STOCK-BASED COMPENSATION

3 Months Ended

Apr. 04, 2015

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 9STOCK-BASED COMPENSATION

The total stock-based compensation expense included in the Company’s consolidated statements of income and comprehensive income was as follows:

	Three Months Ended
	April 4,		March 29,
(In thousands)	2015		2014
Cost of sales	$	396	$	212
Selling, general and administrative expenses	3,196		1,836
Research and development expense	492		289
	$	4,084	$	2,337

At April 4, 2015, the total compensation cost related to unvested stock-based awards granted to employees, officers and directors under the Company’s stock-based benefit plans that had not yet been recognized was $14.5 million, net of estimated forfeitures.  This future compensation expense will be amortized over a weighted-average period of 1.7 years using the straight-line attribution method.  The actual compensation expense that the Company will recognize in the future related to unvested stock-based awards outstanding at April 4, 2015 will be adjusted for actual forfeitures.

At April 4, 2015, 42 thousand stock options with a weighted-average exercise price of $13.79 per share, intrinsic value of $0.2 million and remaining contractual term of 0.7 years were outstanding and were exercisable.  At April 4, 2015, 2.0 million stock-settled stock appreciation rights with a weighted-average base value of $14.72 per share, intrinsic value of $8.8 million and remaining contractual term of 4.4 years were outstanding, of which 1.4 million stock-settled stock appreciation rights with a weighted-average base value of $13.92 per share, intrinsic value of $7.4 million and remaining contractual term of 3.8 years were exercisable.