Stock-Based Compensation (Tables)

6 Months Ended

Jul. 29, 2012

Share-based Compensation [Abstract]

Allocation Of Stock-Based Compensation

The following table shows total pre-tax, stock-based compensation expense included in the Unaudited Consolidated Condensed Statements of Income for the three and six months ended July 29, 2012 and July 31, 2011.

(in thousands)	Three Months Ended				Six Months Ended
	July 29, 2012		July 31, 2011		July 29, 2012		July 31, 2011
Cost of sales	$	297	$	195	$	528	$	474
Selling, general and administrative	2,657		2,666		5,881		8,284
Product development and engineering	1,965		1,760		3,836		3,350
Stock-based compensation, pre-tax	$	4,919	$	4,621	$	10,245	$	12,108
Net change in stock-based compensation capitalized into inventory	$	16	$	42	$	82	$	(42	)

Summary Of Fair Value Assumptions

The following table summarizes the assumptions used in the Black-Scholes model to determine the fair value of options granted in the three and six months ended July 29, 2012 and July 31, 2011:

	Three Months Ended		Six Months Ended
	July 29, 2012	July 31, 2011	July 29, 2012	July 31, 2011
Expected lives, in years	4.4 - 4.6	4.4 - 4.7	4.4 - 4.6	4.4 - 4.7
Estimated volatility	40%	41%	40% - 41%	40% - 41%
Dividend yield	—	—	—	—
Risk-free interest rate	0.7%	1.6% - 1.65%	0.7%	1.6% - 1.8%
Weighted average fair value on grant date	$8.31	$10.09	$9.68	$8.54

Summary Of The Activity For Stock Option Awards

A summary of the activity for stock option awards during the first six months of fiscal year 2013 is presented below:

(in thousands, except for per share amounts)
	Number of Shares		Weighted Average Exercise Price (per share)		Aggregate Intrinsic Value		Aggregate Unrecognized Compensation		Number of Shares Exercisable	Weighted Average Contractual Term (years)
Balance at January 29, 2012	3,690		$	16.94	$	44,435	$	4,699	2,767
Options granted	206		28.29
Options exercised	(343	)	16.23
Options cancelled/forfeited	(107	)	26.06
Balance at July 29, 2012	3,446		$	17.40	$	25,057	$	4,635	2,643
Exercisable at July 29, 2012	2,643		$	16.17	$	21,792				2.3

Summary Of The Activity For Restricted Stock Awards

The following table summarizes the activity for restricted stock awards for the first six months of fiscal year 2013:

(in thousands, except for per share amounts)	Number of Shares		Weighted Average Grant Date Fair Value (per share)		Aggregate Intrinsic Value (1)		Aggregate Unrecognized Compensation		Weighted Average Period Over Which Expected to be Recognized (in years)
Balance at January 29, 2012	32		$	14.57			$	81	0.1
Restricted stocks granted	—
Restricted stocks vested	(32	)	$	14.57	$	902
Restricted stocks cancelled	—
Balance at July 29, 2012	—		$	—			$	—	—

(1) Represents the value of Semtech stock on the date that the restricted stock vested.

Summary Of The Activity For Performance Unit Awards

The following table summarizes the activity for performance units for the first six months of fiscal year 2013:

(in thousands, except for per share amounts)			Subject to Share Settlement		Subject to Cash Settlement					Weighted  Average Grant Date		Aggregate		Period Over Which Expected
	Total Units		Units		Units		Recorded Liability			Fair Value (per share)		Unrecognized Compensation		to be Recognized (in years)
Balance at January 29, 2012	360		180		180		$	6,034		$	16.65	$	4,829	1.0
Performance units granted	144		77		67					29.30
Performance units vested	(144	)	(72	)	(72	)				11.92
Performance units cancelled/forfeited	(7	)	(4	)	(3	)				29.35
Change in liability							(3,410		)
Balance at July 29, 2012	353		181		172		$	2,624		$	23.50	$	6,295	1.6

Summary Of The Activity For Employee Stock Unit Awards

The following table summarizes the stock unit award activity for the first six months of fiscal year 2013:

(in thousands, except per share amount)
	Number of Units		Weighted Average Grant Date Fair Value (per unit)		Aggregate Intrinsic Value (1)		Aggregate Unrecognized Compensation		Weighted Average Period Over Which Expected to be Recognized (in years)
Balance at January 29, 2012	1,982		$	19.06			$	31,472	2.4
Stock units granted	878		28.21
Stock units vested	(254	)	18.49		$	6,990
Stock units forfeited	(152	)	22.83
Balance at July 29, 2012	2,454		$	22.16			$	45,170	2.5

(1) Reflects the value of Semtech stock on the date that the stock unit vested.

Summary Of The Activity For Non-Employee Directors Stock Unit Awards

The following table summarizes the activity for stock unit awards for the first six months of fiscal year 2013:

(in thousands, except per share amount)
	Number of Units		Recorded Liability			Weighted Average Grant Date Fair Value (per unit)		Aggregate Unrecognized Compensation		Period Over Which Expected to  be Recognized (in years)
Balance at January 29, 2012	18		$	3,873		$	27.60	$	216	0.4
Stock units granted	20					24.46
Stock units vested	(18	)				27.60
Stock units forfeited	—
Change in liability			(393		)
Balance at July 29, 2012	20		$	3,480		$	24.46	$	450	0.9