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Stock-Based Compensation (Tables)
 6 Months Ended
Jul. 31, 2016
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 for the three and six months ended July 31, 2016 and July 26, 2015.
 
 
Three Months Ended
 
Six Months Ended
(in thousands)
July 31, 2016
 
July 26, 2015
 
July 31, 2016
 
July 26, 2015
Cost of sales
$
372

 
$
400

 
$
749

 
$
875

Selling, general and administrative
4,183

 
(141
)
 
8,036

 
3,073

Product development and engineering
1,542

 
2,076

 
3,019

 
4,333

Stock-based compensation
$
6,097

 
$
2,335

 
$
11,804

 
$
8,281

Net change in stock-based compensation capitalized into inventory
$
(13
)
 
$
204

 
$
(18
)
 
$
279
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 and six months ended July 31, 2016 and July 26, 2015, respectively:
 
 
Three Months Ended
 
Six Months Ended
 
July 31, 2016
 
July 26, 2015
 
July 31, 2016
 
July 26, 2015
Expected lives, in years
4.2
 
4.2
 
4.1 - 4.5
 
4.2 - 4.3
Estimated volatility
32%
 
32%
 
32%
 
29% - 32%
Dividend yield
—
 
—
 
—
 
—
Risk-free interest rate
1.3%
 
1.3%
 
1.1% - 1.3%
 
1.24% - 1.29%
Weighted average fair value on grant date
$5.84
 
$6.50
 
$4.86
 
$7.32
Summary Of The Activity For Stock Option Awards
The following table summarizes the activity for stock options for the six months ended July 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
(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 31, 2016
1,507

 
$
25.18

 
$
962

 
$
3,748

 
775
 
 
Options granted
228

 
17.61

 
 
 
 
 
 
 
 
Options exercised
(53
)
 
17.64

 
292

 
 
 
 
 
 
Options cancelled/forfeited
(78
)
 
22.52

 
 
 
 
 
 
 
 
Balance at July 31, 2016
1,604

 
$
24.48

 
$
4,311

 
$
3,542

 
865
 
 
Exercisable at July 31, 2016
865

 
$
26.56

 
$
1,073

 
 
 
 
 
2.4
Summary Of The Activity For Employee Stock Unit Awards
The following table summarizes the employees’ restricted stock unit activity for the six months ended July 31, 2016:
(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 31, 2016
2,032

 
$
23.70

 
 
 
$
35,692

 
2.4
Stock units granted
629

 
18.38

 
 
 
 
 
 
Stock units vested
(360
)
 
27.82

 
$
7,152

 
 
 
 
Stock units forfeited
(128
)
 
20.56

 
 
 
 
 
 
Balance at July 31, 2016
2,173

 
$
21.67

 
 
 
$
35,623

 
2.4

(1)
Reflects the value of Semtech Corporation stock on the date that the restricted stock unit vested.
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 six months ended July 31, 2016:
 
 
 
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 31, 2016
384

 
203

 
181

 
$
237

 
$
26.57

 
$
1,925

 
1.5
Performance-based units granted
231

 
116

 
115

 
 
 
17.51

 
 
 
 
Performance-based units vested
—

 
—

 
—

 
 
 
—

 
 
 
 
Performance-based units cancelled/forfeited
(12
)
 
(6
)
 
(6
)
 
 
 
17.51

 
 
 
 
Change in liability
 
 
 
 
 
 
321

 
 
 
 
 
 
Balance at July 31, 2016
603

 
313

 
290

 
$
558

 
$
23.29

 
$
7,989

 
1.6
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 six months ended July 31, 2016:
 
 
 
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 31, 2016
220

 
$
15.59

 
$
143

 
0.1
Market performance units granted
—

 
—

 
 
 
 
Market performance units vested
—

 
—

 
 
 
 
Market performance units cancelled/forfeited
—

 
—

 
 
 
 
Balance at July 31, 2016
220

 
$
15.59

 
$
—

 
0.0
Subject To Cash Settlement [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary Of The Activity For Non-Employee Directors Stock Unit Awards
The following table summarizes the non-employee directors’ activity for restricted stock units settled in cash for the six months ended July 31, 2016:
 
(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 31, 2016
28

 
$
3,870

 
$
19.70

 
$
221

 
0.4
Stock units granted
25

 
 
 
23.40

 
 
 
 
Stock units vested
(30
)
 
 
 
19.65

 
 
 
 
Stock units forfeited
—

 
 
 
—

 
 
 
 
Change in liability
 
 
565

 
 
 
 
 
 
Balance at July 31, 2016
23
 
$
4,435

 
$
23.67

 
$
580

 
0.9
Subject To Share Settlement [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary Of The Activity For Non-Employee Directors Stock Unit Awards
The following table summarizes the non-employee directors’ activity for restricted stock units settled with stock for the six months ended July 31, 2016:
 
(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
 
Period Over
Which Expected
to  be Recognized
(in years)
Balance at January 31, 2016
24

 
$
19.70

 
 
 
$
186

 
0.4
Stock units granted
21

 
23.40

 
 
 
 
 
 
Stock units vested
(25
)
 
24.16

 
$
—

 
 
 
 
Stock units forfeited
—

 
—

 
 
 
 
 
 
Balance at July 31, 2016
20

 
$
23.67

 
 
 
$
70

 
0.9

(1)
There was no vesting during the reported period. This value would typically represent the value of Semtech Corporation stock on the date that the restricted stock unit vested.