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Incentive Plans and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 01, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation costs
The following table summarizes information related to stock options and stock option exercises during the three months ended March 1, 2014 and March 2, 2013.

 
 
 
Three Months Ended
 
 
 
March 1,
2014

March 2,
2013
Pre-tax compensation expense
 
 
$
1,111

 
$
887

Deferred tax benefits
 
 
(395
)
 
(316
)
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements
 
 
161

 
1,742

Fair value of stock options on date of grant
 
 
4,554

 
3,836

Total intrinsic value of stock options exercised
 
 
758

 
5,286

Cash received upon exercise of stock options
 
 
1,242

 
3,325

Addition to capital in excess of par value due to exercise of stock options
 
 
1,363

 
3,926


The following table summarizes information related to restricted stock unit awards during the three months ended March 1, 2014 and March 2, 2013.
 
 

Three Months Ended
 
 

March 1,
2014

March 2,
2013
Pre-tax compensation expense
 
 
$
404

 
$
259

Deferred tax benefits
 
 
(144
)
 
(92
)
Excess tax (expense) benefits associated with tax deductions under the amount of compensation expense recognized in the consolidated condensed financial statements
 
 
101

 
96

Fair value of restricted stock unit awards on date of grant
 
 
1,466

 
1,068

Fair value of restricted stock unit awards vested
 
 
765

 
621
Schedule of nonqualified stock option activity
The following table summarizes activity for the three months ended March 1, 2014 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan and the 2009 Incentive Plan.

 
Options Granted
Under Incentive
Plans
 
Weighted
Average
Exercise Price
Outstanding at beginning of year
2,208,314
 
$
40.76

Granted
441,450
 
$
61.57

Exercised
(33,416)
 
$
37.17

Surrendered
(775)
 
$
22.80

Outstanding at end of period
2,615,573
 
$
44.32

 
 
 
 
Exercisable at end of period
1,671,929
 
$
39.15
Schedule of outstanding and exercisable options by exercise price
The following table summarizes information about the Company’s outstanding and exercisable options at March 1, 2014.

 
 
Options Outstanding
 
Options Exercisable
Range of Exercise
Prices
 
Number
 
Weighted
Average
Exercise
Price
 
Intrinsic Value
 
Weighted
Average
Remaining Life
in Years
 
Number
 
Weighted
Average
Exercise
Price
 
Intrinsic Value
 
Weighted
Average
Remaining Life
in Years
$25.31 - $28.79
 
150,600
 
$
26.92

 
$
4,670

 
2.25
 
150,600
 
$
26.92

 
$
4,671

 
2.25
$31.96 - $38.06
 
712,332
 
$
33.83

 
17,167

 
4.26
 
712,082
 
$
33.83

 
17,161

 
4.26
$40.73 - $55.01
 
1,311,191
 
$
46.21

 
15,367

 
7.92
 
809,247
 
$
46.11

 
9,562

 
7.61
$61.57
 
441,450
 
$
61.57

 
—

 
9.79
 
0
 
$
—

 
—

 
0.00
 
 
2,615,573
 
$
44.32

 
$
37,204

 
6.91
 
1,671,929
 
$
39.15

 
$
31,394

 
5.70
Schedule of Black-Scholes option pricing model on options granted
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year.

 
 
Three Months Ended
 
 
March 1,
2014
 
March 2,
2013
Weighted average fair value per option at the date of grant for options granted
 
$
11.53

 
$
9.96

Risk-free interest rate
 
1.55
%
 
1.19
%
Expected dividend yield
 
1.10
%
 
1.19
%
Expected volatility factor
 
21.40
%
 
25.81
%
Expected option term in years
 
5.0

 
5.4
Schedule of restricted stock unit awards
The following table summarizes activity for the three months ended March 1, 2014 with respect to the restricted stock unit awards.
 
Units
 
Weighted
Average
Grant Date
Fair Value
Nonvested at beginning of year
48,044
 
$
45.18

Granted
23,808
 
$
61.57

Vested
(17,685)
 
$
43.27

Nonvested at end of period
54,167
 
$
53.01