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Stock Plans (Tables)
 3 Months Ended
Apr. 02, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Total Compensation Recognized Related to Outstanding Equity Awards
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three months ended April 2, 2017 and April 3, 2016:
 
Three Months Ended
 
April 2,
2017
 
April 3,
2016
 
(In thousands)
Cost of product and service revenue
$
260

 
$
190

Research and development expenses
327

 
169

Selling, general and administrative expenses
4,339

 
3,487

Total stock-based compensation expense
$
4,926

 
$
3,846


The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $2.9 million and $1.9 million for the three months ended April 2, 2017 and April 3, 2016, respectively. Stock-based compensation costs capitalized as part of inventory was $0.3 million each as of April 2, 2017 and April 3, 2016
Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model
The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:
 
Three Months Ended
 
April 2,
2017
 
April 3,
2016
Risk-free interest rate
1.9
%
 
1.4
%
Expected dividend yield
0.5
%
 
0.6
%
Expected term
5 years

 
5 years

Expected stock volatility
22.4
%
 
25.2
%
Summary of Stock Option Activity
The following table summarizes stock option activity for the three months ended April 2, 2017:
 
Number
of
Shares
 
Weighted-
Average Exercise
Price
 
Weighted-Average
Remaining
Contractual Term
 
Total
Intrinsic
Value
 
(In thousands)
 
 
 
(In years)
 
(In millions)
Outstanding at January 1, 2017
2,287

 
$
37.64

 
 
 
 
Granted
446

 
53.45

 
 
 
 
Exercised
(140
)
 
33.09

 
 
 
 
Outstanding at April 2, 2017
2,593

 
$
40.60

 
4.2
 
$
36.1

Exercisable at April 2, 2017
1,611

 
$
35.48

 
3.1
 
$
30.7
Summary of Restricted Stock Award Activity
The following table summarizes restricted stock award activity for the three months ended April 2, 2017:
 
Number of
Shares
 
Weighted-
Average
Grant-
Date Fair
Value
 
(In thousands)
 
 
Nonvested at January 1, 2017
521

 
$
46.48

Granted
204

 
53.44

Vested
(174
)
 
44.76

Forfeited
(7
)
 
47.78

Nonvested at April 2, 2017
544

 
$
49.62