Stock-based Compensation (Tables)

12 Months Ended

Apr. 27, 2019

Summary of Stock Options, Weighted Average Assumptions

The fair value of stock options granted was estimated as of the grant date using a Black-Scholes option-pricing model with the following assumptions:

	Fiscal Year Ended
	April 27, 2019			April 28, 2018			April 29, 2017
Expected dividend yield	4.5		%	2.2		%	2.0		%
Expected stock price volatility	24.6		%	21.6		%	21.2		%
Risk-free interest rate	2.9		%	1.9		%	1.2		%
Expected life (years)	6.2			6.6			6.6
Weighted average grant date fair value per share	$	3.66		$	8.18		$	8.32

Summary of Stock Options

The following is a summary of stock option activity:

	Number of Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value
Balance as of April 28, 2018	1,206		$	50.82
Granted	621		23.40
Exercised	(1	)	19.85
Canceled	(270	)	50.41
Balance as of April 27, 2019	1,556		$	39.96	$	—
Vested or expected to vest as of April 27, 2019	1,418		$	38.84	$	—
Exercisable as of April 27, 2019	282		$	49.05	$	—

Summary of Non-Vested Restricted Stock Awards and Performance Unit Awards

The following is a summary of performance unit award activity at target:

	Performance Unit Awards
	Shares		Weighted- Average Grant Date Fair Value
Outstanding at April 28, 2018	236		$	51.66
Granted	142		22.63
Vested	—		—
Forfeitures and cancellations	(93	)	50.22
Outstanding at April 27, 2019	285		$	34.86

The following is a summary of restricted stock award activity:

	Restricted Stock Awards
	Shares		Weighted- Average Grant  Date Fair Value
Outstanding at April 28, 2018	304		$	40.13
Granted	37		24.83
Vested	(133	)	38.61
Forfeitures	(41	)	41.10
Outstanding at April 27, 2019	167		$	37.91

The following is a summary of restricted stock unit activity:

	Restricted Stock Units
	Shares		Weighted- Average Grant  Date Fair Value
Outstanding at April 28, 2018	541		$	45.74
Granted	773		23.27
Vested	(111	)	43.71
Forfeitures	(78	)	38.85
Outstanding at April 27, 2019	1,125		$	30.97

Employee Stock Purchase Plan

Summary of Weighted-Average Assumptions

We estimate the grant date fair value of shares purchased under our ESPP using the Black-Scholes option pricing valuation model with the following weighted average assumptions:

	Fiscal Year Ended
	April 27, 2019			April 28, 2018			April 29, 2017
Expected dividend yield	5.2		%	2.8		%	2.3		%
Expected stock price volatility	38.6		%	28.1		%	32.9		%
Risk-free interest rate	2.5		%	1.7		%	0.7		%
Expected life (years)	0.6			0.6			0.6
Weighted average grant date fair value per share	$	5.21		$	8.73		$	10.33

Capital Accumulation Plan (CAP)

Summary of Weighted-Average Assumptions

We estimated the grant date fair value of shares purchased under our CAP using the Black-Scholes option pricing valuation model with the following weighted average assumptions. No CAP shares were granted in the fiscal year ended April 27, 2019:

	April 28, 2018			April 29, 2017
Expected dividend yield	2.8		%	2.3		%
Expected stock price volatility	24.4		%	28.3		%
Risk-free interest rate	1.8		%	0.9		%
Expected life (years)	1.0			1.0
Weighted average grant date fair value per share	$	12.98		$	15.21