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Stock-based and Deferred Compensation Plans (Tables)
 12 Months Ended
Dec. 29, 2019
Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract]  
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by award type
The Company recognized stock-based compensation expense as follows for the periods indicated:
 
FISCAL YEAR
(dollars in thousands)
2019
 
2018
 
2017
Stock options
$
5,270

 
$
6,378

 
$
10,423

Restricted stock and restricted stock units
8,949

 
9,143

 
9,933

Performance-based share units
5,471

 
6,911

 
2,227

 
$
19,690

 
$
22,432

 
$
22,583
Schedule of share-based compensation, stock options, activity
The following table presents a summary of the Company’s stock option activity:
(in thousands, except exercise price and contractual life)
OPTIONS
 
WEIGHTED-
AVERAGE
EXERCISE
PRICE
 
WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL
LIFE (YEARS)
 
AGGREGATE
INTRINSIC
VALUE
Outstanding as of December 30, 2018
6,190

 
$
18.30

 
5.7
 
$
11,439

Granted
1,237

 
20.59

 
 
 
 
Exercised
(721
)
 
9.11

 
 
 
 
Forfeited or expired
(607
)
 
22.76

 
 
 
 
Outstanding as of December 29, 2019
6,099

 
$
19.40

 
6.0
 
$
18,961

Exercisable as of December 29, 2019
3,846

 
$
19.06

 
4.7
 
$
14,405
Schedule of assumptions used to calculate fair value of options
Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows for the periods indicated:
 
FISCAL YEAR
 
2019
 
2018
 
2017
Assumptions:
 
 
 
 
 
Weighted-average risk-free interest rate (1)
2.34
%
 
2.66
%
 
1.92
%
Dividend yield (2)
1.94
%
 
1.50
%
 
1.84
%
Expected term (3)
4.8 years

 
5.8 years

 
6.3 years

Weighted-average volatility (4)
31.05
%
 
32.76
%
 
33.72
%
 
 
 
 
 
 
Weighted-average grant date fair value per option
$
5.07

 
$
7.23

 
$
5.09

________________
(1)
Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option.
(2)
Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option.
(3)
Expected term represents the period of time that the options are expected to be outstanding. The Company estimates the expected term based on historical exercise experience for its stock options.
(4)
Based on the historical volatility of the Company’s stock.
Schedule of stock-based compensation information, stock options
The following represents stock option compensation information for the periods indicated:
 
FISCAL YEAR
(dollars in thousands)
2019
 
2018
 
2017
Intrinsic value of options exercised
$
7,929

 
$
52,247

 
$
15,139

Cash received from option exercises, net of tax withholding
$
6,501

 
$
40,501

 
$
13,329

Fair value of stock options vested
$
18,136

 
$
34,316

 
$
28,085

Tax benefits for stock option compensation expense (1)
$
1,932

 
$
13,085

 
$
5,889

 
 
 
 
 
 
Unrecognized stock option expense
$
7,669

 
 
 
 
Remaining weighted-average vesting period
1.9 years

 
 
 
 

________________
(1)
Includes excess tax benefits for tax deductions related to the exercise of stock options of $0.2 million, $8.0 million and $2.9 million for fiscal years 2019, 2018 and 2017, respectively.
Schedule of stock-based compensation, restricted stock units, activity Following is a summary of the Company’s restricted stock unit activity:
(shares in thousands)
NUMBER OF RESTRICTED STOCK UNIT AWARDS
 
WEIGHTED-AVERAGE
GRANT DATE
FAIR VALUE PER AWARD
Outstanding as of December 30, 2018
1,156

 
$
18.65

Granted
610

 
19.15

Vested
(443
)
 
18.50

Forfeited
(135
)
 
19.17

Outstanding as of December 29, 2019
1,188

 
$
18.91
Schedule of stock-based compensation information, restricted stock and restricted stock units
The following represents restricted stock and restricted stock unit compensation information for the periods indicated:
 
FISCAL YEAR
(dollars in thousands)
2019
 
2018
 
2017
Fair value of restricted stock vested
$
8,200

 
$
9,705

 
$
10,182

Tax benefits for restricted stock compensation expense
$
1,672

 
$
2,938

 
$
3,664

 
 
 
 
 
 
Unrecognized restricted stock expense
$
14,800

 
 
 
 
Remaining weighted-average vesting period
2.1 years

 
 
 
 
Schedule of nonvested performance-based units, activity
The following table presents a summary of the Company’s PSU activity:
(shares in thousands)
PERFORMANCE-BASED SHARE UNITS
 
WEIGHTED-AVERAGE
GRANT DATE
FAIR VALUE PER AWARD
Outstanding as of December 30, 2018
575

 
$
18.54

Granted
237

 
20.00

Vested
(161
)
 
18.61

Forfeited
(119
)
 
17.42

Outstanding as of December 29, 2019
532

 
$
19.42
Schedule of employee service share-based compensation, allocation of recognized period costs
The following represents PSU compensation information for the periods indicated:
 
FISCAL YEAR
(dollars in thousands)
2019
 
2018
 
2017
Tax benefits for PSU compensation expense
$
857

 
$
406

 
$
501

Unrecognized PSU expense
$
8,000

 
 
 
 
Remaining weighted-average vesting period (1)
1.2 years

 
 
 
 

________________
(1)
PSUs typically vest after three years.