Common and Preferred Stock (Notes)

12 Months Ended

Jan. 03, 2015

Stockholders' Equity Note [Abstract]

Common and Preferred Stock

COMMON AND PREFERRED STOCK

(a)    Shares Authorized and Issued

At January 3, 2015 and December 28, 2013, the company had 95,000,000 and 47,500,000 shares, respectively, of common stock and 2,000,000 shares of non-voting preferred stock authorized. At the 2014 annual meeting shareholders voted in favor of amending the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock from 47,500,000 to 95,000,000. At January 3, 2015 and December 28, 2013, there were 57,271,680 and 57,373,506, respectively, shares of common stock outstanding.

(b)    Treasury Stock

In July 1998, the company's Board of Directors adopted a stock repurchase program and during 1998 authorized the purchase of common shares in open market purchases. During 2013, the company's Board of Directors authorized the purchase of additional common shares in open market purchases. As of December 28, 2013, the total number of shares authorized for repurchase under the program is 4,570,266. As of January 3, 2015, 1,914,867 shares had been purchased under the 1998 stock repurchase program and 2,655,399 remain authorized for repurchase.

At January 3, 2015, the company had a total of 4,816,912 shares in treasury amounting to $196.0 million.

(c)    Share-Based Awards

The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provide key employees with rights to purchase shares of common stock at specified exercise prices. Options may be exercised upon certain vesting requirements being met, but expire to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met.

• 2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, zero additional shares are available for issuance under the 2007 Plan.

As of January 3, 2015, a total of 2,683,554 share-based awards have been issued under the 2007 Plan. This includes 2,672,667 restricted share grants, of which 16,800 remain outstanding and unvested. This also includes 10,887 stock options, of which 2,124 have been exercised, 7,791 have been forfeited and zero remain outstanding.

• 2011 Stock Incentive Plan (the "2011 Plan"), as created on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. A maximum amount of 1,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements.

As of January 3, 2015, a total of 369,807 share-based awards have been issued under the 2011 Plan. This includes 369,807 restricted share grants, all of which remain outstanding and unvested.

A summary of the company’s nonvested restricted share grant activity for fiscal years ended January 3, 2015 and December 28, 2013 is as follows:

	Shares		Weighted Average Grant-Date Fair Value
Nonvested shares at December 29, 2012	1,274,745		$	29.24
Granted	—		—
Vested	(109,971	)	14.20
Forfeited	—		—
Nonvested shares at December 28, 2013	1,164,774		$	29.89
Granted	369,807		87.80
Vested	(1,141,974	)	29.12
Forfeited	(6,000	)	29.99
Nonvested shares at January 3, 2015	386,607		$	85.28

Additional information related to the share based compensation is as follows:

	2014		2013		2012
	(dollars in thousands)
Intrinsic value of options exercised	$	—	$	80,528	$	42,208
Cash received from exercise	—		3,842		2,804
Tax benefit from option exercises	—		20,196		14,149