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SHARE-BASED COMPENSATION (Tables)
 3 Months Ended
Apr. 01, 2017
SHARE-BASED COMPENSATION  
Summary of award activity under stock option plans

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted

    

Weighted Average

    

Aggregate

 

 

 

 

 

Average Exercise

 

Remaining

 

Intrinsic Value

 

 

    

Shares

    

Price

    

Contractual Term

    

(In thousands)

 

Outstanding December 31, 2016

 

720,160

 

$
15.26

 

2.5

 

$

5,281

 

Exercised

 

(100,000)

 

 

8.10

 

 

 

 

1,274

 

Outstanding at April 1, 2017

 

620,160

 

$

16.42

 

2.5

 

$

6,099

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest at April 1, 2017

 

609,345

 

$

16.11

 

2.5

 

$

6,097

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at April 1, 2017

 

533,234

 

$

13.58

 

2.1

 

$

6,083

 

 

Summary of award activity under restricted stock plans

 

 

 

 

 

 

 

 

 

    

 

    

Weighted

 

 

 

 

 

Average Grant

 

 

    

Shares

    

Date Fair Value

 

Nonvested stock at December 31, 2016

 

2,880,155

 

$

36.33

 

Granted

 

1,081,910

 

 

28.63

 

Vested (a)

 

(527,997)

 

 

46.01

 

Cancelled (a)

 

(356,307)

 

 

46.24

 

Nonvested stock at April 1, 2017

 

3,077,761

 

$

30.81

 

 

 

 

 

 

 

 

Expected to vest as of April 1, 2017 (b)

 

2,192,491

 

$

31.75

 

(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 market share units 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.
Performance Shares  
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used to estimate fair value of awards granted

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Valuation Assumptions:

    

April 1, 2017

 

April 2, 2016

 

Weighted-average fair value

    

$

39.10

 

$

25.99

 

Expected volatility

 

 

48.6%

 

 

42.5%

 

Dividend yield

 

 

 —

 

 

 —

 

Risk-free rate

 

 

1.5%

 

 

1.0%

 

Weighted-average expected annual forfeiture

 

 

3.6%

 

 

3.6%