XML 46 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jul. 02, 2016
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used to estimate fair value of stock options granted

 

 

 

 

 

 

Six Months Ended

Valuation Assumptions:

    

July 4, 2015

Weighted-average fair value of options granted

    

$

15.92

Expected 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

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted

    

Weighted Average

    

Aggregate

 

 

 

 

 

Average Exercise

 

Remaining

 

Intrinsic Value

 

 

    

Shares

    

Price

    

Contractual Term

    

(In thousands)

 

Outstanding January 2, 2016

 
905,883

 

$
15.35

 
3.4

 

$
5,686

 

Exercised

 
(37,500)

 

 
6.88

 

 

 

 
650

 

Cancelled/expired

 
(1,370)

 

 
35.30

 

 

 

 

 

 

Outstanding at July 2, 2016

 
867,013

 

$
15.68

 
3.0

 

$
6,918

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest at July 2, 2016

 
843,103

 

$
15.16

 
2.9

 

$
6,918

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at July 2, 2016

 
739,760

 

$
12.49

 
2.5

 

$
6,918

 

 

Summary of award activity under restricted stock plans

 

 

 

 

 

 

 

 

 

    

 

    

Weighted

 

 

 

 

 

Average Grant

 

 

    

Shares

    

Date Fair Value

 

Nonvested stock at January 2, 2016

 
1,924,250

 

$
44.31

 

Granted

 
1,125,970

 

 
24.19

 

Vested (a)

 
(116,266)

 

 
38.84

 

Cancelled (a)

 
(52,382)

 

 
46.19

 

Nonvested stock at July 2, 2016 (b)

 
2,881,572

 

$
36.63

 

 

 

 

 

 

 

 

Expected to vest as of July 2, 2016

 
2,624,100

 

$
37.18

 

(a)

Includes market share units granted to a group of key executives with the vesting of such units measured by the performance of the Company's stock price over the vesting period.

(b)

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.
Market Share Units  
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used to estimate fair value of awards granted

 

 

 

 

 

 

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%

 

Performance Shares  
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used to estimate fair value of awards granted

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Valuation Assumptions:

    

July 2, 2016

    

 

July 4, 2015

 

Weighted-average fair value

    

$
25.99

 

 

$
37.47

 

Expected volatility

 

 
42.5

%  

 

 
41.6

%

Dividend yield

 

 

—

 

 

 

 —

 

Risk-free rate

 

 
1.0

%  

 

 
1.0

%

Weighted-average expected annual forfeiture

 

 
3.6

%  

 

 
4.1

%