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Shareholders' Equity (Tables)

12 Months Ended

Dec. 30, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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



	2017		2016		2015
Stock options	$	2,344	$	2,281	$	2,634
Stock awards	13,419		9,680		7,656
Total stock-based compensation expense	15,763		11,961		10,290
Income tax benefit	5,249		3,947		3,413
Total stock-based compensation expense, net of tax	$	10,514	$	8,014	$	6,877

Stock options rollforward

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⁾
Balance at December 31, 2016	1,354		$	18.70	5.9	$	7,541
Granted	262		24.26
Exercised	(222	)	14.58
Canceled/Forfeited	(39	)	26.17
Outstanding at December 30, 2017	1,355		$	20.23	6.2	$	23,515

Exercisable at December 30, 2017	879		$	18.79	4.8	$	16,533

Vested and expected to vest at December 30, 2017	1,321		$	20.16	6.1	$	23,023

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⁽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.

Stock options - other information

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



	2017		2016		2015
Weighted-average grant date fair value of stock options granted	$	10.33	$	8.85	$	15.94
Total intrinsic value (at exercise) of stock options exercised	$	3,586	$	2,088	$	4,592

Stock options - valuation assumptions

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



Valuation Assumptions	2017		2016		2015
Expected dividend yield	0	%	0	%	0	%
Expected volatility	46	%	50	%	54	%
Risk-free interest rate	2.0	%	1.4	%	1.6	%
Expected term (in years)	5.1		5.2		5.2

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



Valuation Assumptions	2017	2016		2015
Expected dividend yield	NA	0	%	NA
Expected volatility	NA	50	%	NA
Risk-free interest rate	NA	1.8	%	NA

Stock awards rollforward

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 December 31, 2016	530		$20.83	899		$20.87
Granted	217		25.81	568		23.03
Vested	(312	)	20.35	(338	)	16.73
Canceled/Forfeited	(40	)	22.47	(66	)	19.88
Outstanding at December 30, 2017	395		$23.77	1,063		$23.41

Stock awards - valuation assumptions

The assumptions used to calculate the fair value of the 2017 performance-base stock awards with a market condition, using the Monte Carlo simulation model, were as follows:



Valuation Assumptions	2017	2016	2015
Expected dividend yield	0%	NA	NA
Expected volatility	46%	NA	NA
Risk-free interest rate	1.5%	NA	NA

Share Repurchase

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



	2017		2016		2015
Amount repurchased under Board-approved share repurchase program	$	150,000	$	125,000	$	98,446
Amount repurchased in connection with the vesting of employee restricted stock grants	5,245		1,693		1,755
Total amount repurchased	$	155,245	$	126,693	$	100,201

Schedule of Earnings Per Share Reconciliation

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



	2017		2016		2015
Net income	$	65,077	$	51,417	$	50,519

Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding	41,212		46,154		51,252
Dilutive effect of stock-based awards	873		748		849
Diluted weighted-average shares outstanding	42,085		46,902		52,101

Net income per share – basic	$	1.58	$	1.11	$	0.99
Net income per share – diluted	$	1.55	$	1.10	$	0.97