EMPLOYEE BENEFITS

12 Months Ended

Dec. 28, 2014

Compensation and Retirement Disclosure [Abstract]

EMPLOYEE BENEFITS

(7) EMPLOYEE BENEFITS

The Company has a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). All employees of the Company who have completed 1,000 hours of service and are at least 21 years of age are eligible to participate in the plan. The plan requires the Company to match 100% of the first 3% of each employee’s elective deferrals and 50% of the next 2% of each employee’s elective deferrals. During 2014, 2013 and 2012, the Company’s matching contributions were made in the form of cash and vested immediately. The expenses incurred for Company contributions to the plan were approximately $4.1 million in 2014, $3.9 million in 2013 and $3.8 million in 2012.

The Company has established a non-qualified deferred compensation plan available for certain key employees. Under this self-funding plan, the participants may defer up to 40% of their annual compensation. The participants direct the investment of their deferred compensation within several investment funds. The Company is not required to contribute and did not contribute to this plan during 2014, 2013 or 2012.

The Company has an employee stock purchase discount plan (the ESPDP). Under the ESPDP, eligible employees may deduct up to 15% of their eligible wages to purchase common stock at 85% of the market price of the stock at the purchase date. The ESPDP requires employees to hold their purchased common stock for at least one year. The Company purchases common stock on the open market for the ESPDP at the current market price. There were 25,224 shares, 27,404 shares and 37,769 shares of common stock in 2014, 2013 and 2012, respectively, purchased on the open market for participating employees at a weighted-average price of $74.89 in 2014, $55.24 in 2013 and $34.60 in 2012. The expenses incurred under the ESPDP were approximately $0.3 million in 2014 and $0.2 million in both 2013 and 2012.