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Share-Based Compensation
 3 Months Ended
Mar. 29, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation and Equity
Share-Based Compensation and Equity

Stock Options

Options activity for the three months ended March 29, 2014 was as follows:
(In thousands, except per share data)
Number of
Shares
 
Weighted-
Average
Exercise 
Price
 
Aggregate
Intrinsic 
Value
 
Weighted-Average      
Remaining      
Contractual
 Term (Yrs)      
Outstanding at beginning of year
24,407

 
$
22.24

 
 
 
 
Granted
540

 
60.21

 
 
 
 
Exercised
(894
)
 
10.59

 
 
 
 
Forfeited and expired
(68
)
 
38.14

 
 
 
 
Outstanding as of March 29, 2014
23,985

 
23.48

 
$
785,713

 
6.19
 
 
 
 
 
 
 
 
Exercisable as of March 29, 2014
13,830

 
$
11.30

 
$
620,300

 
4.74

The weighted-average assumptions used to estimate the fair value of stock options granted in 2014 were as follows: 
Expected volatility (%)
 
29.7
%
Expected term (yrs)
 
9.2

Risk-free rate (%)
 
3.0
%
Fair value per option
 
$
26.29


As of March 29, 2014, there was $122.8 million of total unrecognized compensation cost related to stock options granted under all plans. That cost is expected to be recognized over a weighted-average period of 3.15 years.
Non-vested Shares

Non-vested share activity for the three months ended March 29, 2014 was as follows:
(In thousands, except per share data)
Number of Shares
 
Weighted-Average
Grant Date Fair Value
 
 
 
 
Outstanding at beginning of year
552

 
$
38.54

Granted
78

 
59.97

Vested
—

 
—

Forfeited
—

 
—

 
 
 
 
Outstanding as of March 29, 2014
630

 
$
41.19


As of March 29, 2014, there was $13.8 million of total unrecognized compensation cost related to non-vested share awards granted under all plans. That cost is expected to be recognized over a weighted-average period of 1.44 years.

The following table presents total compensation expense recognized with respect to stock options, non-vested shares and our associate stock purchase plan:
 
Three Months Ended
(In thousands)
2014
 
2013
 
 
 
 
Stock option and non-vested share compensation expense
$
13,649

 
$
10,594

Associate stock purchase plan expense
1,283

 
831

Amounts capitalized in software development costs, net of amortization
(164
)
 
(199
)
 
 
 
 
Amounts charged against earnings, before income tax benefit
$
14,768

 
$
11,226

 
 
 
 
Amount of related income tax benefit recognized in earnings
$
5,184

 
$
4,356



Treasury Stock

In December 2013, our Board of Directors authorized a stock repurchase program of up to $217.0 million, excluding transaction costs, of our common stock. The repurchases were to be effectuated in the open market, by block purchase, or possibly through other transactions managed by broker-dealers. No time limit was set for completion of the program.

During the three months ended March 29, 2014, we repurchased 1.3 million shares for total consideration of $75.0 million. These shares were recorded as treasury stock and accounted for under the cost method. No repurchased shares have been retired. At March 29, 2014, $142.0 million remains available for purchases under the program.