Shareholders' Equity

3 Months Ended

Mar. 29, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

The Company recognized approximately $2.7 million and $2.3 million in share-based compensation expense for the three months endedMarch 29, 2014 and March 30, 2013, respectively. The total excess income tax benefit recognized relating to share-based compensation for the three months endedMarch 29, 2014 and March 30, 2013 was approximately $1.0 million and $0.6 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 March 29, 2014, total unrecognized compensation cost related to share-based compensation awards was approximately $18.9 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 2.2 years.

Approximately 3.0 million shares were available for future grant or payment under the 2013 Equity Incentive Plan at March 29, 2014.

Options and Stock Appreciation Rights

The Company uses several forms of share-based incentive awards, including non-qualified stock options, incentive stock options, and stock appreciation rights (“SARs”). Options and SARs generally vest over 5 years, are granted 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. There were no share-based incentive awards granted in the first quarter of 2014.

A summary of share-based awards (options and SARs) as of March 29, 2014 follows below. Forfeitures of share-based awards during the three months endedMarch 29, 2014 were immaterial.

Number of Shares	Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding	1,428,483	$57.27	6.1	$	20.3
Exercisable	718,641	$50.13	4.5	15.3

Restricted Stock Awards and Restricted Stock Units

Restricted stock awards ("RSA") and restricted stock units ("RSU") consist of shares or the rights to shares of the Company's stock. The awards are restricted such that they are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer. RSU awards are typically granted to eligible employees outside of the United States. As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, or death, disability or normal retirement of the grantee.

During the quarter ended March 29, 2014, RSA and RSU awards had immaterial grant, vesting and forfeiture activity.

Performance Share Units

Performance share unit ("PSU") awards consist of shares or the rights to shares of the Company's stock which are awarded to employees of the Company. These shares are payable upon the determination that the Company achieved certain established performance targets and can range from 0% to 200.0% of the targeted payout based on the actual results. PSUs have a performance period of 3 years. As set forth in the individual grant agreements, acceleration of vesting may occur under a change in control, death or disability. There are no voting rights with these instruments until vesting occurs and a share of stock is issued. PSU awards are valued using a Monte Carlo simulation method as of the grant date.

During the quarter ended March 29, 2014, there was no grant or vesting of PSU awards and forfeitures were immaterial.