Stock-Based Awards

6 Months Ended

Sep. 08, 2018

We recognized pre-tax stock-based compensation expense (included primarily in Selling and administrative expenses in the Condensed Consolidated Statements of Operations) related to stock options, restricted stock units (“RSUs”), restricted stock awards and performance share units (“PSUs”) (collectively referred to as “stock-based awards”) of $6, $4, $12 and $10 for the second quarters of fiscal 2019 and 2018, and for fiscal 2019 and 2018 year-to-date, respectively.

In the first quarter of fiscal 2019, we granted cash settled restricted stock units (“Cash settled RSUs”), RSUs and PSUs under the 2012 Stock Plan to eligible employees, as part of our annual grant. In the second quarter of fiscal 2019, we modified the outstanding Cash settled RSUs to delete the provision stating that the settlement amount shall not be more than 1.25 times the fair market value of the common stock on the grant date of the awards. The amount of awards granted in the first quarter of fiscal 2019 and the grant date fair values are as follows:



(in thousands, except per unit amounts)	Awards Issued	Grant Date Fair Value
Cash settled RSUs⁽¹⁾	637	$	16.53
RSUs⁽¹⁾	723	$	16.53
PSUs⁽²⁾	453	$	14.93


(1)	Cash settled RSUs and RSUs vest over a three-year period from the date of grant.


(2)	PSUs have fiscal 2019-2021 and fiscal 2019-2022 performance periods and settle in shares of our common stock.

The grant date fair value used to determine compensation expense associated with the PSUs was calculated utilizing a Monte Carlo simulation. The weighted average assumptions used to determine the fair value of the PSUs as of the grant date are as follows:



	Fiscal 2019 Annual Grant
Dividend yield	—	%
Volatility rate	47.0	%
Risk-free interest rate	2.7	%
Expected life	3.8 years