SHARE-BASED COMPENSATION PLANS

All share-based compensation for employees and directors is granted under the 2013 Long-Term Incentive Plan (the "Plan"), as amended. The Plan has been approved by our shareholders and provides for the granting of awards to our employees and directors. As of June 27, 2015, there were 5.1 million shares available to be granted. The purpose of the Plan is to attract and retain individuals of exceptional managerial talent and encourage these individuals to acquire a vested interest in the Company's success and prosperity. The awards that are granted under this program include non-qualified stock options, restricted shares, and restricted share units. Restricted shares are generally service-based, requiring a certain length of service before vesting occurs, while restricted share units can be either service-based or performance-based. Performance-based restricted share units require a certain length of service until vesting; however, they contain an additional performance feature, which can vary the amount of shares ultimately paid out based on certain performance criteria specified in the Plan. Awards granted under the Plan vest and may be exercised and/or sold from one to ten years after the date of grant based on a vesting schedule.

Share-based compensation expense was $31.6 million for fiscal year 2015, $24.6 million for fiscal year 2014, and $18.4 million for fiscal year 2013. As of June 27, 2015, unrecognized share-based compensation expense was $35.3 million, and the weighted-average period over which the expense is expected to be recognized was approximately 1.7 years. Proceeds from the exercise of stock options and excess income tax benefits attributable to stock options exercised are credited to ordinary shares.

Stock Options

A summary of activity related to stock options is presented below (options in thousands):



	Fiscal Year Ended June 27, 2015
	Number of Options		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning options outstanding	850		$	77.26
Granted	181		$	147.75
Exercised	(170	)	$	49.26
Forfeited or expired	(4	)	$	128.76
Ending options outstanding	857		$	97.49	6.6	$	79.8

Options exercisable	515		$	74.16	5.4	$	59.9
Options expected to vest	334		$	132.47	8.4	$	19.4

The aggregate intrinsic value for options exercised during the year was $20.7 million for fiscal year 2015, $17.8 million for fiscal year 2014, and $29.5 million for fiscal year 2013. The weighted-average fair value per share at the grant date for options granted during the year was $39.96 for fiscal year 2015, $38.28 for fiscal year 2014, and $34.24 for fiscal year 2013. The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:



	Fiscal Year
	2015		2014		2013
Dividend yield	0.3	%	0.3	%	0.3	%
Volatility, as a percent	27.1	%	32.7	%	34.9	%
Risk-free interest rate	1.7	%	1.8	%	0.8	%
Expected life in years	5.3		5.3		5.4

The valuation model utilizes historical volatility. The risk-free interest rate is based on the yield of U.S. government securities with a maturity date that coincides with the expected term of the option. The expected life in years is estimated based on past exercise behavior of employees.

Non-Vested Restricted Shares

A summary of activity related to nonvested restricted shares is presented below (shares in thousands):



	Fiscal Year Ended June 27, 2015
	Number of Shares		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning non-vested restricted shares outstanding	9		$	100.84
Granted	—		$	—
Vested	(9	)	$	100.84
Forfeited	—		$	—
Ending non-vested restricted shares outstanding	—		$	—	0.0	$	—

There were no shares granted in fiscal year 2015. The weighted-average fair value per share at the date of grant for restricted shares granted during the year was $145.19 for fiscal year 2014, and $100.84 for fiscal year 2013. The total fair value of restricted shares that vested during the year was $0.9 million for fiscal year 2015, $2.3 million for fiscal year 2014, and $0.6 million for fiscal year 2013.

Non-vested Service-Based Restricted Share Units

A summary of activity related to non-vested service-based restricted share units is presented below (units in thousands):



	Fiscal Year Ended June 27, 2015
	Number of Non-vested Service- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning non-vested service-based share units outstanding	247		$	112.89
Granted	135		$	153.99
Vested	(91	)	$	99.54
Forfeited	(8	)	$	126.13
Ending non-vested service-based share units outstanding	283		$	136.48	1.2	$	53.9

The weighted average fair value per share at the date of grant for service-based restricted share units granted during the year was $153.99 for fiscal year 2015, $133.08 for fiscal year 2014, and $109.20 for fiscal year 2013. The total fair value of service-based restricted share units that vested during the year was $9.1 million for fiscal year 2015, $6.8 million for fiscal year 2014, and $5.7 million for fiscal year 2013.

Non-Vested Performance-Based Restricted Share Units

A summary of activity related to non-vested performance-based restricted share units is presented below (units in thousands):



	Fiscal Year Ended June 27, 2015
	Number of Performance- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning non-vested performance-based share units outstanding	182		$	109.63
Granted	106		$	150.14
Vested	(56	)	$	91.14
Forfeited	(3	)	$	126.96
Ending non-vested performance-based share units outstanding	229		$	129.77	1.38	$	43.6

The weighted-average fair value per share at the date of grant for performance-based restricted share units granted during the year was $150.14 for fiscal year 2015, $119.85 for fiscal year 2014, and $108.6 for fiscal year 2013. The weighted-average fair value of performance-based restricted share units can fluctuate depending upon the success or failure of the achievement of performance criteria as set forth in the Plan. The total fair value of performance-based restricted share units that vested during the year was $5.1 million for fiscal year 2015, $4.6 million for fiscal year 2014, and $5.0 million for fiscal year 2013.