Shareholders' Equity

3 Months Ended

Mar. 30, 2013

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

The Company recognized approximately $2.3 million and $2.1 million in share-based compensation expense for the three month period endedMarch 30, 2013 and March 31, 2012, respectively. The total excess income tax benefit recognized relating to share-based compensation for the three months endedMarch 30, 2013 and March 31, 2012 was approximately $0.6 million and $0.6 million, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. As of March 30, 2013, total unrecognized compensation cost related to share-based compensation awards was approximately $19.9 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 2.5 years.

The Company was authorized, as of March 30, 2013, to deliver up to 5.0 million shares of common stock upon exercise of non-qualified stock options or incentive stock options, or upon grant or in payment of stock appreciation rights, restricted stock and restricted stock units. Approximately 1.0 million shares were available for future grant or payment under the various plans at March 30, 2013.

Subsequent to quarter end, on April 29, 2013, the Company's shareholders approved the 2013 Equity Incentive Plan ("2013 Plan"). The 2013 Plan authorizes the issuance of 3.5 million shares of common stock for equity-based awards, and terminates any further grants under prior equity plans.

Share-based Incentive Awards

The Company uses several forms of share-based incentive awards, including non-qualified stock options, incentive stock options, and stock appreciation rights (“SARs”). All grants are made at prices equal to the fair market value of the stock on the grant dates, and expire 10 years from the grant date.

The majority of the Company’s annual share-based incentive awards are made in the fiscal second quarter.

A summary of share-based awards (options and SARs) as of March 30, 2013 follows below. Forfeitures of share-based awards during the three months endedMarch 30, 2013 were immaterial.

Number of Shares	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding	1,477,235	$	54.71	6.5	$	39.3
Exercisable	591,170	42.68		4.4	23.0

Restricted Stock and Restricted Stock Units

The Company also grants restricted stock awards and values such awards at the closing market value of its common stock on the date of grant and restrictions generally lapse three years after the date of grant.

Changes in restricted stock awards for the three months endedMarch 30, 2013 were as follows:

	Shares	Weighted Average Value
Unvested restricted stock awards, December 29, 2012	199,941	$	64.92
Granted	—	—
Vested	1,235	59.84
Forfeited	1,980	65.21
Unvested restricted stock awards, March 30, 2013	196,726	$	64.95