Shareholders' Equity

3 Months Ended

Mar. 31, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

10. SHAREHOLDERS' EQUITY

The Company recognized approximately $2.1 million and $1.8 million in share-based compensation expense for the three month period ended March 31, 2012 and April 2, 2011, respectively. The total excess income tax benefit recognized relating to share-based compensation for the three months ended March 31, 2012 and April 2, 2011 was approximately $0.6 million and $0.4 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 31, 2012, total unrecognized compensation cost related to share-based compensation awards was approximately $17.9 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 2.9 years.

The Company was authorized, as of March 31, 2012, to deliver up to 5.0 million shares of common stock upon exercise of non-qualified stock options or incentive stock options, or upon grant or in payment of stock appreciation rights, restricted stock and restricted stock units. Approximately 1.3 million shares were available for future grant or payment under the various plans at March 31, 2012.

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 ten years from the grant date.

The majority of the Company's annual share-based incentive awards are made in the fiscal second quarter.

A summary of share-based awards (options and SARs) as of March 31, 2012 follows below. Forfeitures of share-based awards during the three months ended March 31, 2012 totaled 5,610.

					Wtd. Avg.
					Remaining		Average Intrinsic
			Wtd. Avg.		Contractual Term		Value (in
Number of Shares	Shares		Exercise Price		(years)		millions)
Outstanding		1,622,935	$	50.25		6.2	$	26.7
Exercisable		741,215		39.28		4.0		19.5

Restricted Stock and Restricted Stock Units

As of March 31, 2012, the Company had granted awards with respect to 139,041 shares of restricted stock, with a weighted average grant date fair value of $60.76 and a weighted average life of 1.9 years. The Company values restricted stock and restricted stock unit awards at the closing market value of its common stock on the date of grant and restrictions generally lapse three years after the date of the grant. In the first three months of 2012, 750 shares of restricted stock vested with a weighted average fair value of $58.77 per share and 1,461 restricted stock awards were granted with a weighted average fair value of $68.44 per share.