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Stock-Based Compensation
 9 Months Ended
Feb. 24, 2019
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
We grant stock options for a fixed number of shares to certain employees with an exercise price equal to the fair value of the shares at the date of grant. We also grant restricted stock, restricted stock units, and performance stock units with a fair value generally determined based on our closing stock price on the date of grant. In addition, we also grant cash settled stock units (Darden stock units) which are classified as liabilities and are marked to market as of the end of each period.
The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes option pricing model were as follows.
 
Stock Options Granted
 
Nine Months Ended
 
February 24, 2019
 
February 25, 2018
Weighted-average fair value
$
18.78

 
$
14.63

Dividend yield
3.2
%
 
3.0
%
Expected volatility of stock
22.6
%
 
23.5
%
Risk-free interest rate
2.9
%
 
2.0
%
Expected option life (in years)
6.4

 
6.4

Weighted-average exercise price per share
$
107.05

 
$
85.83


The following table presents a summary of our stock-based compensation activity for the nine months ended February 24, 2019: 
(in millions)
 
Stock
Options
 
Restricted
Stock/
Restricted
Stock
Units
 
Darden
Stock
Units
 
Equity-Settled
Performance
Stock Units
Outstanding beginning of period
 
3.53

 
0.24

 
1.39

 
0.55

Awards granted
 
0.37

 
0.09

 
0.23

 
0.21

Awards exercised/vested
 
(0.95
)
 
(0.04
)
 
(0.33
)
 
(0.11
)
Awards forfeited
 
(0.04
)
 
—

 
(0.04
)
 
(0.04
)
Outstanding end of period
 
2.91

 
0.29

 
1.25

 
0.61


We recognized expense from stock-based compensation as follows: 
 
 
Three Months Ended
 
Nine Months Ended
(in millions)
 
February 24,
2019
 
February 25,
2018
 
February 24,
2019
 
February 25,
2018
Stock options
 
$
1.2

 
$
1.3

 
$
3.7

 
$
3.7

Restricted stock/restricted stock units
 
1.7

 
1.1

 
4.7

 
2.9

Darden stock units
 
6.5

 
8.0

 
25.3

 
15.5

Equity-settled performance stock units
 
3.5

 
3.1

 
9.5

 
8.2

Employee stock purchase plan
 
0.4

 
0.3

 
1.1

 
0.9

Director compensation program/other
 
0.4

 
0.3

 
1.0

 
1.0

Total stock-based compensation expense
 
$
13.7

 
$
14.1

 
$
45.3

 
$
32.2