Stock-Based Compensation (Tables)

12 Months Ended

Dec. 28, 2012

Share-Based Compensation [Abstract]

Share-based compensation, restricted stock units award activity

The number of restricted stock unit awards outstanding as of December 28, 2012 is as follows⁽¹⁾:

	Number			Weighted-
	of awards			average
	outstanding			fair value
Balance as of January 1, 2010		534,237		$	23.00
Awards granted		265,894			28.78
Awards vested		(241,916	)		23.26
Awards cancelled		(2,833	)		26.73
Balance as of December 31, 2010		555,382		$	25.64
Awards granted		249,997			38.59
Awards vested		(260,064	)		28.29
Awards cancelled		(2,981	)		29.58
Balance as of December 30, 2011		542,334		$	30.32
Awards granted		235,506			48.04
Awards vested		(235,912	)		39.69
Awards cancelled		(5,321	)		32.69
Balance as of December 28, 2012		536,607		$	33.95

⁽¹⁾ Does not include employee stock purchase or stock option plans.

Stock option activity

Option activity is as follows⁽¹⁾:

						Weighted-		Aggregate
				Weighted-		average		intrinsic
	Number			average		remaining		value
	of shares			exercise		contractual		(in
	outstanding			price		term (years)		thousands)
Balance as of January 1, 2010		817,109		$	11.74
Options granted		42,500			25.96
Options cancelled		-			-
Options exercised		(348,469	)		7.67
Balance as of December 31, 2010		511,140		$	15.69
Options granted		30,000			37.72
Options cancelled		-			-
Options exercised		(105,744	)		14.07
Balance as of December 30, 2011		435,396		$	17.60
Options granted		25,000			48.27
Options cancelled		(2,000	)		6.50
Options exercised		(200,268	)		13.01
Balance as of December 28, 2012		258,128		$	24.21		4.99	$	7,611
Vested and expected to vest as of December 28, 2012		252,180		$	24.08		4.95	$	7,471
Exercisable at December 28, 2012		173,874		$	19.39		3.84	$	5,966

⁽¹⁾ Does not include restricted stock or employee stock purchase plans

Information regarding options oustanding

Information regarding options outstanding at December 28, 2012 is summarized below:

	Outstanding						Exercisable
			Weighted-		Weighted-				Weighted
	Number		average		Average		Number		average
Range of	of		remaining		Exercise		of		exercise
exercise price	options		life in years		Price		shares		price
$6.57-7.02		42,000		0.18	$	6.99		42,000	$	6.99
$12.02-15.65		38,628		2.23	$	13.59		30,628	$	13.90
$18.37-25.96		92,500		6.15	$	23.38		63,746	$	22.56
$31.01-37.72		60,000		6.62	$	34.37		37,500	$	32.35
$48.27-48.27		25,000		9.12	$	48.27		-	$	-
		258,128		4.99	$	24.21		173,874	$	19.39

The assumptions used to value option grants

The assumptions used to value option grants for the fiscal years ended December 28, 2012, December 30, 2011 and December 31, 2010 are as follows:

	Stock Option Plan
	2012			2011			2010
Expected life (in years)		6.4			6.5			6.6
Risk-free interest rate		1.4	%		3.1	%		3.2	%
Volatility		39	%		39	%		40	%
Dividend yield		0	%		0	%		0	%

Stock-based compensation expense recognized in consolidated statements of income

The amount of stock-based compensation expense recognized in the Company’s consolidated statements of income for the fiscal years ended December 28, 2012, December 30, 2011 and December 31, 2010 is as follows:

	2012		2011		2010
(In thousands)
Compensation and related expenses:
Restricted stock units	$	11,345	$	9,402	$	8,257
Stock option grants		639		581		647
Sub-total		11,984		9,983		8,904
General and administrative expenses:
Restricted stock units		394		357		353
Sub-total		394		357		353
Total stock-based compensation expense	$	12,378	$	10,340	$	9,257

Summary of unvested stock options

A summary of the Company’s unvested stock options is as follows:

	Unvested			Weighted-
	options			average
	outstanding			fair value
Balance of unvested stock options as of January 1, 2010		163,750		$	9.31
Options granted		42,500			11.70
Options vested		(70,250	)		8.19
Options forfeited		-			-
Balance of unvested stock options as of December 31, 2010		136,000		$	10.64
Options granted		30,000			16.51
Options vested		(62,122	)		10.23
Options forfeited		-			-
Balance of unvested stock options as of December 30, 2011		103,878		$	12.58
Options granted		25,000			19.51
Options vested		(44,624	)		12.27
Options forfeited		-			-
Balance of unvested stock options as of December 28, 2012		84,254		$	14.80