Common Stock and Share-Based Compensation (Tables)

12 Months Ended

Dec. 26, 2015

Summary of Stock Options under Equity Plan and Non-Employee Director Plan

Information related to stock options under the Equity Plan and the Non-Employee Director Plan is summarized as follows:

	Shares			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 27, 2014		1,380,444		$	55.37
Granted		24,363			283.22
Forfeited		—			—
Expired		—			—
Exercised		(277,645	)		151.28
Outstanding at December 26, 2015		1,127,162		$	63.99		3.43	$	161,603
Exercisable at December 26, 2015		380,543		$	62.29		3.17	$	54,885
Vested and expected to vest at December 26, 2015		1,089,831		$	63.96		3.43	$	156,268

Stock-Based Compensation Expense Included in Operating Expenses

The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying consolidated statements of comprehensive income:

	2015		2014		2013
	(in thousands)
Amounts included in advertising, promotional and selling expenses	$	2,943	$	3,342	$	3,054
Amounts included in general and administrative expenses		3,722		3,515		4,264
Total stock-based compensation expense	$	6,665	$	6,857	$	7,318
Amounts related to performance-based stock awards included in total stock-based compensation expense	$	831	$	1,378	$	1,401

Weighted Average Assumptions used to Estimate Fair Value of Stock Options

Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows:

	2015		2014		2013
Expected volatility		34.2%		34.3%		33.9%
Risk-free interest rate		2.16%		2.83%		1.85%
Expected dividends		0%		0%		0%
Exercise factor		3.0 times		3.4 times		2.8 times
Discount for post-vesting restrictions		0.0%		0.0%		0.0%

Summary of Estimated Future Annual Stock-Based Compensation Expense

The following table summarizes the estimated future annual stock-based compensation expense related to share-based arrangements existing as of December 26, 2015 that are expected to vest (in thousands):

2016	$	3,695
2017		2,780
2018		2,030
2019		1,237
2020		130
Thereafter		89
Total	$	9,961

Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards

The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards:

	Number of Shares			Weighted Average Fair Value
Non-vested at December 27, 2014		73,098		$	116.02
Granted		14,393			195.16
Vested		(25,732	)		79.44
Forfeited		(837	)		121.04
Non-vested at December 26, 2015		60,922		$	150.03

Stock Repurchases

As of December 26, 2015, the Company has repurchased a cumulative total of approximately 11.5 million shares of its Class A Common Stock for an aggregate purchase price of approximately $446.1 million as follows:

	Number of Shares		Aggregate Purchase Price
			(in thousands)
Repurchased at December 29, 2012		10,696,731		269,943
2013 repurchases		195,728		29,585
Repurchased at December 28, 2013		10,892,459		299,528
2014 repurchases		29,474		7,859
Repurchased at December 27, 2014		10,921,933		307,387
2015 repurchases		616,747		138,705
Repurchased at December 26, 2015		11,538,680	$	446,092