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Shareholders' Equity
 9 Months Ended
Sep. 28, 2013
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
The Company recognized approximately $2.9 million and $2.3 million in share-based compensation expense for the three months ended September 28, 2013 and September 29, 2012, respectively. Share based compensation expense for the nine months ended September 28, 2013 and September 29, 2012 was $8.3 million and $6.7 million, respectively. The total excess income tax benefit recognized relating to share-based compensation for the nine months ended September 28, 2013 and September 29, 2012 was approximately $0.7 million and $1.7 million, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. As of September 28, 2013, total unrecognized compensation cost related to share-based compensation awards was approximately $25.9 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 2.6 years.
On April 29, 2013, the Company's shareholders approved the 2013 Equity Incentive Plan ("2013 Plan"). The 2013 Plan authorizes the issuance of 3.5 million shares of common stock for equity-based awards, and terminates any further grants under prior equity plans.
Approximately 3.0 million shares were available for future grant or payment under the 2013 Plan at September 28, 2013.
Share-based Incentive Awards
The Company uses several forms of share-based incentive awards, including non-qualified stock options, incentive stock options, and stock appreciation rights (“SARs”). All grants are made at prices equal to the fair market value of the stock on the grant dates, and expire 10 years from the grant date.
The majority of the Company’s annual share-based incentive awards are made in the fiscal second quarter. For the nine month period ended September 28, 2013, and September 29, 2012, respectively, 174,775 and 255,225 share-based incentive awards were granted. The per share weighted average fair value of share-based incentive awards granted during those respective periods was $23.01 and $22.45.
The assumptions used in the Black-Scholes valuation related to grants were as follows:
 
 
September 28,
2013
 
September 29,
2012
Risk-free interest rate
 
1.1
%
 
1.3
%
Expected life (years)
 
7.0

 
7.0

Expected volatility
 
38.5
%
 
37.6
%
Expected dividend yield
 
1.2
%
 
1.2
%

A summary of share-based awards (options and SARs) as of September 28, 2013 follows below. Forfeitures of share-based awards during the nine months ended September 28, 2013 were immaterial.
Number of Shares
Shares
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining
Contractual Term
(years)
 
Aggregate Intrinsic
Value (in
millions)
Outstanding
1,591,490

 
$
55.97

 
6.4
 
$
20.1

Exercisable
796,700

 
48.13

 
4.7
 
16.3



Restricted Stock Awards, Restricted Stock Units and Performance Units
The Company also grants equity-based awards including restricted stock (“RSA”) awards, restricted stock unit (“RSU”) awards and performance unit (“PSU”) awards. Such awards are valued using the closing price of the Company's common stock on the date of grant or, for PSUs, based on a Monte Carlo simulation value. Restrictions generally lapse three years after the date of grant (or one year in the case of certain RSA grants to directors).
Changes in restricted stock awards for the nine months ended September 28, 2013 were as follows:
 
 
Shares
 
Weighted Average Value
 
 
Unvested RSUs, RSAs and PSUs, December 29, 2012
199,941

 
$
64.92

 
Granted
150,482

 
63.05

 
Vested
(36,035
)
 
61.70

 
Forfeited
(7,920
)
 
62.39

 
Unvested RSUs, RSAs and PSUs, September 28, 2013
306,468

 
$
64.45