Common and Preferred Stock (Notes)

12 Months Ended

Dec. 29, 2012

Stockholders' Equity Note [Abstract]

Common and Preferred Stock

COMMON AND PREFERRED STOCK

(a)    Shares Authorized and Issued

At December 29, 2012 and December 31, 2011 the company had 47,500,000, shares of common stock and 2,000,000 shares of non-voting preferred stock authorized. At December 29, 2012 and December 31, 2011, there were 18,802,972 and 18,655,910, respectively, shares of common stock outstanding.

(b)    Treasury Stock

In July 1998, the company's Board of Directors adopted a stock repurchase program and during 1998 authorized the purchase of up to 1,800,000 common shares in open market purchases. As of December 29, 2012, 1,738,070 shares had been purchased under the 1998 stock repurchase program and 61,930 remain authorized for repurchase.

At December 29, 2012, the company had a total of 4,635,315 shares in treasury amounting to $147.4 million.

(c)    Share-Based Awards

The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provide key employees with rights to purchase shares of common stock at specified exercise prices. Options may be exercised upon certain vesting requirements being met, but expire to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met.

• 1998 Stock Incentive Plan (the "1998 Plan"), as amended on December 15, 2003. Effective February 15, 2008 and in accordance with plan parameters, the company is no longer permitted to make grants under the 1998 Plan. Accordingly, zero shares are available for issuance under the 1998 Plan.  

As of December 29, 2012, a total of 3,363,506 share-based awards have been issued under the 1998 Plan.  This includes 928,186 restricted share grants, of which 59,115 remain unvested and 123,514 have been cancelled. This also includes 2,435,320 stock options, of which 2,092,404 have been exercised and 347,916 remain outstanding.

• 2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, zero additional shares are available for issuance under the 2007 Plan.

As of December 29, 2012, a total of 894,518 share-based awards have been issued under the 2007 Plan. This includes 890,889 restricted share grants, of which 365,801 remain outstanding and unvested.  This also includes 3,629 stock options, of which 708 have been exercised, 2,597 have been forfeited and zero remain outstanding.

• 2011 Stock Incentive Plan (the "2011 Plan"). A maximum amount of 550,000 shares can be issued under the 2011 Plan.

As of December 29, 2012, zero share-based awards have been issued under the 2011 Plan.

A summary of stock option activity under the 1998 Plan is presented below (amounts in thousands, except share and per share data):

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Life	Aggregate Intrinsic Value
Outstanding at December 31, 2011:	706,670		$	9.41	1.36	$	59,809
Granted	—		—
Exercised	(358,754	)	7.82
Forfeited	—		—
Outstanding at December 29, 2012:	347,916		$	11.04	0.65	$	39,811
Exercisable at December 29, 2012:	347,916		$	11.04	0.65	$	39,811
Vested or expected to vest At December 29, 2012:	347,916		$	11.04	0.65	$	39,811

A summary of stock option activity under the 2007 Plan is presented below (amounts in thousands, except share and per share data):

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Life	Aggregate Intrinsic Value
Outstanding at December 31, 2011:	2,597		$	14.56	0.78	$	206
Granted	—		—
Exercised	—		—
Forfeited	(2,597	)	14.56
Outstanding at December 29, 2012:	—		$	—	—	$	—
Exercisable at December 29, 2012:	—		$	—	—	$	—
Vested or expected to vest At December 29, 2012:	—		$	—	—	$	—

A summary of the company’s nonvested restricted share grant activity under the 1998 and 2007 Plans and related information for fiscal years ended December 29, 2012 and December 31, 2011 is as follows:

	Shares		Weighted Average Grant-Date Fair Value
Nonvested shares at January 1, 2011	631,993		$	48.47
Granted	386,000		$	89.98
Vested	(327,933	)	$	83.61
Forfeited	(2,700	)	$	54.81
Nonvested shares at December 31, 2011	687,360		$	65.78
Granted	—		$	—
Vested	(248,639	)	$	96.05
Forfeited	(13,805	)	$	89.98
Nonvested shares at December 29, 2012	424,916		$	87.73

The company issues share-based awards from shares that have been authorized as new share issuances. The company does not anticipate it will be required to repurchase any additional shares of common stock in 2013 to satisfy obligations under its share-based award programs.

Additional information related to the share based compensation is as follows:

	2012		2011		2010
	(dollars in thousands)
Intrinsic value of options exercised	$	42,208	$	1,477	$	2,280
Cash received from exercise	2,804		236		666
Tax benefit from option exercises	14,149		74		450