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SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Oct. 03, 2015
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used to estimate fair value of stock options granted using the Binomial lattice pricing model

 

 

 

 

Nine Months Ended

 

Valuation Assumptions:

 

 

October 3, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled

 
(52,714

)

 

 
21.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at October 3, 2015

 
919,713

 

 

$
15.24

 

 
3.7

 

 

$
7,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest at October 3, 2015

 
880,523

 

 

$
14.44

 

 
3.6

 

 

$
7,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at October 3, 2015

 
585,373

 

 

$
8.02

 

 
2.6

 

 

$
7,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Nine Months Ended

Valuation Assumptions:

October 3, 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

 

 

Nine Months Ended

Valuation Assumptions:

October 3, 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

 
557,984

 

 

 
37.28

 

 

 

 

 

 

 

 

 

Vested

 
(107,720

)

 

 
20.47

 

 

 

 

 

 

 

 

 

Cancelled

 
(199,509

)

 

 
45.57

 

 

 

 

 

 

 

 

 

Nonvested stock at October 3, 2015

 
1,970,329

 

 

$
44.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected to vest as of October 3, 2015 (a)

 
1,768,101

 

 

$
44.66

 

 

 

 

 

 

 

 

 

 

(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.