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Stock-Based Compensation (Tables)
 3 Months Ended
Apr. 28, 2013
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 months ended April 28, 2013 and April 29, 2012.
 
 
Three Months Ended
(in thousands)
April 28,
2013
 
April 29,
2012
Cost of sales
$
328

 
$
231

Selling, general and administrative
4,882

 
3,224

Product development and engineering
3,416

 
1,871

Stock-based compensation, pre-tax
$
8,626

 
$
5,326

Net change in stock-based compensation capitalized into inventory
$
77

 
$
66
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 months ended April 28, 2013 and April 29, 2012:
 
 
Three Months Ended
 
April 28,
2013
 
April 29,
2012
Expected lives, in years
4.2 - 4.7
 
4.4
Estimated volatility
34% - 35%
 
41%
Dividend yield
—
 
—
Risk-free interest rate
0.65% - 0.69%
 
0.70%
Weighted average fair value on grant date
$9.04
 
$10.06
Summary Of The Activity For Stock Option Awards
A summary of the activity for stock option awards during the first three months of fiscal year 2014 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 (in years)
Balance at January 27, 2013
2,579

 
$
18.29

 
$
29,789

 
$
3,817

 
1,937
 
 
Options granted
195

 
31.31

 
 
 
 
 
 
 
 
Options exercised
(418
)
 
16.65

 
6,915

 
 
 
 
 
 
Options cancelled/forfeited
(9
)
 
24.53

 
 
 
 
 
 
 
 
Balance at April 28, 2013
2,347

 
$
19.64

 
$
27,204

 
$
4,802

 
1,692
 
 
Exercisable at April 28, 2013
1,692

 
$
17.08

 
$
23,893

 
 
 
 
 
2.3
Summary Of The Activity For Performance Unit Awards
The following table summarizes the activity for performance units for the first three months of fiscal year 2014:
 
 
 
 
Subject to
Share Settlement
 
Subject to
Cash Settlement
 
Weighted 
Average
Grant Date
 
Aggregate
 
Period Over
Which Expected
(in thousands, except for per share amounts)
Total
Units
 
Units
 
Units
 
Recorded
Liability
 
Fair Value
(per share)
 
Unrecognized
Compensation
 
to be Recognized
(in years)
Balance at January 27, 2013
353

 
181

 
172

 
$
4,422

 
$
23.50

 
$
4,754

 
1.1
Performance units granted
186

 
93

 
93

 
 
 
30.82

 
 
 
 
Performance units vested
(114
)
 
(57
)
 
(57
)
 
 
 
16.68

 
 
 
 
Performance units cancelled/forfeited
(13
)
 
(7
)
 
(6
)
 
 
 
25.70

 
 
 
 
Change in liability
 
 
 
 
 
 
(2,859
)
 
 
 
 
 
 
Balance at April 28, 2013
412

 
210

 
202

 
$
1,563

 
$
28.62

 
$
8,514

 
2.0
Summary Of The Activity For Employee Stock Unit Awards
The following table summarizes the stock unit award activity for the first three months of fiscal year 2014:
 
 
 
 
 
 
 
 
 
 
(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 27, 2013
2,558

 
$
23.41

 
 
 
$
49,374

 
2.5
Stock units granted
206

 
30.82

 
 
 
 
 
 
Stock units vested
(447
)
 
22.57

 
$
14,272

 
 
 
 
Stock units forfeited
(54
)
 
25.02

 
 
 
 
 
 
Balance at April 28, 2013
2,263

 
$
24.21

 
 
 
$
47,856

 
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 three months of fiscal year 2014:
 
 
 
 
 
 
 
 
 
 
 
(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 27, 2013
20

 
$
4,557

 
$
24.46

 
$
253

 
0.4
Stock units granted
—

 
 
 
—

 
 
 
 
Stock units vested
—

 
 
 
—

 
 
 
 
Stock units forfeited
—

 
 
 
—

 
 
 
 
Change in liability
 
 
363

 
 
 
 
 
 
Balance at April 28, 2013
20

 
$
4,920

 
$
24.46

 
$
109

 
0.2