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Stock-Based Compensation
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Sep. 28, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation We compensate officers, directors and key employees with stock-based compensation under three stock plans approved by our shareholders in 1997, 2004 and 2010 and administered under the supervision of our Board. Compensation expense, net of estimated forfeitures, is recognized ratably over the vesting period. Stock-based compensation expense for the three and nine months ended September 28, 2013 and September 29, 2012, was as follows (in thousands):
(1) Includes $0.1 million of CEO transition benefit for the three months ended September 28, 2013. Includes $(0.5) million and $5.6 million of CEO transition (benefit) costs for the nine months ended September 28, 2013 and September 29, 2012, respectively. There was no CEO transition benefit or costs for the three months ended September 29, 2012. See below for additional details regarding CEO Transition Costs. CEO Transition Costs In February 2012, we announced that William R. McLaughlin, then President and Chief Executive Officer would retire from the Company effective June 1, 2012. In recognition of Mr. McLaughlin’s contributions, the Compensation Committee approved the modification of Mr. McLaughlin’s currently unvested stock awards, including performance-based stock awards. The performance-based stock awards are subject to applicable performance adjustments through 2014 based on free cash flow and market share growth versus performance targets. During the nine months ended September 29, 2012 we incurred $5.6 million ($3.7 million, net of income tax) of non-recurring, non-cash expenses associated with these stock award modifications. During the three and nine months ended September 28, 2013 we recorded non-cash compensation benefits of $0.1 million ($0.1 million net of income tax) and $0.5 million ($0.4 million, net of income tax), respectively, resulting from performance-based stock award adjustments. |
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