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Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 03, 2014
Share-Based Compensation [Abstract]  
Share-Based Compensation, Restricted Stock Units Award Activity
The number of restricted stock unit awards outstanding as of January 3, 2014 is as follows(1):
 
 
 
Number
 
Weighted-
 
 
 
of awards
 
average
 
 
 
outstanding
 
fair value
 
 
 
 
 
 
 
 
 
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
 
Awards granted
 
 
235,865
 
 
54.17
 
Awards vested
 
 
(285,661)
 
 
36.74
 
Awards cancelled
 
 
(8,464)
 
 
40.67
 
 
 
 
 
 
 
 
 
Balance as of January 3, 2014
 
 
478,347
 
$
42.14
 
 
(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 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
 
 
 
 
 
 
 
Options granted
 
 
27,500
 
 
50.03
 
 
 
 
 
 
 
Options cancelled
 
 
-
 
 
-
 
 
 
 
 
 
 
Options exercised
 
 
(68,628)
 
 
9.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 3, 2014
 
 
217,000
 
$
32.06
 
 
5.85
 
$
9,835
 
Vested and expected to vest as of January 3, 2014
 
 
213,512
 
$
31.95
 
 
5.83
 
$
9,700
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at January 3, 2014
 
 
141,125
 
$
26.81
 
 
4.91
 
$
7,136
 
 
(1) Does not include restricted stock or employee stock purchase plans
Information Regarding Options Oustanding
Information regarding options outstanding at January 3, 2014 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$12.42-18.37
 
32,000
 
2.08
 
$
16.14
 
28,000
 
$
16.67
 
$23.07-31.01
 
102,500
 
5.22
 
$
26.59
 
91,875
 
$
26.67
 
$37.72-37.72
 
30,000
 
7.11
 
$
37.72
 
15,000
 
$
37.72
 
$48.27-50.03
 
52,500
 
8.63
 
$
49.19
 
6,250
 
$
48.27
 
 
 
217,000
 
5.85
 
$
32.06
 
141,125
 
$
26.81
 
The Assumptions Used to Value Option Grants
The assumptions used to value option grants for the fiscal years ended January 3, 2014, December 28, 2012 and December 30, 2011 are as follows:
 
 
 
Stock Option Plan
 
 
 
 
2013
 
 
2012
 
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected life (in years)
 
6.4
 
 
6.4
 
 
6.5
 
 
Risk-free interest rate
 
1.4
%
 
1.4
%
 
3.1
%
 
Volatility
 
36
%
 
39
%
 
39
%
 
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 January 3, 2014, December 28, 2012 and December 30, 2011 is as follows:
 
 
 
2013
 
2012
 
2011
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Compensation and related expenses:
 
 
 
 
 
 
 
 
 
 
Restricted stock units
 
$
11,680
 
$
11,345
 
$
9,402
 
Stock option grants
 
 
1,077
 
 
639
 
 
581
 
Sub-total
 
 
12,757
 
 
11,984
 
 
9,983
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative expenses:
 
 
 
 
 
 
 
 
 
 
Restricted stock units
 
 
411
 
 
394
 
 
357
 
Sub-total
 
 
411
 
 
394
 
 
357
 
Total stock-based compensation expense
 
$
13,168
 
$
12,378
 
$
10,340
 
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 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
 
Options granted
 
 
27,500
 
 
18.78
 
Options vested
 
 
(35,879)
 
 
13.30
 
Options forfeited
 
 
-
 
 
-
 
Balance of unvested stock options as of January 3, 2014
 
 
75,875
 
$
16.95