Stockholders' Equity and Stock Compensation Plans (Tables)
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12 Months Ended |
Sep. 27, 2020 |
Stockholders' Equity Note [Abstract] |
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Schedule of the stock-based compensation and related income tax benefits |
The following table presents our stock-based compensation and related income tax benefits: | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | September 27, 2020 | | September 29, 2019 | | September 30, 2018 | | (in thousands) | Total stock-based compensation | $ | 19,424 | | | $ | 17,618 | | | $ | 19,582 | | Income tax benefit related to stock-based compensation | (4,318) | | | (4,016) | | | (5,288) | | Stock-based compensation, net of tax benefit | $ | 15,106 | | | $ | 13,602 | | | $ | 14,294 | |
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Schedule of stock option activity |
The following table presents our stock option activity for fiscal year ended September 27, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options (in thousands) | | Weighted- Average Exercise Price per Share | | Weighted- Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | Outstanding on September 29, 2019 | 894 | | | $ | 33.28 | | | | | | | | | | | | | | Exercised | (355) | | | 28.63 | | | | | | Forfeited | — | | | — | | | | | | Outstanding at September 27, 2020 | 539 | | | 36.34 | | | 5.04 | | $ | 29,623 | | | | | | | | | | Vested or expected to vest at September 27, 2020 | 539 | | | 36.34 | | | 5.04 | | 29,623 | | Exercisable on September 27, 2020 | 437 | | | 34.17 | | | 4.62 | | 24,932 | |
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Schedule of assumptions used in the calculation of the fair value of stock options using the Black-Scholes option pricing model |
The following assumptions were used in the calculation for fiscal 2018: | | | | | | | Fiscal Year Ended | | September 30, 2018 | Dividend yield | 1.0% | Expected stock price volatility | 36.1% - 38.8% | Risk-free rate of return, annual | 1.7% - 2.9% |
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Schedule of RSU and PSU activity |
A summary of the RSU and PSU activity under our stock plans is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | RSU | | PSU | | Number of Shares (in thousands) | | Weighted- Average Grant Date Fair Value per Share | | Number of Shares (in thousands) | | Weighted- Average Grant Date Fair Value per Share | | | | | | | | | Nonvested balance at October 1, 2017 | 511 | | | $ | 33.19 | | | 376 | | | $ | 36.05 | | Granted | 199 | | | 48.16 | | | 99 | | | 57.40 | | Vested | (184) | | | 31.85 | | | (270) | | | 31.66 | | Adjustment (1) | — | | | — | | | 131 | | | 31.66 | | Forfeited | (38) | | | 36.39 | | | (13) | | | 41.80 | | Nonvested balance at September 30, 2018 | 488 | | | 39.56 | | | 323 | | | 44.27 | | Granted | 179 | | | 66.26 | | | 90 | | | 80.41 | | Vested | (180) | | | 36.95 | | | (108) | | | 31.63 | | Adjustment (1) | — | | | — | | | 79 | | | 31.63 | | Forfeited | (17) | | | 48.56 | | | — | | | — | | Nonvested balance at September 29, 2019 | 470 | | | 50.42 | | | 384 | | | 53.67 | | Granted | 168 | | | 83.92 | | | 74 | | | 99.85 | | Vested | (178) | | | 46.87 | | | (162) | | | 47.28 | | Adjustment (1) | — | | | — | | | 64 | | | 48.36 | | Forfeited | (16) | | | 65.43 | | | (5) | | | 83.98 | | Nonvested balance at September 27, 2020 | 444 | | | 63.93 | | | 355 | | | 64.83 | | | | | | | | | |
(1) For fiscal 2018, includes a payout adjustment of 130,730 PSUs due to the actual performance level achieved for PSUs granted in fiscal 2015 that vested fiscal 2018. For fiscal 2019, includes a payout adjustment of 79,465 PSUs due to the actual performance level achieved for PSUs granted in fiscal 2016 that vested during fiscal 2019. For fiscal 2020 includes a payout adjustment of 63,643 PSUs due to the actual performance level achieved for PSUs granted in fiscal 2017 that vested during fiscal 2020.
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Summary of shares purchased, weighted-average purchase price, and cash received, for shares purchased under the ESPP |
The following table summarizes shares purchased, weighted-average purchase price, and cash received for shares purchased under the ESPP: | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | September 27, 2020 | | September 29, 2019 | | September 30, 2018 | | (in thousands, except for purchase price) | Shares purchased | 168 | | | 148 | | | 141 | | Weighted-average purchase price per share | $ | 51.77 | | | $ | 46.38 | | | $ | 40.38 | | Cash received from exercise of purchase rights | $ | 8,715 | | | $ | 6,844 | | | $ | 5,727 | |
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Schedule of the assumptions used in the Black-Scholes option pricing model in estimating the grant date fair value of each award granted under the ESPP |
The grant date fair value of each award granted under the ESPP was estimated using the Black-Scholes option pricing model with the following assumptions: | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | September 27, 2020 | | September 29, 2019 | | September 30, 2018 | Dividend yield | 1.0% | | 1.0% | | 1.0% | Expected stock price volatility | 26.5% | | 26.7% | | 24.0% | Risk-free rate of return, annual | 1.6% | | 2.6% | | 1.8% | Expected life (in years) | 1 | | 1 | | 1 |
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