Stock-based Compensation (Tables)

12 Months Ended

Apr. 25, 2020

Share-based Payment Arrangement [Abstract]

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 25, 2020			April 27, 2019			April 28, 2018
Expected dividend yield	4.7		%	4.5		%	2.2		%
Expected stock price volatility	26.8		%	24.6		%	21.6		%
Risk-free interest rate	1.8		%	2.9		%	1.9		%
Expected life (years)	6.0			6.2			6.6
Weighted average grant date fair value per share	$	3.37		$	3.66		$	8.18

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 27, 2019	1,556	$	39.96
Granted	1,318	22.22
Exercised	—	—
Canceled	(441)	46.94
Balance as of April 25, 2020	2,433	$	29.08	$	—
Vested or expected to vest as of April 25, 2020	2,349	$	29.28	$	—
Exercisable as of April 25, 2020	402	$	41.65	$	—

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

The following is a summary of restricted stock award activity:

	Restricted Stock Awards
	Shares	Weighted- Average Grant  Date Fair Value
Outstanding at April 27, 2019	167	$	37.91
Granted	43	18.71
Vested	(93)	34.28
Forfeitures	(11)	43.43
Outstanding at April 25, 2020	106	$	32.71

The following is a summary of restricted stock unit activity:

	Restricted Stock Units
	Shares	Weighted- Average Grant  Date Fair Value
Outstanding at April 27, 2019	1,125	$	30.97
Granted	508	22.11
Vested	(328)	31.24
Forfeitures	(89)	31.69
Outstanding at April 25, 2020	1,216	$	27.16

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 27, 2019	285	$	34.86
Granted	151	22.25
Vested	—	—
Forfeitures and cancellations	(74)	50.80
Outstanding at April 25, 2020	362	$	26.38

Summary of Weighted-Average Assumptions Under ESPP and CAP

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

	Fiscal Year Ended
	April 25, 2020			April 27, 2019			April 28, 2018
Expected dividend yield	5.1		%	5.2		%	2.8		%
Expected stock price volatility	34.3		%	38.6		%	28.1		%
Risk-free interest rate	1.6		%	2.5		%	1.7		%
Expected life (years)	0.6			0.6			0.6
Weighted average grant date fair value per share	$	4.98		$	5.21		$	8.73

We estimated the grant date fair value of shares purchased under our CAP using the Black-Scholes option pricing valuation model with the following assumptions. No CAP shares were granted in fiscal 2020 or 2019.

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