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Stock-Based Compensation
 9 Months Ended
Oct. 08, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

Note 12 – Stock-Based Compensation

The Company has a shareholder-approved stock incentive plan that provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, and other stock-based and stock-related awards to directors, officers and other key associates.

Stock-based compensation expense included in the condensed consolidated statements of earnings consisted of the following:

 

 

12 Weeks Ended

 

 

40 Weeks Ended

 

 

October 8,

 

 

October 10,

 

 

October 8,

 

 

October 10,

 

(In thousands, except per share amounts)

2016

 

 

2015

 

 

2016

 

 

2015

 

Stock-based compensation expense (a)

$

 

944

 

 

$

 

808

 

 

$

 

7,010

 

 

$

 

6,470

 

Income tax benefit

 

 

(352

)

 

 

 

(301

)

 

 

 

(2,646

)

 

 

 

(2,477

)

Stock-based compensation expense, net of tax

$

 

592

 

 

$

 

507

 

 

$

 

4,364

 

 

$

 

3,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense (net of tax) per diluted share

$

 

0.02

 

 

$

 

0.01

 

 

$

 

0.12

 

 

$

 

0.11

 

(a)

Included in “Selling, general and administrative” expenses.

The following table summarizes activity in the stock-based compensation plans for the 40 weeks ended October 8, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Shares

 

 

Weighted

 

 

Restricted

 

 

Average

 

 

Under

 

 

Average

 

 

Stock

 

 

Grant-Date

 

 

Options

 

 

Exercise Price

 

 

Awards

 

 

Fair Value

 

Outstanding at January 2, 2016

 

308,793

 

 

$

 

21.15

 

 

 

637,555

 

 

$

 

24.75

 

Granted

 

—

 

 

 

 

—

 

 

 

314,592

 

 

 

 

28.33

 

Exercised/Vested

 

(48,438

)

 

 

 

21.31

 

 

 

(255,156

)

 

 

 

24.56

 

Cancelled/Forfeited

 

(938

)

 

 

 

14.36

 

 

 

(28,993

)

 

 

 

25.74

 

Outstanding at October 8, 2016

 

259,417

 

 

$

 

21.15

 

 

 

667,998

 

 

$

 

26.47

 

 

The Company has not issued any stock options since 2009 and all outstanding options are vested and exercisable at October 8, 2016.

As of October 8, 2016, total unrecognized compensation costs related to non-vested stock-based awards granted under the Company’s stock incentive plans were $6.9 million for restricted stock, and are expected to be recognized over a weighted average period of 2.4 years. All compensation costs related to stock options have been recognized.