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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2016
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used to estimate fair value of stock options granted

 

 

 

 

 

 

 

Fiscal Year Ended

 

Valuation Assumptions:

 

January 2, 2016

 

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

 
(174,375)

 

 
15.09

 

 

 

 
1,002

 

Cancelled/expired

 
(11,348)

 

 
24.97

 

 

 

 

 

 

Outstanding at December 31, 2016

 
720,160

 

$
15.26

 
2.5

 

$
5,281

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest at December 31, 2016

 
705,665

 

$
14.88

 
2.4

 

$
5,281

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2016

 
594,572

 

$
11.25

 
1.9

 

$
5,281

 

 

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

 
1,191,113

 

 
23.88

 

Vested (a)

 
(131,016)

 

 
37.74

 

Cancelled (a)

 
(104,192)

 

 
39.73

 

Nonvested stock at December 31, 2016 (b)

 
2,880,155

 

$
36.33

 

 

 

 

 

 

 

 

Expected to vest as of December 31, 2016

 
2,142,227

 

$
38.81

 

(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

 

 

 

 

 

 

    

Fiscal Year Ended

 

Valuation Assumptions:

 

January 2, 2016

 

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

 

 

 

 

 

 

 

 

 

 

Fiscal Years Ended

 

Valuation Assumptions:

    

December 31, 2016

 

January 2, 2016

 

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%