-Scholes model:

Stock Option Activity

The following tables detail the activity for stock option awards:

	For the Thirteen Weeks Ended July 26, 2013
Options	Number of Optioned Shares	Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (years)	Aggregate Intrinsic Value(1)
Outstanding — at April 26, 2013	1,161,427	$	27.67
Granted	241,805		51.90
Exercised	(118,457)		21.55
Forfeited	(2,970)		39.68
Expired	-		-
Outstanding — at July 26, 2013	1,281,805		32.78	6.93	$	25,944,726
Fully vested and exercisable — end of quarter	665,515		24.56	5.05		19,048,351
Fully vested and expected to vest — end of quarter (2)	1,235,814		32.38	6.85		25,514,147

(1) The aggregate intrinsic value of options at quarter end is based on the difference between the fair market value of the underlying stock at July 26, 2013, using the market closing stock price, and the option exercise price for in-the-money options.

(2) Factors in expected forfeitures.

Restricted Stock and Restricted Stock Units Awards

The following tables detail the activity for service-based restricted stock and restricted stock unit awards:

	For the Thirteen Weeks Ended July 26, 2013
	Number of Shares	Wtd. Avg. Grant Date Fair Value
Non-vested shares at April 26, 2013	367,734	$	31.61
Granted	109,937		51.90
Vested	(101,087)		24.80
Forfeited	(1,269)		40.45
Non-vested shares at July 26, 2013	375,315		39.35

The following tables detail the activity for performance-based and market-based restricted stock and restricted stock unit awards:

	For the Thirteen Weeks Ended July 26, 2013
	Number of Shares	Wtd. Avg. Grant Date Fair Value
Non-vested shares at April 26, 2013	396,161	$	25.54
Granted	-		-
Vested	(62,520)		27.13
Forfeited	-		-
Non-vested shares at July 26, 2013	333,641		25.24