Vesting period

  
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)The total intrinsic value of options exercised during fiscal 2022, 2021 and 2020 was $41.5 million, $57.3 million and $21.3 million, respectively. Cash received from option exercises during fiscal 2022, 2021 and 2020 was $29.7 million, $36.6 million and $12.4 million, respectively. Stock options generally vest over 4 years and have a maximum contractual period of 10 years from the date of grant. We settle employee stock option exercises with authorized but unissued shares of Darden common stock. As of May 29, 2022, there was $5.1 million of unrecognized compensation cost related to unvested stock options granted under our stock plans. This cost is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of stock options that vested during fiscal 2022 was $6.6 million. Restricted stock and RSUs are granted at a value equal to the market price of our common stock on the date of grant, and amortized over their service periods which generally range from one to three years. Restrictions with regard to restricted stock and RSUs lapse at the end of their service periods at which employees receive unrestricted shares of Darden stock. The following table presents a summary of our RSU activity as of and for the fiscal year ended May 29, 2022: 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|    | Shares(in millions) |  | Weighted-AverageGrant Date Fair Value Per Share |
| Outstanding beginning of period | 0.26 |  | $96.90 |
| Shares granted | 0.06 |  | 146.16 |
| Shares vested | (0.07) |  | 105.79 |
| Shares canceled | — |  | 106.94 |
| Outstanding end of period | 0.25 |  | $107.00 |

  
As of May 29, 2022, there was $6.3 million of unrecognized compensation cost related to unvested RSUs granted under our stock plans. This cost is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of RSUs that vested during fiscal 2022, 2021 and 2020 was $7.0 million, $10.6 million and $4.6 million, respectively. Darden stock units are granted at a value equal to the market price of our common stock on the date of grant and will be settled in cash at the end of their vesting periods, which typically range from three to five years, at the then market price of our common stock. Compensation expense is measured based on the market price of our common stock each period, is amortized over the vesting period and the vested portion is carried as a liability on our accompanying consolidated balance sheets. We also enter into equity forward contracts to hedge the risk of changes in future cash flows associated with the unvested Darden stock units granted (see Note 7 for additional information). The following table presents a summary of our Darden stock unit activity as of and for the fiscal year ended May 29, 2022: 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (All units settled in cash) | Units(in millions) |  | Weighted-AverageFair Value Per Unit |
| Outstanding beginning of period | 0.80 |  | $143.23 |
| Units granted | 0.33 |  | 146.56 |
| Units vested | (0.23) |  | 145.96 |
| Units canceled | (0.08) |  | 113.74 |
| Outstanding end of period | 0.82 |  | $126.04 |

  
As of May 29, 2022, our total Darden stock unit liability was $55.5 million, including $17.6 million recorded in other current liabilities and $37.9 million recorded in other liabilities on our consolidated balance sheets. As of May 30, 2021, our total Darden stock unit liability was $63.8 million, including $28.9 million recorded in other current liabilities and $34.9 million recorded in other liabilities on our consolidated balance sheets.  
Based on the value of our common stock as of May 29, 2022, there was $39.8 million of unrecognized compensation cost related to Darden stock units granted under our incentive plans. This cost is expected to be recognized over a weighted-average period of 2.5 years but the amount that vests is ultimately dependent on the value of Darden stock at the vesting date. The total fair value of Darden stock units that vested during fiscal 2022 was $33.4 million.   
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