Share-Based Compensation

3 Months Ended

Apr. 03, 2015

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

The Company has various plans that provide for granting options, restricted stock units and restricted stock to certain employees and independent directors of the Company and its subsidiaries. The Company recognizes compensation expense for share-based payments based on the fair value of the awards at the grant date. The Black-Scholes valuation model is used to determine the fair value of non-qualified stock options. The fair value of performance stock units is determined using a Monte Carlo simulation model. Restricted stock units and restricted stock awards fair value is based on the Company market stock price on the date of grant. The table below summarizes share-based compensation for the three fiscal months ended April 3, 2015 and March 28, 2014 (in millions).



	Three Fiscal Months Ended
	April 3, 2015			March 28, 2014
Non-qualified stock option expense	$	0.4		$	1.3
Non-vested stock awards expense	2.0			2.7
Total pre-tax share-based compensation expense	$	2.4		$	4.0
Excess tax benefit (deficiency) on share-based compensation	$	(1.5	)	$	—

The Company records share-based compensation expense as a component of Selling, general and administrative expenses.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details