Stock-Based Compensation (Tables)

6 Months Ended

Nov. 29, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Nonvested Share Activity

The following table presents a summary of our stock-based compensation activity for the six months ended November 29, 2020.

(in millions)	Stock Options	Restricted Stock/ Restricted Stock Units	Equity-Settled Performance Stock Units	Cash-Settled Darden Stock Units
Outstanding beginning of period	2.62	0.28	0.55	1.03
Awards granted	0.28	0.09	0.14	0.28
Awards exercised/vested	(0.12)	(0.07)	(0.19)	(0.29)
Awards forfeited	(0.01)	(0.01)	—	(0.05)
Outstanding end of period	2.77	0.29	0.50	0.97

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

We recognized expense from stock-based compensation as follows: 

	Three Months Ended				Six Months Ended
(in millions)	November 29, 2020		November 24, 2019		November 29, 2020		November 24, 2019
Stock options	$	2.8	$	1.5	$	4.5	$	2.8
Restricted stock/restricted stock units	3.0		1.7		5.8		3.5
Equity-settled performance stock units	5.1		3.9		10.7		7.7
Cash-settled Darden stock units	10.4		5.8		18.4		12.4
Employee stock purchase plan	0.6		0.5		1.3		0.9
Director compensation program/other	0.3		0.4		0.7		0.7
Total stock-based compensation expense	$	22.2	$	13.8	$	41.4	$	28.0

Non-qualified Stock Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes option pricing model for options granted during the periods presented, were as follows:

	Six Months Ended
	November 29, 2020			November 24, 2019
Weighted-average fair value	$	20.07		$	19.94
Dividend yield	3.0		%	3.0		%
Expected volatility of stock	37.3		%	22.5		%
Risk-free interest rate	0.4		%	1.9		%
Expected option life (in years)	6.4			6.3
Weighted-average exercise price per share	$	78.84		$	124.24

Equity-Settled Performance Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average grant date fair value of performance-based restricted stock units and the related assumptions used in the Monte Carlo simulation to record stock-based compensation for units granted during the periods presented, were as follows:

	Six Months Ended
	November 29, 2020			November 24, 2019
Dividend yield (1)	0.0		%	0.0		%
Expected volatility of stock	50.5		%	23.1		%
Risk-free interest rate	0.1		%	1.8		%
Expected life (in years)	2.8			2.9
Weighted-average grant date fair value per unit	$	83.46		$	124.41

(1)Assumes a reinvestment of dividends.