Stock-based Compensation (Tables)
|
12 Months Ended |
Jul. 01, 2017 |
2007 Option Plan [Member] |
|
Summary of Stock Option Activity |
The following table summarizes the stock option activity for fiscal
2017 under the 2007 Option Plan.
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|
Number of
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic Value
(in millions) |
|
Outstanding as of July 2, 2016
|
|
|
3,515,913 |
|
|
$ |
13.10 |
|
|
|
|
|
|
|
|
|
Granted
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(711,067 |
) |
|
$ |
5.73 |
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(55,573 |
) |
|
$ |
17.42 |
|
|
|
|
|
|
|
|
|
Expired
|
|
|
(3,232 |
) |
|
$ |
14.94 |
|
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|
Outstanding as of July 1, 2017
|
|
|
2,746,041 |
|
|
$ |
14.92 |
|
|
|
6.07 |
|
|
$ |
34.3 |
|
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|
|
|
|
|
|
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|
|
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|
Vested or expected to vest as of July 1, 2017
|
|
|
2,746,041 |
|
|
$ |
14.92 |
|
|
|
6.07 |
|
|
$ |
34.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable as of July 1, 2017
|
|
|
947,471 |
|
|
$ |
8.62 |
|
|
|
2.66 |
|
|
$ |
17.8 |
|
|
|
|
|
|
|
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|
|
Summary of Changes in Nonvested Restricted Shares |
The following table summarizes the changes in nonvested restricted
shares for fiscal 2017 under the 2007 Option Plan.
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|
Shares |
|
|
Weighted Average
Grant Date Fair Value |
|
Nonvested as of July 2, 2016
|
|
|
2,232,874 |
|
|
$ |
8.43 |
|
Vested
|
|
|
— |
|
|
$ |
— |
|
Forfeited
|
|
|
(52,596 |
) |
|
$ |
8.36 |
|
|
|
|
|
|
|
|
|
|
Nonvested as of July 1, 2017
|
|
|
2,180,278 |
|
|
$ |
8.36 |
|
|
|
|
|
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|
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|
|
2007 Option Plan [Member] | Tranche One [Member] |
|
Summary of Weighted Average Assumptions |
The Company estimated the fair value of the Tranche I time vesting
options granted in the fiscal years below using a Black-Scholes
option pricing model with the following weighted average
assumptions:
|
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|
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|
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|
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|
For the fiscal year
ended July 2, 2016 |
|
|
For the fiscal year
ended June 27, 2015 |
|
Risk-free Interest Rate
|
|
|
1.72 |
% |
|
|
2.11 |
% |
Dividend Yield
|
|
|
0.00 |
% |
|
|
4.13 |
% |
Expected Volatility
|
|
|
38.00 |
% |
|
|
37.00 |
% |
Expected Term (in years)
|
|
|
6.5 |
|
|
|
10 |
|
Weighted Average Fair Value of Options Granted
|
|
$ |
8.99 |
|
|
$ |
4.27 |
|
|
2007 Option Plan [Member] | Tranche Two and Three [Member] |
|
Summary of Weighted Average Assumptions |
With the assistance of a specialist, the Company estimated the fair
value of the Tranche II and III options and restricted shares with
a market condition using a Monte Carlo simulation with the
following weighted average assumptions:
|
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|
For the fiscal year ended July 2, 2016 |
|
|
|
Options |
|
|
Market Condition
Restricted Shares |
|
Risk-free Interest Rate
|
|
|
1.23 |
% |
|
|
1.23 |
% |
Dividend Yield
|
|
|
0.00 |
% |
|
|
0.00 |
% |
Expected Volatility
|
|
|
30.00 |
% |
|
|
30.00 |
% |
Expected Term (in years)
|
|
|
6.38 |
|
|
|
2.71 |
|
Weighted Average Fair Value of Awards Granted
|
|
$ |
4.20 |
|
|
$ |
8.43 |
|
|
2015 Incentive Plan [Member] |
|
Summary of Weighted Average Assumptions |
The Company estimated the fair value of options granted in the
fiscal years below using a Black-Scholes option pricing model with
the following weighted average assumptions:
|
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|
|
|
|
|
|
|
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|
For the fiscal year
ended July 1, 2017 |
|
|
For the fiscal year
ended July 2, 2016 |
|
Risk-free Interest Rate
|
|
|
1.30 |
% |
|
|
1.56 |
% |
Dividend Yield
|
|
|
0.00 |
% |
|
|
0.00 |
% |
Expected Volatility
|
|
|
33.00 |
% |
|
|
37.94 |
% |
Expected Term (in years)
|
|
|
6.25 |
|
|
|
6.25 |
|
Weighted Average Fair Value of Awards Granted
|
|
$ |
9.10 |
|
|
$ |
7.55 |
|
|
Summary of Stock Option Activity |
The following table summarizes the stock option activity for fiscal
2017 under the 2015 Incentive Plan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value
(in millions) |
|
Outstanding as of July 2, 2016
|
|
|
130,225 |
|
|
$ |
19.09 |
|
|
|
|
|
|
|
|
|
Granted
|
|
|
448,719 |
|
|
$ |
26.17 |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(4,227 |
) |
|
$ |
19.00 |
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of July 1, 2017
|
|
|
574,717 |
|
|
$ |
24.62 |
|
|
|
8.94 |
|
|
$ |
1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Vested or expected to vest as of July 1, 2017
|
|
|
574,717 |
|
|
$ |
24.62 |
|
|
|
8.94 |
|
|
$ |
1.6 |
|
|
|
|
|
|
|
|
|
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|
|
|
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|
Exercisable as of July 1, 2017
|
|
|
30,292 |
|
|
$ |
19.10 |
|
|
|
8.26 |
|
|
$ |
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Changes in Nonvested Restricted Shares and Restricted Stock Units |
The following table summarizes the changes in nonvested restricted
shares and restricted stock units for fiscal 2017 under the 2015
Incentive Plan.
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Weighted Average
Grant Date Fair Value |
|
Nonvested as of July 2, 2016
|
|
|
891,447 |
|
|
$ |
18.31 |
|
Granted
|
|
|
593,032 |
|
|
$ |
25.86 |
|
Vested
|
|
|
(354,618 |
) |
|
$ |
17.69 |
|
Forfeited
|
|
|
(19,404 |
) |
|
$ |
21.51 |
|
|
|
|
|
|
|
|
|
|
Nonvested as of July 1, 2017
|
|
|
1,110,457 |
|
|
$ |
22.50 |
|
|
|
|
|
|
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|