Shareholders' Equity

12 Months Ended

Jun. 25, 2011

Shareholders' Equity [Abstract]

Shareholders' Equity [Text Block]

SHAREHOLDERS’ EQUITY

In January 2003, the Board of Directors adopted a policy of paying regular quarterly dividends. The Company paid dividends of $29,021, $25,303 and $22,329 or $0.3100, $0.2725 and $0.2425 per share, during fiscal 2012, 2011 and 2010, respectively. The declaration and payment of dividends and the amount paid, if any, are subject to the discretion of the Board of Directors and will depend on the earnings, financial condition, capital and surplus requirements of the Company and other factors the Board of Directors may consider relevant.

The Company does not currently have a common stock repurchase program, but does repurchase shares in private party transactions from time to time. The Company repurchased 90 shares of common stock for $8,236 during fiscal 2012. The Company repurchased 142 and 2,062 shares of common stock for $8,308 and $71,088 during fiscal 2011 and 2010, respectively. Private party transactions accounted for 90, 142 and 85 shares in fiscal 2012, 2011 and 2010, respectively.

Share-Based Compensation Plans

All share-based compensation for employees and directors is granted under the 2008 Long-Term Incentive Plan, as amended. The plan has been approved by the Company’s shareholders and provides for the granting of awards to its employees and directors. As of June 30, 2012, there were 6,138 shares available to be granted. The purpose of the plan is to attract and retain individuals of exceptional managerial talent and encourage these individuals to acquire a vested interest in the Company’s success and prosperity. The awards that are granted under this program primarily include non-qualified stock options, restricted shares and restricted share units. Restricted shares are generally service-based, requiring a certain length of service before vesting occurs, while restricted share units can be either service-based or performance-based. Performance-based restricted share units require a certain length of service until vesting; however, they contain an additional performance feature, which can vary the amount of shares ultimately paid out based on certain performance criteria specified in the plan. Awards granted under the plan vest and may be exercised and/or sold from one to ten years after the date of grant based on a vesting schedule.

Share-based compensation expense was $18,973 for fiscal 2012, $15,355 for fiscal 2011 and $14,696 for fiscal 2010. As of June 30, 2012, unrecognized share-based compensation expense was $17,323 and the weighted average period over which the expense is expected to be recognized was approximately 1.8 years. Proceeds from the exercise of stock options and excess income tax benefits attributable to stock options exercised are credited to common stock.

A summary of activity related to stock options is presented below:

	Fiscal Year Ended June 30, 2012
	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning options outstanding	1,368		$28.00
Granted	206		$90.57
Exercised	(519	)	$22.37
Forfeited or expired	(10	)	$51.74
Ending options outstanding	1,045		$42.92	6.41	$78,379
Options exercisable	584		$28.76	5.26	$52,063
Options expected to vest	451		$60.48	7.85	$25,934

The aggregate intrinsic value for options exercised during the year was $38,945 for fiscal 2012, $40,485 for fiscal 2011 and $41,127 for fiscal 2010. The weighted average fair value per share at the grant date for options granted during the year was $28.68 for fiscal 2012, $18.46 for fiscal 2011 and $10.29 for fiscal 2010. The fair values were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

	Fiscal Year
	2012		2011		2010
Dividend yield	0.4	%	0.6	%	0.7	%
Volatility, as a percent	34.7	%	33.6	%	33.6	%
Risk-free interest rate	1.0	%	1.5	%	2.7	%
Expected life in years after vest date	2.4		2.5		2.6

Volatility used in the valuation model was based on historical volatility. The risk-free interest rate was based on the yield of U.S. government securities with a maturity date that coincides with the expected term of the option. The expected life in years after vest date was estimated based on past exercise behavior of employees.

A summary of activity related to nonvested restricted shares is presented below:

	Fiscal Year Ended June 30, 2012
	Number of Nonvested Shares		Weighted Average Grant Date Fair Value	Weighted Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning nonvested restricted shares outstanding	11		$59.74
Granted	7		$89.42
Vested	(11	)	$59.74
Forfeited	—		$—
Ending nonvested restricted shares outstanding	7		$89.42	0.31	$801

The weighted average fair value per share at the date of grant for restricted shares granted during the year was $89.42 for fiscal 2012, $59.74 for fiscal 2011 and $39.62 for fiscal 2010. The total fair value of restricted shares that vested during the year was $675 for fiscal 2012, $872 for fiscal 2011 and $2,661 for fiscal 2010.

A summary of activity related to nonvested service-based restricted share units is presented below:

	Fiscal Year Ended June 30, 2012
	Number of Nonvested Service- Based Share Units		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning nonvested service-based share units outstanding	440		$	40.25
Granted	94		$	90.99
Vested	(151	)	$	37.66
Forfeited	(8	)	$	53.92
Ending non-vested service-based share units outstanding	375		$	53.68	0.87	$	44,217

The weighted average fair value per share at the date of grant for service-based restricted share units granted during the year was $90.99 for fiscal 2012, $59.40 for fiscal 2011 and $30.56 for fiscal 2010. The total fair value of service-based restricted share units that vested during the year was $5,679 for fiscal 2012, $4,364 for fiscal 2011 and $597 for fiscal 2010.

A summary of activity related to nonvested performance-based restricted share units is presented below:

	Fiscal Year Ended June 30, 2012
	Number of Nonvested Performance- Based Share Units		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term in Years	Aggregate Intrinsic Value
Beginning nonvested performance-based share units outstanding	239		$	39.37
Granted	91		$	90.72
Vested	(119	)	$	35.85
Forfeited	(5	)	$	47.98
Ending nonvested performance-based share units outstanding	206		$	52.08	0.88	$	24,332

The weighted average fair value per share at the date of grant for performance-based restricted share units granted during the year was $90.72 for fiscal 2012, $58.82 for fiscal 2011 and $39.98 for fiscal 2010. The weighted average fair value of performance-based restricted share units can fluctuate depending upon the success or failure of the achievement of performance criteria as set forth in the plan. The total fair value of performance-based restricted share units that vested during the year was $4,280 for fiscal 2012, $4,671 for fiscal 2011 and $3,372 for fiscal 2010.