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 December 31, 2015, there were 5.0 million shares available to be granted. The purpose of the Plan is to attract and retain individuals of exceptional 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 $24.8 million for the six months ended December 31, 2015, and $31.6 million, $24.6 million, and $18.4 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. As of December 31, 2015, unrecognized share-based compensation expense was $52.1 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):



	Number of Options		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Options outstanding at June 28, 2014	850		$	77.26
Granted	181		$	147.75
Exercised	(170	)	$	49.26
Forfeited or expired	(4	)	$	128.76
Options outstanding at June 27, 2015	857		$	97.49	6.6	$	79.8
Granted	—		$	—
Exercised	(72	)	$	69.62
Forfeited or expired	(2	)	$	131.91
Options outstanding at December 31, 2015	783		$	99.93	6.3	$	35.6

Options exercisable	614		$	89.08	5.7	$	34.3
Options expected to vest	165		$	139.21	8.3	$	1.3

The aggregate intrinsic value for options exercised during the year was $6.7 million for the six months ended December 31, 2015, and $20.7 million, $17.8 million, and $29.5 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. There were no options granted during the six months ended December 31, 2015. The weighted-average fair value per share at the grant date for options granted during the year $39.96, $38.28, and $34.24 for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:



	Fiscal Year Ended
	June 27, 2015		June 28, 2014		June 29, 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 non-vested restricted shares is presented below (shares in thousands):



	Number of Shares		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Non-vested restricted shares outstanding at June 28, 2014	9		$	100.84
Granted	—		$	—
Vested	(9	)	$	100.84
Forfeited	—		$	—
Non-vested restricted shares outstanding at June 27, 2015	—		$	—	0.0	$	—

There were no restricted shares granted, vested or outstanding for the six months ended December 31, 2015. There were no shares granted during the fiscal year ended June 27, 2015.The weighted-average fair value per share at the date of grant for restricted shares granted was $145.19 for the fiscal year ended June 28, 2014 and $100.84 for the fiscal year ended June 29, 2013. The total fair value of restricted shares that vested was $0.9 million, $2.3 million, and $0.6 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively.

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):



	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
Non-vested service-based share units outstanding at June 28, 2014	247		$	112.89
Granted	135		$	153.99
Vested	(91	)	$	99.54
Forfeited	(8	)	$	126.13
Non-vested service-based share units outstanding at June 27, 2015	283		$	136.48	1.2	$	53.9
Granted	199		$	165.64
Vested	(94	)	$	125.03
Forfeited	(6	)	$	164.56
Non-vested service-based share units outstanding at December 31, 2015	382		$	154.07	2.2	$	55.3

The weighted-average fair value per share at the date of grant for service-based restricted share units granted was $165.64 for the six months ended December 31, 2015, and $153.99, $133.08, and $109.20 for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. The total fair value of service-based restricted share units that vested during the period was $11.7 million for the six months ended December 31, 2015, and $9.1 million, $6.8 million, and $5.7 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively.

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):



	Number of Performance- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Non-vested performance-based share units outstanding at June 28, 2014	182		$	109.63
Granted	106		$	150.14
Vested	(56	)	$	91.14
Forfeited	(3	)	$	126.96
Non-vested performance-based share units outstanding at June 27, 2015	229		$	129.77	1.38	$	43.6
Granted	55		$	184.49
Vested	(58	)	$	109.20
Forfeited	(3	)	$	144.73
Non-vested performance-based share units outstanding at December 31, 2015	223		$	146.31	1.49	$	32.3

The weighted-average fair value per share at the date of grant for performance-based restricted share units granted during the period was $184.49 for the six months ended December 31, 2015, and $150.14, $119.85, and $108.60 for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. 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 period was $6.4 million for the six months ended December 31, 2015, and $5.1 million, $4.6 million, and $5.0 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively.