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SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jul. 04, 2015
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used to estimate fair value of stock options granted using the Binomial lattice pricing model

 

 

 

Six Months Ended

 

Valuation Assumptions:

 

July 4, 2015

 

 

 

 

 

Weighted-average fair value of options granted

 

$15.92

 

Historic volatility

 

    76.5%

 

Weighted-average volatility

 

    58.7%

 

Expected term (in years)

 

  4.2

 

Dividend yield

 

 —

 

Risk-free rate

 

      1.9%

 

Expected annual forfeiture

 

    15.3%

 

 

Summary of award activity under stock option plans

 

 

 

 

Shares

 

Weighted
Average Exercise
Price

 

Weighted Average
Remaining
Contractual Term

 

Aggregate
Intrinsic Value
(In thousands)

 

Outstanding at January 3, 2015

 
1,030,969

 

$
11.25

 

 
3.9

 

 

 

$
21,613

 

Granted

 
174,458

 
34.29

 

 

 

 

 

 

 

 

Exercised

 
(233,000

)
10.42

 

 

 

 

 

 
5,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at July 4, 2015

 
972,427

 

$
15.58

 

 
4.0

 

 

 

$
7,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest at July 4, 2015

 
926,408

 

$
14.72

 

 
3.8

 

 

 

$
7,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at July 4, 2015

 
636,717

 

$
9.08

 

 
3.0

 

 

 

$
7,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of valuation assumptions used to determine fair value for the MSUs granted using the Monte Carlo simulation model

 

 

 

 

 

Six Months Ended

 

Valuation Assumptions:

 

July 4, 2015

 

Weighted-average fair value

 

$43.35

 

Expected volatility

 

   43.2%

 

Dividend yield

 

 —

 

Risk-free rate

 

1.1% to 1.7%

 

Weighted-average expected annual forfeiture

 

     5.0%

 

 

Schedule of valuation assumptions used to determine fair value of performance share units granted using the Monte Carlo simulation model

 

 

Six Months Ended

 

Valuation Assumptions:

 

July 4, 2015

 

Weighted-average fair value

 

$37.47

 

Expected volatility

 

   41.6%

 

Dividend yield

 

   —

 

Risk-free rate

 

     1.0%

 

Weighted-average expected annual forfeiture

 

     4.1%

 

 

Summary of award activity under restricted stock plans

 

 

 

Shares

 

Weighted
Average Grant
Date Fair Value

 

Nonvested stock at January 3, 2015

 
1,719,574

 

 

$
45.39

 

Granted

 
555,984

 

 
37.34

 

Vested

 
(107,191

)

 
23.00

 

Cancelled

 
(127,874

)

 
42.63

 

 

 

 

 

 

 

 

Nonvested stock at July 4, 2015

 
2,040,493

 

 

$
44.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected to vest as of July 4, 2015 (a)

 
1,797,609

 

 

$
44.76

 

 

 

 

 

 

 

 

 

 

(a)

Excludes the potential impact of the performance share multiplier, which will vary from 30% to 200% of the number of MSUs awarded depending on the actual performance of the Company’s stock price over the vesting periods and zero to 200% of the number of LTIP awards granted depending on the Company’s TSR relative to the TSR of the S&P Mid-Cap 400 Index.