Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2020

Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]

Recognized Stock-Based Compensation Expense

Stock-based compensation expense included in continuing operations was as follows:  

	Fiscal Year Ended
(in millions)	May 31, 2020		May 26, 2019		May 27, 2018
Stock options	$	6.1	$	5.0	$	4.6
Restricted stock/restricted stock units	8.0		6.1		3.9
Darden stock units	19.6		33.0		20.1
Equity-settled performance-based restricted stock units	16.1		12.9		11.7
Employee stock purchase plan	1.8		1.5		1.3
Director compensation program/other	1.4		1.3		1.2
Total	$	53.0	$	59.8	$	42.8

Excess income tax benefits related to the exercise of stock options and vesting of other equity-settled stock-based compensation recognized in income tax expense from continuing operations was as follows:  

	Fiscal Year Ended
(in millions)	May 31, 2020		May 26, 2019		May 27, 2018
Income tax benefits	$	10.0	$	19.5	$	12.0

Summary Of Stock Option Activity

The following table presents a summary of our stock option activity as of and for the year ended May 31, 2020:

	Options (in millions)	Weighted-Average Exercise Price Per Share	Weighted-Average Remaining Contractual Life (Yrs)	Aggregate Intrinsic Value (in millions)
Outstanding beginning of period	2.60	$62.5	6.22	$149.9
Options granted	0.31	124.24
Options exercised	(0.28)	43.84
Options canceled	(0.01)	101.93
Outstanding end of period	2.62	$71.77	5.87	$41.7
Exercisable	1.40	$50.2	4.23	$37.4

Summary Of Restricted Stock And RSU Activity

The following table presents a summary of our restricted stock and RSU activity as of and for the fiscal year ended May 31, 2020:

	Shares (in millions)	Weighted-Average Grant Date Fair Value Per Share
Outstanding beginning of period	0.28	$85.67
Shares granted	0.07	122.92
Shares vested	(0.06)	68.71
Shares canceled	(0.01)	95.81
Outstanding end of period	0.28	$99.44

Summary Of Darden Stock Unit Activity

The following table presents a summary of our Darden stock unit activity as of and for the fiscal year ended May 31, 2020:

(All units settled in cash)	Units (in millions)	Weighted-Average Fair Value Per Unit
Outstanding beginning of period	1.20	$120.13
Units granted	0.19	124.22
Units vested	(0.29)	122.17
Units canceled	(0.07)	89.82
Outstanding end of period	1.03	$76.86

Non-qualified stock options

Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]

Stock-Based Compensation

The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes model to record stock-based compensation are as follows:

	Granted in Fiscal Year Ended
	May 31, 2020			May 26, 2019			May 27, 2018
Weighted-average fair value	$	19.94		$	18.78		$	14.63
Dividend yield	3.0		%	3.2		%	3.0		%
Expected volatility of stock	22.5		%	22.6		%	23.5		%
Risk-free interest rate	1.9		%	2.9		%	2.0		%
Expected option life (in years)	6.3			6.4			6.4
Weighted-average exercise price per share	$	124.24		$	107.05		$	85.83

Equity-settled performance-based restricted stock units

Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]

Stock-Based Compensation

The weighted-average grant date fair value of PRSUs and the related assumptions used in the Monte Carlo simulation to record stock-based compensation are as follows:

	Granted in Fiscal Year Ended
	May 31, 2020			May 26, 2019			May 27, 2018
Dividend yield (1)	0.0		%	0.0		%	0.0		%
Expected volatility of stock	23.1		%	23.4		%	21.5		%
Risk-free interest rate	1.8		%	2.7		%	1.5		%
Expected option life (in years)	2.9			2.9			2.9
Weighted-average grant date fair value per unit	$	98.16		$	100.72		$	90.51

(1)

Assumes a reinvestment of dividends.

Summary Of Performance Stock Unit Activity

The following table presents a summary of our equity-settled PRSU activity as of and for the fiscal year ended May 31, 2020:

	Units (in millions)	Weighted-Average Grant Date Fair Value Per Unit
Outstanding beginning of period	0.60	$84.11
Units granted	0.18	98.16
Units vested	(0.22)	62.17
Units canceled	(0.01)	84.90
Outstanding end of period	0.55	$97.03