Share-Based Compensation

3 Months Ended

Apr. 04, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Note 5—Share-Based Compensation

The table below summarizes the share-based compensation expense for the three months ended April 4, 2015 and March 29, 2014. This share-based compensation expense was recorded in SG&A expenses in our Consolidated Statements of Operations. As used below: (i) “Performance-based RSUs” mean restricted share units with performance-based vesting granted under the Company’s 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”) or Amended and Restated Equity Plan (as defined below), as the case may be, (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the 2010 Equity Incentive Plan or Amended and Restated Equity Plan, as the case may be, and (iii) “Stock options” mean non-qualified stock options granted under the Amended and Restated Equity Plan, the 2010 Equity Incentive Plan, or the 1986 Common Share Option Plan, as amended (the “Option Plan”), as the case may be.

	For the Three Months Ended
(in millions of U.S. dollars)	April 4, 2015		March 29, 2014
Stock options	$	0.4	$	0.4
Performance-based RSUs		1.5		0.2
Time-based RSUs		0.5		0.7
Total	$	2.4	$	1.3

As of April 4, 2015, the unrecognized share-based compensation expense and years we expect to recognize it as compensation expense were as follows:

	Unrecognized share-based		Weighted average years
	compensation expense		expected to recognize
(in millions of U.S. dollars, except years)	as of April 4, 2015		compensation
Stock options	$	3.9		2.3
Performance-based RSUs		9.8		2.6
Time-based RSUs		4.2		2.0
Total	$	17.9

Stock option activity for the three months ended April 4, 2015 was as follows:

	Shares			Weighted average
	(in thousands)			exercise price
Balance at January 3, 2015		1,221		$	7.77
Awarded		599			9.25
Exercised		(19	)		6.58
Outstanding at April 4, 2015		1,801		$	8.27
Exercisable at April 4, 2015		391		$	6.12

During the three months ended April 4, 2015, Performance-based RSU and Time-based RSU activity was as follows:

	Number of			Weighted		Number of		Weighted
	Performance-			Average		Time-based		Average
	based RSUs			Grant-Date		RSUs		Grant-Date
	(in thousands)			Fair Value		(in thousands)		Fair Value
Balance at January 3, 2015		1,782		$	7.01		664	$	8.63
Awarded		279			9.25		185		9.25
Awarded in connection with modification		55			7.90		—		—
Issued		(255	)		6.87		—		—
Outstanding at April 4, 2015		1,861		$	7.39		849	$	8.77

In February 2013, our board of directors adopted an amendment and restatement of the 2010 Equity Incentive Plan (the “Amended and Restated Equity Plan”). Awards made in 2011 and 2012 prior to the amendment and restatement are generally governed by the 2010 Equity Incentive Plan.

Certain outstanding stock options were granted under the Option Plan, which was subsequently terminated in 2011. In connection with the termination of the Option Plan, outstanding options will continue in accordance with the terms of the Option Plan until exercised, forfeited or terminated, as applicable.