Stock Incentives (Tables)

12 Months Ended

Jun. 29, 2014

The assumptions used to determine fair value are as follows:



Options Granted During	2014			2013			2012
Grant Date Fair Value	$	5.19		$	4.83		$	3.96
(Since options are only granted once per year, the grant date fair value equals the weighted average grant date fair value.)
Assumptions:
Risk-free Interest Rate	1.6		%	0.7		%	1.0		%
Expected Volatility	41.3		%	43.9		%	43.2		%
Expected Dividend Yield	2.5		%	2.6		%	3.0		%
Expected Term (in Years)	5.0			5.0			5.0

Information on the options outstanding is as follows:



	Options		Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance, July 3, 2011	4,721,190		$	26.38
Granted During the Year	465,350		16.20
Exercised During the Year	(15,870	)	14.83
Expired During the Year	(474,240	)	29.87
Balance, July 1, 2012	4,696,430		$	25.06
Granted During the Year	399,850		18.85
Exercised During the Year	(1,151,882	)	17.37
Expired During the Year	(573,130	)	30.81
Balance, June 30, 2013	3,371,268		$	25.97
Granted During the Year	407,860		20.82
Exercised During the Year	(273,394	)	19.76
Expired During the Year	(1,088,368	)	32.82
Balance, June 29, 2014	2,417,366		$	22.71	1.91	$	2,795
Exercisable, June 29, 2014	1,165,016		$	27.19	0.57	$	139



Options Outstanding (as of June 29, 2014)
Fiscal Year	Grant Date	Date Exercisable	Expiration Date	Exercise Price		Options Outstanding
2005	8/13/2004	8/13/2007	8/13/2014	$	36.68	508,260
2010	8/18/2009	8/18/2012	8/31/2014	$	19.73	159,696
2011	8/17/2010	8/17/2013	8/31/2015	$	19.88	497,060
2012	8/16/2011	8/16/2014	8/31/2016	$	16.20	444,640
2013	8/14/2012	8/14/2015	8/31/2017	$	18.85	399,850
2014	8/20/2013	8/20/2016	8/31/2018	$	20.82	407,860

Below is a summary of the status of the Company’s nonvested shares as of June 29, 2014, and changes during the year then ended:

Assumptions used in the Monte Carlo valuation model include the following:



Performance Shares Granted During	2014		2013		2012
Assumptions:
Risk-free Interest Rate	0.7	%	0.4	%	0.3	%
Expected Volatility	32.1	%	35.5	%	46.0	%
Expected Dividend Yield (Dividends are Assumed Reinvested)	—	%	—	%	—	%
Expected Term (in Years)	2.86		2.87		2.87

The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:



	2014			2013			2012
Stock Options:
Pretax compensation expense	$	2,065		$	1,964		$	1,760
Tax benefit	(791		)	(766		)	(686		)
Stock option expense, net of tax	$	1,274		$	1,198		$	1,074
Restricted Stock:
Pretax compensation expense	$	2,563		$	2,375		$	2,102
Tax benefit	(982		)	(926		)	(820		)
Restricted stock expense, net of tax	$	1,581		$	1,449		$	1,282
Deferred Stock:
Pretax compensation expense	$	685		$	475		$	534
Tax benefit	(252		)	(185		)	(208		)
Deferred stock expense, net of tax	$	433		$	290		$	326
Performance Shares:
Pretax compensation expense	$	1,861		$	1,700		$	1,159
Tax benefit	(713		)	(664		)	(452		)
Performance Share expense, net of tax	$	1,148		$	1,036		$	707
Total Stock-Based Compensation:
Pretax compensation expense	$	7,174		$	6,514		$	5,555
Tax benefit	(2,738		)	(2,541		)	(2,166		)
Total stock-based compensation, net of tax	$	4,436		$	3,973		$	3,389