Stock-Based Compensation and Employee Benefit Plans (Tables)
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12 Months Ended |
Jun. 29, 2014
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Compensation and Retirement Disclosure [Abstract] |
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Stock Option Activity |
The following table summarizes the stock option activity for the fiscal years ended June 29, 2014, June 30, 2013, and June 24, 2012 (in thousands, except per share price data): | | | | | | | | | | | | | | | | | Stock Option Shares | | Weighted Average Option Exercise Price per Share | | Weighted Average Grant Date Fair Value per Share | | Aggregate Intrinsic Value | Outstanding, June 26, 2011 | 2,992 |
| | $ | 21.30 |
| | | | $ | 22,154 |
| Granted | 51 |
| | $ | 21.76 |
| | $ | 6.82 |
| | | Exercised | (225 | ) | | $ | 14.54 |
| | | | $ | 1,481 |
| Expired or forfeited | (774 | ) | | $ | 35.29 |
| | | | | Outstanding, June 24, 2012 | 2,044 |
| | $ | 16.76 |
| | | | $ | 7,031 |
| Granted | 115 |
| | $ | 19.96 |
| | $ | 5.58 |
| | | Exercised | (929 | ) | | $ | 16.66 |
| | | | $ | 3,678 |
| Expired or forfeited | (43 | ) | | $ | 18.71 |
| | | | | Outstanding, June 30, 2013 | 1,187 |
| | $ | 17.08 |
| | | | $ | 4,978 |
| Granted | 16 |
| | $ | 24.90 |
| | $ | 6.72 |
| | | Exercised | (886 | ) | | $ | 15.97 |
| | | | $ | 7,702 |
| Expired or forfeited | (43 | ) | | $ | 14.90 |
| | | | | Outstanding, June 29, 2014 | 274 |
| | $ | 21.47 |
| | | | $ | 1,852 |
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Summary of Stock Options By Exercise Price Range |
The following table summarizes the stock options outstanding at June 29, 2014, and the related weighted average price and life information (in thousands, except year and price data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 29, 2014 | | | Outstanding | | Exercisable | Range of Exercise Price per Share | | Number Outstanding | | Weighted Average Remaining Life (Years) | | Weighted Average Exercise Price | | Aggregate Intrinsic Value | | Number Exercisable | | Weighted Average Remaining Life (Years) | | Weighted Average Exercise Price | | Aggregate Intrinsic Value | $15.82 to $19.19 | | 92 |
| | 0.62 | | $ | 18.66 |
| | | | 88 |
| | 0.47 | | $ | 18.72 |
| | | $20.15 to $22.72 | | 141 |
| | 3.23 | | $ | 20.70 |
| | | | 60 |
| | 2.99 | | $ | 21.00 |
| | | $24.39 to $32.07 | | 17 |
| | 3.99 | | $ | 25.80 |
| | | | 3 |
| | 1.50 | | $ | 28.93 |
| | | $32.20 to $34.27 | | 24 |
| | 0.42 | | $ | 33.88 |
| | | | 24 |
| | 0.42 | | $ | 33.88 |
| | | | | 274 |
| | 2.15 | | $ | 21.47 |
| | $ | 1,852 |
| | 175 |
| | 1.35 | | $ | 21.77 |
| | $ | 1,186 |
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Restricted Stock Unit Activity |
The following table summarizes the RSU activity for the fiscal years ended June 29, 2014, June 30, 2013, and June 24, 2012 (in thousands, except per share price data):
| | | | | | | | | | | | | Restricted Stock Units | | Weighted Average Grant Date Fair Value Per Share | | Aggregate Intrinsic Value | Outstanding, June 26, 2011 | 2,051 |
| | $ | 21.22 |
| | $ | 53,501 |
| Granted | 1,518 |
| | $ | 19.80 |
| | | Vested | (560 | ) | | $ | 22.49 |
| | $ | 12,821 |
| Expired or forfeited | (104 | ) | | $ | 23.84 |
| | | Outstanding, June 24, 2012 | 2,905 |
| | $ | 21.72 |
| | $ | 57,932 |
| Granted | 1,928 |
| | $ | 20.77 |
| | | Vested | (804 | ) | | $ | 21.80 |
| | $ | 16,180 |
| Expired or forfeited | (333 | ) | | $ | 22.04 |
| | | Outstanding, June 30, 2013 | 3,696 |
| | $ | 21.31 |
| | $ | 77,394 |
| Granted | 1,644 |
| | $ | 24.36 |
| | | Vested | (1,065 | ) | | $ | 21.44 |
| | $ | 28,644 |
| Expired or forfeited | (450 | ) | | $ | 15.22 |
| | | Outstanding, June 29, 2014 | 3,825 |
| | $ | 19.26 |
| | $ | 105,791 |
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Additional Information Relating to Stock Options and RSU's |
Additional information relating to the Company’s stock based compensation plans, including employee stock options and RSUs (including RSUs with performance-based and market-based vesting criteria) at June 29, 2014, June 30, 2013, and June 24, 2012, is as follows (in thousands): | | | | | | | | | | | June 29, 2014 | | June 30, 2013 | | June 24, 2012 | Outstanding options exercisable | 175 |
| | 1,039 |
| | 1,749 |
| Options and RSUs available for grant | 4,276 |
| | 6,040 |
| | 8,505 |
| Total reserved common stock shares for equity awards | 8,375 |
| | 10,923 |
| | 13,454 |
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Stock-Based Compensation Expense |
For the fiscal years ended June 29, 2014, June 30, 2013, and June 24, 2012, stock‑based compensation expense associated with the Company’s stock options and RSUs (including RSUs with performance and/or market-based vesting criteria) was as follows (in thousands): | | | | | | | | | | | | | | Fiscal Year Ended | | June 29, 2014 | | June 30, 2013 | | June 24, 2012 | Cost of sales | $ | 5,242 |
| | $ | 4,393 |
| | $ | 2,766 |
| Selling, general and administrative expense | 13,144 |
| | 11,166 |
| | 9,199 |
| Research and development expense | 8,108 |
| | 6,001 |
| | 4,176 |
| Total stock‑based compensation expense | $ | 26,494 |
| | $ | 21,560 |
| | $ | 16,141 |
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Stock Options Valuation Assumptions |
The fair value of the stock options associated with the above compensation expense for the fiscal years ended June 29, 2014, June 30, 2013, and June 24, 2012, respectively, was determined at the grant date using the Black‑Scholes option pricing model with the following weighted average assumptions: | | | | | | | | | | | 2014 | | 2013 | | 2012 | Expected life | 3.5 years |
| | 3.5 years |
| | 3.5 years |
| Risk free interest rate | 0.79 | % | | 0.39 | % | | 0.44 | % | Volatility | 35.41 | % | | 37.56 | % | | 42.25 | % | Dividend yield | 0.00 | % | | 0.00 | % | | 0.00 | % |
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Market Based RSU Awards Valuation Assumptions |
The fair value of the market-based RSUs associated with the above compensation expense for the fiscal years ended June 29, 2014, June 30, 2013, and June 24, 2012, respectively, was determined at the grant date using the Monte Carlo Simulation method with the following weighted average assumptions: | | | | | | | | | | | 2014 | | 2013 | | 2012 | Expected award life | 3.5 years |
| | 2.7 years |
| | 3.0 years |
| Risk free interest rate | 1.08 | % | | 0.66 | % | | 0.41 | % | Volatility | 34.70 | % | | 36.62 | % | | 36.61 | % | Dividend yield | 0.00 | % | | 0.00 | % | | 0.00 | % |
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Long Term Liabilities and Related Assets Measured at Fair Value on a Recurring Basis [Table Text Block] |
The following tables present the long-term liabilities and the related assets measured at fair value on a recurring basis as of June 29, 2014 and June 30, 2013 (in thousands): | | | | | | | | | | | | | | | | | | June 29, 2014 | | Total | | Level 1 | | Level 2 | | Level 3 | Employee deferred compensation plan liability | $ | 9,844 |
| | $ | 9,844 |
| | $ | — |
| | $ | — |
| Assets of employee deferred compensation plan (reported in other assets) | 10,534 |
| | 10,534 |
| | — |
| | — |
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| | | | | | | | | | | | | | | | | | June 30, 2013 | | Total | | Level 1 | | Level 2 | | Level 3 | Employee deferred compensation plan liability | $ | 8,326 |
| | $ | 8,326 |
| | $ | — |
| | $ | — |
| Assets of employee deferred compensation plan (reported in other assets) | 9,472 |
| | 9,472 |
| | — |
| | — |
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