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Shareholders' Equity (Tables)

12 Months Ended

Jan. 02, 2016

Total stock-based compensation expense was as follows (in thousands):



	2015		2014		2013
Stock options	$	2,634	$	2,125	$	2,698
Stock awards	7,656		4,673		1,534
Total stock-based compensation expense⁽¹⁾	10,290		6,798		4,232
Income tax benefit	3,413		2,284		1,447
Total stock-based compensation expense, net of tax	$	6,877	$	4,514	$	2,785

⁽¹⁾ Reflects a $1.2 million benefit in 2014 related to a change in estimated forfeitures due to employee turnover.

A summary of our stock option activity was as follows (in thousands, except per share amounts and years):



	Stock Options		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ⁽¹⁾
Outstanding at January 3, 2015	1,513		$	16.06	5.6	$	16,642
Granted	135		32.91
Exercised	(252	)	11.77
Canceled/Forfeited	(8	)	23.46
Outstanding at January 2, 2016	1,388		$	18.44	5.3	$	7,366

Exercisable at January 2, 2016	1,035		$	16.14	4.4	$	6,883

Vested and expected to vest at January 2, 2016	1,353		$	18.23	5.3	$	7,315


⁽¹⁾	Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant.

Other information pertaining to options was as follows (in thousands, except per share amounts):



	2015		2014		2013
Weighted-average grant date fair value of stock options granted	$	15.94	$	9.33	$	10.57
Total intrinsic value (at exercise) of stock options exercised	$	4,592	$	2,478	$	7,726

The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows:

Stock award activity was as follows (in thousands, except per share amounts):



	Time- Based Stock Awards		Weighted-Average Grant Date Fair Value	Performance- and Market-Based Stock Awards		Weighted-Average Grant Date Fair Value
Outstanding at January 3, 2015	472		$19.00	630		$18.61
Granted	135		31.57	190		33.32
Vested	(137	)	17.30	(45	)	13.59
Canceled/Forfeited	(16	)	22.14	(65	)	28.05
Outstanding at January 2, 2016	454		$23.14	710		$22.01

The assumptions used to calculate the fair value of market-based stock awards granted using the Monte Carlo simulation model were as follows:

Repurchases of our common stock were as follows (in thousands):



	2015		2014		2013
Amount repurchased under Board-approved share repurchase program	$	98,446	$	45,044	$	40,037
Amount repurchased in connection with the vesting of employee restricted stock grants	1,755		1,448		2,035
Total amount repurchased	$	100,201	$	46,492	$	42,072

The components of basic and diluted net income per share were as follows (in thousands, except per share amounts):



	2015		2014		2013
Net income	$	50,519	$	67,974	$	60,081

Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding	51,252		53,452		54,866
Dilutive effect of stock-based awards	849		741		937
Diluted weighted-average shares outstanding	52,101		54,193		55,803

Net income per share – basic	$	0.99	$	1.27	$	1.10
Net income per share – diluted	$	0.97	$	1.25	$	1.08