Employee Stock Plans

6 Months Ended

Apr. 27, 2012

Employee Stock Plans [Abstract]

Employee Stock Plans

9. As of April 27, 2012, the Company had three share-based compensation plans, which are described below. The compensation cost that has been charged against income for those plans for the first six months of fiscal 2012 and 2011 was $5.9 million and $3.8 million, respectively. During the first six months of fiscal 2012 and 2011, the Company issued 80,842 and 244,561 shares, respectively, under its employee stock plans.

Employee Stock Purchase Plan (ESPP)

The ESPP is a "safe-harbor" designed plan whereby shares are purchased by participants at a discount of 5% of the market value on the purchase date and, therefore, compensation cost is not recorded under the ESPP.

Equity Incentive Plan

Under the equity incentive plan, option exercise prices are equal to the fair market value of the Company's common stock on the date of grant. The Company granted 333,400 options and 257,300 options in the six month periods ended April 27, 2012, and April 29, 2011, respectively. The weighted-average grant date fair value of options granted during the six month periods ended April 27, 2012, and April 29, 2011, was $24.13 per share and $31.32 per share, respectively.

The fair value of each option granted by the Company was estimated using a Black-Scholes pricing model which uses the assumptions noted in the following table. The Company uses historical data to estimate volatility of the Company's common stock and option exercise and employee termination assumptions. The risk-free rate for the contractual life of the option is based on the U.S. Treasury zero coupon issues in effect at the time of the grant.

	Six Months Ended
	April 27,			April 29,
	2012			2011
Volatility		41.62 – 44.29	%		40.80 – 42.78	%
Risk-free interest rate		0.91 – 2.11	%		2.02 – 3.64	%
Expected life (years)		4.5 – 9.5			4.5 – 9.5
Dividends		0			0

Employee Sharesave Scheme

Under the employee sharesave scheme for U.K. employees, participants are allowed the option to purchase shares at a discount of 5% of the market price of the stock as of the beginning of the offering period. The term of these options is three years. The sharesave scheme is not a "safe-harbor" design, and therefore, compensation cost is recognized on this plan. Under the sharesave scheme, option exercise prices are equal to the fair market value of the Company's common stock on the date of grant. The Company granted 45,063 and 9,956 options in the first six month periods ended April 27, 2012, and April 29, 2011, respectively. The weighted-average grant date fair value of options granted during the six month periods ended April 27, 2012, and April 29, 2011, was $19.85 and $26.14, respectively.

The fair value of the awards under the employee sharesave scheme was estimated using a Black-Scholes pricing model which uses the assumptions noted in the following table. The risk-free rate for the contractual life of the option is based on the U.S. Treasury zero coupon issues in effect at the time of grant.

	Six Months Ended
	April 27,			April 29,
	2012			2011
Volatility		38.96	%		51.10	%
Risk-free interest rate		0.38	%		0.98	%
Expected life (years)		3			3
Dividends		0			0