Stock-Based Compensation (Tables)

12 Months Ended

Dec. 30, 2016

Share-Based Compensation, Restricted Stock Units Award Activity

The number of unvested restricted stock unit awards outstanding as of December 30, 2016 is as follows ⁽¹⁾:

					Weighted-average
	Number		Weighted-average		remaining		Aggregate
	of awards		grant date		contractual		intrinsic value
	outstanding		fair value		term (years)		(in thousands) ⁽²⁾

Balance as of January 1, 2016		779,977	$	31.88
Awards granted		302,672		48.29
Awards vested		(384,822)		34.02
Awards forfeited		(2,513)		39.26

Balance as of December 30, 2016		695,314	$	37.82		1.5	$	41,927

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

⁽²⁾ The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of December 30, 2016 was $60.30.

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, 2016		285,000	$	26.42
Options granted		64,000		48.59
Options forfeited and expired		-		-
Options exercised		(30,000)		18.86

Balance as of December 30, 2016		319,000	$	31.58		6.47	$	9,162

Exercisable at December 30, 2016		188,750	$	23.83		5.20	$	6,884

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

The Assumptions Used to Value Option Grants

The assumptions used to value option grants for fiscal years 2016, 2015 and 2014 are as follows:

	Stock Option Plan
	2016			2015			2014

Expected term (in years)		6.0			6.1			6.1
Risk-free interest rate		1.28	%		1.69	%		1.8	%
Volatility		25	%		27	%		32	%
Dividend yield		0	%		0	%		0	%

Stock-Based Compensation Expense Recognized in Consolidated Statements of Income

The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for fiscal years 2016, 2015 and 2014 is as follows:

	2016		2015		2014
(In thousands)
Compensation and related expenses:
Restricted stock units	$	12,225	$	11,907	$	11,889
Stock option grants		569		552		689
Sub-total		12,794		12,459		12,578

General and administrative expenses:
Restricted stock units		539		500		501
Sub-total		539		500		501
Total stock-based compensation expense	$	13,333	$	12,959	$	13,079

Income tax benefit	$	5,214	$	5,068	$	5,141