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Stock Incentives (Tables)
12 Months Ended
Jul. 03, 2011
Stock Incentives  
Schedule Of Assumptions Used To Determine Fair Value

Options Granted During

 

2011

 

 

2010

 

 

2009

 

Grant Date Fair Value

 

$

5.24

 

 

$

5.07

 

 

$

1.93

 

(Since options are only granted once per year, the grant date fair value equals the weighted average grant date fair value.)

 

 

 

Assumptions:

 

 

 

Risk-free Interest Rate

 

 

1.5%

 

 

 

2.5%

 

 

 

3.1%

 

Expected Volatility

 

 

43.2%

 

 

 

40.4%

 

 

 

32.7%

 

Expected Dividend Yield

 

 

2.4%

 

 

 

2.5%

 

 

 

6.5%

 

Expected Term (In Years)

 

 

5.0

 

 

 

5.0

 

 

 

5.0

 

Schedule Of Options Outstanding

 

 

Shares

 

 

Wtd. Avg.
Ex. Price

 

 

 Wtd. Avg.
Remaining
Contractual
     Term

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Balance, June 29, 2008

 

 

3,885,321

 

 

$

31.96

 

 

 

Granted During the Year

 

 

729,990

 

 

 

14.83

 

 

 

Exercised During the Year

 

 

-    

 

 

 

-    

 

 

 

Expired During the Year

 

 

(309,630

 

 

25.35

 

 

 

 

 

 

 

 

 

 

Balance, June 28, 2009

 

 

4,305,681

 

 

$

29.53

 

 

 

Granted During the Year

 

 

730,000

 

 

 

19.73

 

 

 

Exercised During the Year

 

 

(58,250

 

 

14.83

 

 

 

Expired During the Year

 

 

(509,554

 

 

27.99

 

 

 

 

 

 

 

 

 

 

Balance, June 27, 2010

 

 

4,467,877

 

 

$

28.29

 

 

 

Granted During the Year

 

 

785,250

 

 

 

19.88

 

 

 

Exercised During the Year

 

 

(103,290

 

 

14.83

 

 

 

Expired During the Year

 

 

(428,647

 

 

37.22

 

 

 

 

 

 

 

 

 

 

Balance, July 3, 2011

 

 

4,721,190

 

 

$

26.38

 

 

 

2.51

 

 

$

4,108

 

 

 

 

 

 

 

 

Exercisable, July 3, 2011

 

 

2,637,490

 

 

$

32.64

 

 

 

1.91

 

 

$

-

 

Schedule Of Grant Summary

Options Outstanding

 

Fiscal
Year

 

Grant

Date

 

 

Date
Exercisable

 

 

Expiration
Date

 

 

Exercise
Price

 

 

Options
Outstanding

 

2004

 

 

8-15-03

 

 

 

8-15-06

 

 

 

8-15-13

 

 

 

30.44

 

 

 

650,280

 

2005

 

 

8-13-04

 

 

 

8-13-07

 

 

 

8-13-14

 

 

 

36.68

 

 

 

939,840

 

2006

 

 

8-16-05

 

 

 

8-16-08

 

 

 

8-16-10

 

 

 

38.83

 

 

 

-    

 

2007

 

 

8-15-06

 

 

 

8-15-09

 

 

 

8-15-11

 

 

 

29.87

 

 

 

474,240

 

2008

 

 

8-14-07

 

 

 

8-14-10

 

 

 

8-31-12

 

 

 

30.81

 

 

 

573,130

 

2009

 

 

8-19-08

 

 

 

8-19-11

 

 

 

8-31-13

 

 

 

14.83

 

 

 

568,450

 

2010

 

 

8-18-09

 

 

 

8-18-12

 

 

 

8-31-14

 

 

 

19.73

 

 

 

730,000

 

2011

 

 

8-17-10

 

 

 

8-17-13

 

 

 

8-31-15

 

 

 

19.88

 

 

 

785,250

 

Summary Of Nonvested Shares

 

 

Deferred Stock

 

 

 

Restricted Stock

 

 

 

Stock Options

 

 

 

Shares

 

 

 

Wtd. Avg.
Grant Date
Fair Value

 

 

 

Shares

 

 

 

Wtd. Avg.
Grant Date
Fair Value

 

 

 

Shares

 

 

 

Wtd. Avg.
Grant Date
Fair Value

 

Nonvested shares, June 27, 2010

 

 

337,581  

 

 

$

18.20

 

 

 

400,012  

 

 

$

19.80

 

 

 

1,994,330  

 

 

$

4.08

 

Granted

 

 

184,330  

 

 

 

18.19

 

 

 

269,290  

 

 

 

18.09

 

 

 

785,250  

 

 

 

5.24

 

Cancelled

 

 

-    

 

 

 

-    

 

 

 

(4,500

 

 

21.44

 

 

 

-    

 

 

 

-    

 

Exercised

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

(103,290

 

 

1.93

 

Vested

 

 

(33,127

 

 

33.78

 

 

 

(40,802

 

 

35.00

 

 

 

(592,590

 

 

5.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested shares, July 3, 2011

 

 

488,784  

 

 

$

17.14

 

 

 

624,000  

 

 

$

18.06

 

 

 

2,083,700  

 

 

$

4.28

 

Schedule Of Stock-Based Compensation Programs
    

2011

    

2010

    

2009

 

Stock Options:

        

Pretax compensation expense

   $ 3,397        $ 4,028        $ 1,760    

Tax benefit

     (1,325      (1,571      (686
  

 

 

    

 

 

    

 

 

 

Stock option expense, net of tax

   $ 2,072        $ 2,457        $ 1,074    

Restricted Stock:

        

Pretax compensation expense

   $ 3,512        $ 1,754        $ 1,097    

Tax benefit

     (1,370      (684      (428
  

 

 

    

 

 

    

 

 

 

Restricted stock expense, net of tax

   $ 2,142        $ 1,070        $ 669    

Deferred Stock:

        

Pretax compensation expense

   $ 2,686        $ 1,193        $ 1,142    

Tax benefit

     (1,048      (465      (445
  

 

 

    

 

 

    

 

 

 

Deferred stock expense, net of tax

   $ 1,638        $ 728        $ 697    

Total Stock-Based Compensation:

        

Pretax compensation expense

   $ 9,595        $ 6,975        $ 3,999    

Tax benefit

     (3,743      (2,720      (1,559 )  
  

 

 

    

 

 

    

 

 

 

Total stock-based compensation, net of tax

   $ 5,852        $ 4,255        $ 2,440