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Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 27, 2013
Share-based Compensation [Abstract]  
Schedule of allocation of stock-based compensation
The following table shows total pre-tax, stock-based compensation expense included in the consolidated statements of income for fiscal years 2013, 2012 and 2011.
 
 
Fiscal Year Ended
(in thousands)
January 27, 2013
 
January 29, 2012
 
January 30, 2011
Cost of sales
$
1,218

 
$
983

 
$
1,802

Selling, general and administrative
14,965

 
15,839

 
19,310

Product development and engineering
8,345

 
7,198

 
7,898

Stock-based compensation, pre-tax
$
24,528

 
$
24,020

 
$
29,010

Net change in stock-based compensation capitalized into inventory
$
(33
)
 
$
(83
)
 
$
(116
)
Schedule of net impact of stock based compensation after tax on net income
The below table summarizes the net impact of stock-based compensation, after tax, on net income for fiscal years 2013, 2012 and 2011.
 
Fiscal Year Ended
(in thousands)
January 27, 2013
 
January 29, 2012
 
January 30, 2011
Stock-based compensation
$
24,528

 
$
24,020

 
$
29,010

Associated tax effect
(5,120
)
 
(5,693
)
 
(9,170
)
Net effect on net income
$
19,408

 
$
18,327

 
$
19,840
Schedule of fair value assumptions
The following table summarizes the assumptions used in the Black-Scholes model to determine the fair value of options granted in fiscal years 2013, 2012 and 2011:
 
 
Fiscal Year Ended
 
January 27, 2013
 
January 29, 2012
 
January 30, 2011
Expected lives, in years
4.4 - 4.6
 
4.4 - 4.7
 
4.3 - 5.1
Estimated volatility
38% - 41%
 
40% - 41%
 
39% - 40%
Dividend yield
—
 
—
 
—
Risk-free interest rate
0.66% - 0.73%
 
0.71% - 1.8%
 
1.2% - 2.3%
Weighted average fair value on grant date
$9.52
 
$8.43
 
$6.56
Schedule of summary of the activity for stock option awards
A summary of the activity for stock option awards for fiscal years 2013, 2012 and 2011 is presented below:

 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except for per share amounts)
Number
of
Shares
 
Weighted
Average
Exercise
Price
(per share)
 
Aggregate
Intrinsic
Value (1)
 
Aggregate
Unrecognized
Compensation
 
Number of
Shares
Exercisable
 
Weighted
Average
Contractual
Term (years)
Balance at January 31, 2010
9,151

 
$
16.44

 
$
8,998

 
$
9,436

 
6,302
 
 
Options granted
403

 
17.61

 
 
 
 
 
 
 
 
Options exercised
(2,329
)
 
14.22

 
11,495

 
 
 
 
 
 
Options cancelled/forfeited
(603
)
 
21.35

 
 
 
 
 
 
 
 
Balance at January 30, 2011
6,622

 
16.84

 
35,492

 
7,067

 
5,160
 
 
Options granted
343

 
24.05

 
 
 
 
 
 
 
 
Options exercised
(2,781
)
 
16.64

 
22,537

 
 
 
 
 
 
Options cancelled/forfeited
(494
)
 
22.30

 
 
 
 
 
 
 
 
Balance at January 29, 2012
3,690

 
16.94

 
44,435

 
4,699

 
2,767
 
 
Options granted
258

 
28.21

 
 
 
 
 
 
 
 
Options exercised
(1,254
)
 
15.70

 
14,508

 
 
 
 
 
 
Options cancelled/forfeited
(115
)
 
25.30

 
 
 
 
 
 
 
 
Balance at January 27, 2013
2,579

 
$
18.29

 
$
29,789

 
$
3,817

 
1,937
 
 
Exercisable at January 27, 2013
1,937

 
$
16.51

 
$
25,822

 
 
 
 
 
2.1
Vested and expected to vest after January 27, 2013
2,495

 
$
18.10

 
$
29,293

 
 
 
 
 
2.6

(1)
Represents the difference between the exercise price and the value of the Company’s stock at the time of exercise, for exercised grants. For outstanding awards, represents the difference between the exercise price and the value of the Company’s stock at fiscal year end.
Schedule of stock option exercise price range
The following table summarizes information about stock options outstanding at January 27, 2013.
(number of shares in thousands)
Number
of
Shares
 
Weighted
Average
Exercise
Price
(per share)
 
Weighted
Average
Contractual
Term (years)
Price Range Analysis - Outstanding
 
 
 
 
 
$1.15 - $4.53
9

  
$
2.52

 
4.3
$7.79 - $13.15
247

  
11.59

 
2.1
$13.76 - $20.90
1,671

  
16.58

 
2.1
$21.02 - $29.68
652

  
25.43

 
4.4
Total outstanding
2,579

  
$
18.29

 
2.7
Price Range Analysis - Exercisable
 
 
 
 
 
$1.15 - $4.53
9

  
$
2.52

 
4.3
$7.79 - $13.15
241

  
11.62

 
2.0
$13.76 - $20.90
1,494

  
16.52

 
2.0
$21.02 - $29.68
193

  
23.18

 
2.8
Total exercisable
1,937

  
$
16.51

 
2.1
Schedule of unrecognized compensation cost, nonvested awards
The following table summarizes information regarding unvested stock option awards at January 27, 2013:
(in thousands, except for per share amounts)
Number
of
Shares
 
Weighted
Average
Exercise
Price
(per share)
 
Weighted
Average
Grant Date
Fair Value
(per share)
 
Weighted
Average Remaining
Expense Period
(years)
 
Total Fair Value
Balance at January 31, 2010
2,849

 
$
13.31

 
$
7.48

 
1.9
 
$
21,311

Options granted
403

 
17.61

 
6.56

 
 
 
2,644

Options vested
(1,575
)
 
13.07

 
8.26

 
 
 
13,006

Options forfeited
(215
)
 
11.57

 
8.56

 
 
 
1,845

Balance at January 30, 2011
1,462

 
15.00

  
6.23

  
1.9
  
$
9,103

Options granted
343

 
24.05

  
8.43

  
 
  
2,893

Options vested
(650
)
 
14.30

  
6.33

  
 
  
4,115

Options forfeited
(231
)
 
16.59

  
6.39

  
 
  
1,479

Balance at January 29, 2012
924

 
18.47

  
6.99

  
1.8
  
$
6,452

Options granted
258

 
28.21

  
9.52

  
 
 
2,457

Options vested
(484
)
 
16.42

  
6.49

  
 
 
3,144

Options forfeited
(56
)
 
21.69

  
7.74

  
 
 
432

Balance at January 27, 2013
642

 
$
23.66

  
$
8.31

  
1.9
  
$
5,333
Schedule of summary of the activity for restricted stock awards
The following table summarizes the activity for restricted stock awards for fiscal years 2013, 2012 and 2011:
 
(in thousands, except for per share amounts)
Number of
Shares
 
Weighted Average
Grant Date
Fair Value
(per share)
 
Aggregate
Intrinsic
Value (1)
 
Aggregate
Unrecognized
Compensation
 
Weighted Average
Period Over
Which Expected
to be Recognized
(in years)
Balance at January 31, 2010
418

 
$
15.15

  
 
  
$
3,193

  
1.2

Restricted stocks granted
—

 
 
  
 
  
 
  
 
Restricted stocks vested
(270
)
 
17.33

  
$
4,678

  
 
  
 
Restricted stocks cancelled
(13
)
 
17.44

  
 
  
 
  
 
Balance at January 30, 2011
135

 
14.44

  
 
  
984

  
0.8

Restricted stocks granted
—

 
 
  
 
  
 
  
 
Restricted stocks vested
(91
)
 
14.29

  
2,201

  
 
  
 
Restricted stocks cancelled
(12
)
 
15.25

  
 
  
 
  
 
Balance at January 29, 2012
32

 
14.57

 
 
 
81

 
0.1

Restricted stocks granted
—

 
 
 
 
 
 
 
 
Restricted stocks vested
(32
)
 
14.57

 
$
902

 
 
 
 
Restricted stocks cancelled
—

 
 
 
 
 
 
 
 
Balance at January 27, 2013
—

 
$
—

 
 
 
$
—

 
—


(1)
Represents the value of Semtech stock on the date that the restricted stock vested.
Schedule of summary of the activity for performance unit awards
The following table summarizes the activity for performance units during fiscal years 2013, 2012 and 2011:
 
 
 
 
Subject to
Share Settlement
 
Subject to
Cash Settlement
 
Weighted 
Average
Grant Date
 
Aggregate
 
Period Over
Which Expected
(in thousands, except for per share amounts)
Total
Units
 
Units
 
Units
 
Recorded
Liability
 
Fair Value
(per share)
 
Unrecognized
Compensation
 
to be Recognized
(in years)
Balance at January 31, 2010
593

 
363

  
230

  
$
259

  
$
14.29

  
$
580

  
1.3
Performance units granted
143

 
72

 
71

 
 
  
16.68

  
 
 
 
Performance units vested
—

 
—

 
—

 
—

  
—

 
 
 
 
Performance units cancelled/forfeited
(180
)
 
(109
)
 
(71
)
 
 
  
16.28

  
 
 
 
Change in liability
 
 
 
 
 
 
3,666

  
—  

  
 
 
 
Balance at January 30, 2011
556

 
326

 
230

 
3,925

  
14.26

  
7,971

  
1.0
Performance units granted
117

 
59

 
58

 
 
  
23.33

  
 
 
 
Performance units vested
(218
)
 
(157
)
 
(61
)
 
(1,335
)
  
14.74

  
 
 
 
Performance units cancelled/forfeited
(95
)
 
(48
)
 
(47
)
 
 
  
15.26

  
 
 
 
Change in liability
 
 
 
 
 
 
3,444

  
 
 
 
 
 
Balance at January 29, 2012
360

 
180

 
180

 
6,034

 
16.65

 
4,829

 
1.0
Performance units granted
144

 
77

 
67

 
 
 
29.30

 
 
 
 
Performance units vested
(144
)
 
(72
)
 
(72
)
 
(4,172
)
 
11.92

 
 
 
 
Performance units cancelled/forfeited
(7
)
 
(4
)
 
(3
)
 
 
 
29.35

 
 
 
 
Change in liability
 
 
 
 
 
 
2,560

 
 
 
 
 
 
Balance at January 27, 2013
353

 
181

 
172

 
$
4,422

 
$
23.50

 
$
4,754

 
1.1
Schedule of summary of the activity for employee stock unit awards
The following table summarizes the stock unit award activity for fiscal years 2013, 2012 and 2011:
(in thousands, except per share amount)
Number of
Units
 
Weighted Average
Grant Date
Fair Value
(per unit)
 
Aggregate
Intrinsic
Value (1)
 
Aggregate
Unrecognized
Compensation
 
Weighted Average
Period Over
Which Expected
to be Recognized
(in years)
Balance at January 31, 2010
1,410

 
$
15.72

  
 
  
$
17,713

  
3.4
Stock units granted
1,181

 
17.62

  
 
  
 
  
 
Stock units vested
(404
)
 
19.20

  
$
7,749

  
 
  
 
Stock units forfeited
(129
)
 
19.50

  
 
  
 
  
 
Balance at January 30, 2011
2,058

 
16.70

  
 
  
29,763

  
2.7
Stock units granted
810

 
22.74

  
 
  
 
  
 
Stock units vested
(627
)
 
16.61

  
14,333

  
 
  
 
Stock units forfeited
(259
)
 
17.75

  
 
  
 
  
 
Balance at January 29, 2012
1,982

 
19.06

 
 
 
31,472

 
2.4
Stock units granted
1,517

 
26.73

 
 
 
 
 
 
Stock units vested
(699
)
 
18.20

 
$
18,438

 
 
 
 
Stock units forfeited
(242
)
 
23.65

 
 
 
 
 
 
Balance at January 27, 2013
2,558

 
$
23.41

 
 
 
$
49,374

 
2.5

(1)
Reflects the value of Semtech stock on the date that the stock unit vested.
Schedule of summary of the activity for non-employee directors stock unit awards
The following table summarizes the activity for stock unit awards for fiscal years 2013, 2012 and 2011:
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except per share amount)
Number of
Units
 
Recorded
Liability
 
Weighted Average
Grant Date
Fair Value
(per unit)
 
Aggregate
Unrecognized
Compensation
 
Period Over
Which Expected
to  be Recognized
(in years)
Balance at January 31, 2010
35

 
$
1,389

  
$
16.18

  
$
232

  
0.4
Stock units granted
30

 
 
  
16.43

  
 
  
 
Stock units vested
(35
)
 
 
  
16.18

  
 
  
 
Stock units forfeited
—

 
 
  
 
 
 
  
 
Change in liability
 
 
1,025

  
 
 
 
  
 
Balance at January 30, 2011
30

 
2,414

 
16.43

  
269

  
0.4
Stock units granted
18

 
 
 
27.60

 
 
 
 
Stock units vested
(30
)
 
 
 
16.43

 
 
 
 
Stock units forfeited
—

 
 
 
 
 
 
 
 
Change in liability
 
 
1,459

 
 
 
 
 
 
Balance at January 29, 2012
18

 
3,873

 
27.60

 
216

 
0.4
Stock units granted
20

 
 
 
24.46

 
 
 
 
Stock units vested
(18
)
 
 
 
27.60

 
 
 
 
Stock units forfeited
—

 
 
 
 
 
 
 
 
Change in liability
 
 
684

 
 
 
 
 
 
Balance at January 27, 2013
20

 
$
4,557

 
$
24.46

 
$
253

 
0.4