Stock-Based Compensation (Tables)

12 Months Ended

Dec. 26, 2014

Share-based Compensation [Abstract]

Stock-Based Compensation Expense Included in Selling, General and Administrative Expenses Related to Stock Options and Restricted Stock Awards

Stock-based compensation expense included in selling, general and administrative expenses related to stock options on a straight-line, single award basis, restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs") is included in the accompanying Consolidated Statements of Income was as follows (U.S. dollars in millions):

	Year ended
Types of Awards	December 26, 2014		December 27, 2013		December 28, 2012
Stock options	$	5.2	$	6.8	$	8.4
RSUs/PSUs	$	6.5	$	2.4	$	1.2
RSAs	$	0.7	$	0.7	$	0.7
Total	$	12.4	$	9.9	$	10.3

Stock Option Grants

The following table lists the various stock option grants from our 2014 Plan and Prior Plans for the years ended December 26, 2014 and December 27, 2013:

Stock Option Grant	Number of Options Granted	Exercise Price		Fair Value
April 30, 2014 - Chairman and Chief Executive Officer	161,000	$	28.89	$	6.26	(1)
February 20, 2013 - Chairman and Chief Executive Officer	161,000	26.52		8.38		(2)
July 31, 2013 - Employees	149,000	28.01		6.79		(3)
July 31, 2013 - Employees	446,000	28.09		8.46		(2)

⁽¹⁾ Options granted under the 2014 Plan based on daily closing stock prices.

⁽²⁾ Option granted under the 2011 Plan based on daily closing stock prices.

⁽³⁾ Option granted under the 1999 Plan based on daily average of high and low stock prices.

Stock Option Activity

The following table summarizes stock option activity for the years ended December 26, 2014, December 27, 2013 and December 28, 2012:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Fair Value
Options outstanding at December 30, 2011	4,737,052		$	23.90	$	8.74
Granted	986,000		23.99		8.40
Exercised	(475,918	)	21.29		7.86
Cancelled	(52,000	)	27.13		10.07
Options outstanding at December 28, 2012	5,195,134		24.12		8.77
Granted	756,000		27.74		8.11
Exercised	(1,975,339	)	22.26		8.22
Cancelled	(3,000	)	24.29		8.44
Options outstanding at December 27, 2013	3,972,795		25.74		8.37
Granted	161,000		28.89		6.26
Exercised	(1,945,939	)	25.14		8.96
Cancelled	(72,250	)	29.44		9.79
Options outstanding at December 26, 2014	2,115,606		$	26.41	$	8.65
Exercisable at December 28, 2012	3,460,134		$	24.43	$	8.96
Exercisable at December 27, 2013	2,349,795		$	26.00	$	9.32
Exercisable at December 26, 2014	994,606		$	26.82	$	9.29

Weighted Average Assumptions Used in Black-Scholes Option Pricing Model

The following are the weighted average assumptions used in the Black-Scholes option pricing model for the periods indicated:

	Year ended
	December 26, 2014		December 27, 2013		December 28, 2012
Volatility	26.96	%	37.98	%	46.18	%
Risk-free rate	1.69	%	1.27	%	0.67	%
Dividend yield	1.73	%	1.80	%	1.64	%
Expected term of grant	5.0 years		5.0 years		5.0 years

Stock Options - Outstanding and Exercisable

Information about stock options outstanding at December 26, 2014 was as follows:

Exercise Price		Remaining Contractual Life	Outstanding	Outstanding Intrinsic Value		Exercisable	Exercisable Intrinsic Value
$	14.77	4.3 years	30,000	$	0.6	30,000	$	0.6
$	15.78	1.6 years	14,000	0.2		14,000	0.2
$	17.35	2.2 years	6,250	0.1		6,250	0.1
$	18.31	1.3 years	6,000	0.1		6,000	0.1
$	19.76	1.2 years	6,250	0.1		6,250	0.1
$	19.83	4.2 years	12,500	0.2		12,500	0.2
$	20.13	5.2 years	—	—		—	—
$	21.72	4.6 years	105,005	1.3		105,005	1.3
$	22.25	3.6 years	78,682	0.9		78,682	0.9
$	22.46	7.2 years	64,400	0.7		—	—
$	23.76	6.6 years	268,219	2.6		108,219	1.1
$	24.29	7.6 years	398,810	3.7		98,810	0.9
$	26.52	8.2 years	108,816	0.8		12,216	0.1
$	26.67	6.2 years	32,200	0.2		—	—
$	28.01	8.6 years	116,200	0.7		29,800	0.2
$	28.09	8.6 years	303,784	1.7		51,184	0.3
$	28.89	9.4 years	161,000	0.8		32,200	0.2
$	29.84	0.3 years	186,240	0.7		186,240	0.7
$	30.59	2.9 years	—	—		—	—
$	32.28	0.1 years	25,000	—		25,000	—
$	33.97	3.2 years	161,000	—		161,000	—
$	33.97	3.2 years	31,250	—		31,250	—
			2,115,606	$	15.4	994,606	$	7.0

Restricted Stock Units Award Activity

The following table lists the various RSAs and related compensation expense under the 2010 Non-Employee Director's Equity Plan for the years ended December 26, 2014 and December 27, 2013 (U.S. dollars in millions except share and per share data):

Date of Award	Shares of Restricted Stock Awarded	Price Per Share
January 2, 2014	26,117	$	28.15
January 2, 2013	26,201	26.72

Schedule of RSUs / PSUs Awarded

The following table lists the various RSUs/PSUs awarded under the 2014 Plan and Prior Plans for the year ended December 26, 2014 (U.S. dollars in millions except share and per share data):

Date of Award	Type of Award	Units Awarded	Price Per Share
July 30, 2014	RSU	311,000	$	29.99
February 19, 2014	PSU	165,000	25.52
February 20, 2013	PSU	175,000	26.52

Schedule of RSUs / PSUs Activity

The following table summarizes RSUs/PSUs activity for the years ended December 26, 2014, December 27, 2013 and Dec 28, 2012:

	Number of Shares		Weighted Average Grant Date Fair Value
RSUs/PSUs outstanding at December 30, 2011	155,000		$	24.68
Granted	—		—
Converted	—		—
Cancelled	(5,000	)	24.68
RSUs/PSUs outstanding at December 28, 2012	150,000		24.68
Granted	175,000		26.52
Converted	—		—
Cancelled	—		—
RSUs/PSUs outstanding at December 27, 2013	325,000		25.67
Granted	476,000		28.44
Converted	(140,466	)	27.44
Cancelled	—		—
RSUs/PSUs outstanding at December 26, 2014	660,534		27.29
Vested at December 28, 2012	—		$	—
Vested at December 27, 2013	100,000		$	24.68
Vested at December 26, 2014	131,667		$	25.12

Summary of RSUs / PSUs Outstanding

Information about RSUs/PSUs outstanding at December 26, 2014 was as follows:

Exercise Price		Outstanding	Outstanding Intrinsic Value		Vested	Vested Intrinsic Value
$	25.52	165,000	$	1.3	—	$	—
$	29.99	247,200	0.9		—	—
$	26.52	148,334	1.1		31,667	0.2
$	24.68	100,000	0.9		100,000	0.9
		660,534	$	4.2	131,667	$	1.1