Shareholders' Equity

3 Months Ended

Apr. 04, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Common Stock

The Board of Directors has approved a repurchase program of up to 3.0 million common shares of Company stock. Management is authorized to effect purchases from time to time in the open market or through privately negotiated transactions. There were no purchases under this program during the quarter ending April 4, 2015. There are approximately2.5 millionshares of the Company's common stock available for repurchase under this program.

Share-Based Compensation

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

The Company recognized approximately $3.0 million and $2.7 million in share-based compensation expense for the three months endedApril 4, 2015 and March 29, 2014, 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. The total excess income tax benefit recognized relating to share-based compensation for the three months endedApril 4, 2015 and March 29, 2014 was approximately $0.7 million and $1.0 million, respectively.As of April 4, 2015, 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 1.9 years.

Approximately 2.6 million shares were available for future grant under the 2013 Equity Incentive Plan at April 4, 2015.

A summary of share-based awards as of April 4, 2015 follows below. Forfeitures of share-based awards during the three months endedApril 4, 2015 were immaterial. Changes in unaudited restricted stock awards, restricted stock units, and performance share units for the three months ended April 4, 2015 were immaterial.

Number of Shares	Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding	1,410,889	$60.39	5.8	$	25.7
Exercisable	804,486	$54.51	4.4	19.4