Stock-Based Compensation (Tables)

3 Months Ended

Apr. 26, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Allocation Of Stock-Based Compensation

The following table summarizes pre-tax, stock-based compensation expense included in the unaudited condensed consolidated statements of operations captions for the three months ended April 26, 2015 and April 27, 2014, respectively.

	Three Months Ended
(in thousands)	April 26, 2015		April 27, 2014
Cost of sales	$	475	$	363
Selling, general and administrative	3,214		4,065
Product development and engineering	2,257		2,419
Stock-based compensation	$	5,946	$	6,847
Net change in stock-based compensation capitalized into inventory	$	74	$	(9	)

Summary Of Fair Value Assumptions, Stock Options

The following table summarizes the assumptions used in the Black-Scholes model to determine the fair value of stock options granted in the three months ended April 26, 2015 and April 27, 2014, respectively:

	Three Months Ended
	April 26, 2015	April 27, 2014
Expected lives, in years	4.2 - 4.3	3.0 - 4.4
Estimated volatility	29%	33% - 34%
Dividend yield	—	—
Risk-free interest rate	1.24% - 1.27%	1.26% - 1.31%
Weighted average fair value on grant date	$7.38	$7.22

Summary Of The Activity For Stock Option Awards

The following table summarizes the activity for stock options for the three months ended April 26, 2015:

(in thousands, except for per share amounts)	Number of Shares		Weighted Average Exercise Price (per share)		Aggregate Intrinsic Value		Aggregate Unrecognized Compensation		Number of Shares Exercisable	Weighted Average Contractual Term (in years)
Balance at January 25, 2015	1,763		$	23.70	$	7,722	$	4,688	986
Options granted	170		28.60
Options exercised	(114	)	15.60		1,321
Options cancelled/forfeited	(51	)	24.31
Balance at April 26, 2015	1,768		$	24.68	$	3,024	$	4,962	1,032
Exercisable at April 26, 2015	1,032		$	22.80	$	3,017				2.4

Schedule Of Fair Value Assumptions, Market Performance Units

The following tables summarize the assumptions used in the Monte Carlo simulation model to determine the fair value of restricted stock units granted in the first three months of fiscal year 2015 for both Tranche 1 and Tranche 2.

Tranche 1:

	Three Months Ended
	April 27, 2014
Expected lives, in years	1.6
Estimated volatility	34%
Dividend yield	—
Risk-free interest rate	1.50%
Fair value on grant date	$17.26

Tranche 2:

	Three Months Ended
	April 27, 2014
Expected lives, in years	2.1
Estimated volatility	34%
Dividend yield	—
Risk-free interest rate	1.50%
Fair value on grant date	$14.88

Summary Of The Activity For Employee Stock Unit Awards

The following table summarizes the employees’ restricted stock unit activity for the three months ended April 26, 2015:

(in thousands, except for per unit amounts)	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 25, 2015	2,138		$	26.43			$	44,506	2.4
Restricted stock units granted	266		28.60
Restricted stock units vested	(275	)	27.66		$	7,797
Restricted stock units forfeited	(132	)	25.98
Balance at April 26, 2015	1,997		$	26.58			$	43,649	2.4

(1) Reflects the value of Semtech Corporation stock on the date that the restricted stock unit vested.

Summary Of The Activity For Non-Employee Directors Stock Unit Awards

The following table summarizes the non-employee directors’ activity for restricted stock units for the three months ended April 26, 2015:

(in thousands, except for per unit amounts)	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 25, 2015	24	$	5,214		$	26.59	$	275	0.4
Restricted stock units granted	—				—
Restricted stock units vested	—				—
Restricted stock units forfeited	—				—
Change in liability		(529		)
Balance at April 26, 2015	24	$	4,685		$	26.59	$	101	0.2

Performance shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of The Activity For Performance Unit Awards

The following table summarizes the activity for performance-based restricted stock units for the three months ended April 26, 2015:

			Subject to Share Settlement		Subject to Cash Settlement					Weighted  Average Grant Date Fair Value (per unit)		Aggregate Unrecognized Compensation		Weighted Average Period Over Which Expected to be Recognized (in years)
(in thousands, except for per unit amounts)	Total Units		Units		Units		Recorded Liability
Balance at January 25, 2015	426		211		215		$	1,891		$	27.17	$	6,164	1.6
Performance-based units granted	235		145		90					28.60
Performance-based units vested	—		—		—					—
Performance-based units cancelled/forfeited	(61	)	(30	)	(31	)				27.83
Change in liability							(18		)
Balance at April 26, 2015	600		326		274		$	1,873		$	27.67	$	10,161	2.0

Market performance shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of The Activity For Performance Unit Awards

The following table summarizes the activity for market performance restricted stock units for the three months ended April 26, 2015:

		Weighted  Average Grant Date Fair Value (per unit)		Aggregate Unrecognized Compensation		Period Over Which Expected to be Recognized (in years)
(in thousands, except for per unit amounts)	Total Units
Balance at January 25, 2015	220	$	15.59	$	—	1.2
Market performance units granted	—	—
Market performance units vested	—	—
Market performance units cancelled/forfeited	—	—
Balance at April 26, 2015	220	$	15.59	$	1,286	0.7