Stock Options, Other Stock Awards and Warrants (Tables)

12 Months Ended

Dec. 27, 2015

Stock Options, Other Stock Awards and Warrants [Abstract]

Schedule of Total Compensation Expense Related to Stock Options, Restricted Stock Units and Stock Performance Awards

Total compensation expense related to stock options, restricted stock units, including those awards made to non-employee members of its Board of Directors, and stock performance awards for the years ended December 27, 2015, December 28, 2014 and December 29, 2013 was $53,880, $36,152 and $21,272, respectively, and was recorded as follows:

	2015		2014	2013
Cost of sales	$	366	395	152
Product development		3,527	3,874	1,767
Selling, distribution and administration		49,987	31,883	19,353
		53,880	36,152	21,272
Income tax benefit		13,489	11,745	7,065
	$	40,391	24,407	14,207

      The following table represents total compensation expense by award type related to stock performance awards, restricted stock units, stock options and awards made to non-employee members of its Board of Directors, for the years ended December 27, 2015, December 28, 2014 and December 29, 2013:

	2015		2014	2013
Stock performance awards	$	27,960	11,315	815
Restricted stock units		19,052	15,643	8,732
Stock options		5,419	7,473	8,849
Non-employee awards		1,449	1,834	1,560
Cash-settled restricted stock units		-	(113)	1,316
		53,880	36,152	21,272
Income tax benefit		13,489	11,745	7,065
	$	40,391	24,407	14,207

Schedule of Restricted Stock Awards and Restricted Stock Units

The Company used a Monte Carlo simulation valuation model to determine the fair value of these awards. The following inputs were used in the simulation that resulted in an average grant date fair value for this award of $35.56:

	Inputs
Grant date stock price	$47.28
Stock price volatility	26.12%
Risk-free interest rate	0.65%
Dividend yield	3.38%

Excluding the aforementioned award for 587 shares, information with respect to the remaining Restricted Stock Awards and Restricted Stock Units for 2015, 2014 and 2013 is as follows:

	2015		2014	2013
Outstanding at beginning of year		937	702	296
Granted		254	281	451
Forfeited		(52)	(39)	(44)
Vested		(184)	(7)	(1)
Outstanding at end of year		955	937	702
Weighted average grant-date fair value:
Granted	$	62.95	52.06	45.16
Forfeited	$	51.57	44.44	40.40
Vested	$	39.87	41.19	33.62
Outstanding at end of year	$	51.22	45.74	43.10

Schedule of Stock Performance Awards

Information with respect to Stock Performance Awards for 2015, 2014 and 2013 is as follows:

	2015		2014	2013
Outstanding at beginning of year		655	943	1,019
Granted		362	322	358
Forfeited		(25)	(32)	(101)
Cancelled		-	(578)	(333)
Vested		-	-	-
Outstanding at end of year		992	655	943
Weighted average grant-date fair value:
Granted	$	61.85	52.11	47.21
Forfeited	$	53.45	43.21	40.24
Cancelled	$	-	36.14	45.66
Vested	$	-	-	-
Outstanding at end of year	$	53.17	49.57	40.24

Schedule of Stock Option Information

Stock Options

Information with respect to stock options for the three years ended December 27, 2015 is as follows:

	2015		2014	2013
Outstanding at beginning of year		4,186	5,543	9,283
Granted		549	684	776
Exercised		(1,280)	(1,951)	(4,377)
Expired or forfeited		(10)	(90)	(139)
Outstanding at end of year		3,445	4,186	5,543
Exercisable at end of year		2,208	2,374	3,144
Weighted average exercise price:
Granted	$	61.77	52.11	47.21
Exercised	$	37.54	31.07	26.99
Expired or forfeited	$	46.38	39.85	39.59
Outstanding at end of year	$	46.41	41.68	36.63
Exercisable at end of year	$	41.36	38.90	33.22

Schedule of weighted average assumptions used to determine the fair value of option grants

The Company uses the Black-Scholes valuation model in determining the fair value of stock options. The expected life of the options used in this calculation is the period of time the options are expected to be outstanding and has been determined based on historical exercise experience. The weighted average fair value of options granted in fiscal 2015, 2014 and 2013 was $9.29, $8.40 and $6.94, respectively. 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 used for grants in the fiscal years 2015, 2014 and 2013:

	2015	2014	2013
Risk-free interest rate	1.34%	1.42%	0.62%
Expected dividend yield	2.98%	3.30%	3.39%
Expected volatility	23%	26%	26%
Expected option life	5 years	5 years	5 years