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Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of allocation of stock-based compensation
The following table summarizes pre-tax, stock-based compensation expense included in the unaudited condensed consolidated statements of operations captions for fiscal years 2016, 2015 and 2014: 
 
Fiscal Year Ended
(in thousands)
January 31, 2016
 
January 25, 2015
 
January 26, 2014
Cost of sales
$
1,555

 
$
1,621

 
$
1,664

Selling, general and administrative
10,055

 
17,387

 
12,071

Product development and engineering
8,858

 
10,621

 
10,854

Stock-based compensation
$
20,468

 
$
29,629

 
$
24,589

Net change in stock-based compensation capitalized into inventory
$
(98
)
 
$
111

 
$
36
Schedule of fair value assumptions
The following table summarizes the assumptions used in the Black-Scholes model to determine the fair value of stock options granted in fiscal years 2016, 2015 and 2014:
 
Fiscal Year Ended
 
January 31, 2016
 
January 25, 2015
 
January 26, 2014
Expected lives, in years
4.2 - 4.3
 
3.0 - 4.4
 
4.1 - 4.7
Estimated volatility
29% - 32%
 
33% - 40%
 
30% - 35%
Dividend yield
—
 
—
 
—
Risk-free interest rate
1.24% - 1.49%
 
0.74% - 1.47%
 
0.65% - 1.6%
Weighted average fair value on grant date
$6.08
 
$7.18
 
$8.92
Schedule of summary of the activity for stock option awards
The following table summarizes the activity for stock options for fiscal years 2016, 2015 and 2014:
(in thousands, except for per share amounts)
Number
of
Shares
 
Weighted
Average
Exercise
Price
(per share)
 
Aggregate
Intrinsic
Value (1)
 
Aggregate
Unrecognized
Compensation
 
Number of
Shares
Exercisable
 
Weighted
Average
Contractual
Term (years)
Balance at January 27, 2013
2,579

 
$
18.29

 
$
29,789

 
$
3,817

 
1,937
 
 
Options granted
376

 
30.62

 
 
 
 
 
 
 
 
Options exercised
(970
)
 
16.61

 
16,052

 
 
 
 
 
 
Options cancelled/forfeited
(50
)
 
26.10

 
 
 
 
 
 
 
 
Balance at January 26, 2014
1,935

 
21.33

 
7,722

 
4,354

 
1,275
 
 
Options granted
426

 
24.87

 
 
 
 
 
 
 
 
Options exercised
(554
)
 
16.04

 
5,446

 
 
 
 
 
 
Options cancelled/forfeited
(44
)
 
26.69

 
 
 
 
 
 
 
 
Balance at January 25, 2015
1,763

 
23.70

 
7,722

 
4,688

 
986
 
 
Options granted
364

 
22.74

 
 
 
 
 
 
 
 
Options exercised
(359
)
 
16.34

 
1,851

 
 
 
 
 
 
Options cancelled/forfeited
(261
)
 
23.94

 
 
 
 
 
 
 
 
Balance at January 31, 2016
1,507

 
$
25.18

 
$
962

 
$
3,748

 
775
 
 
Exercisable at February 1, 2017
775

 
$
25.49

 
$
444

 
 
 
 
 
2.3
Vested and expected to vest after February 1, 2016
1,435

 
$
25.31

 
$
876

 
 
 
 
 
3.4

(1)
Represents the difference between the exercise price and the value of the Company’s stock at the time of exercise, for exercised grants. For outstanding awards, represents the difference between the exercise price and the value of the Company’s stock at fiscal year-end.
Schedule of stock option exercise price range
The following table summarizes information about stock options outstanding at January 31, 2016:
(number of shares in thousands)
Number
of
Shares
 
Weighted Average
Exercise Price
(per share)
 
Weighted Average
Contractual Term
(years)
Price Range Analysis - Outstanding
 
 
 
 
 
$1.15 - $4.53
3

  
$
4.50

 
1.6
$7.97 - $13.76
2

  
11.19

 
4.0
$15.92 - $24.46
597

  
20.41

 
3.4
$24.74 - $35.17
905

  
28.44

 
3.5
Total outstanding
1,507

  
$
25.18

 
3.5
Price Range Analysis - Exercisable
 
 
 
 
 
$1.15 - $4.53
3

  
$
4.50

 
1.6
$7.97 - $13.76
2

  
11.19

 
4.0
$15.92 - $24.46
316

  
21.18

 
1.7
$24.74 - $35.17
454

  
28.73

 
2.8
Total exercisable
775

  
$
25.49

 
2.3
Schedule of unvested stock option awards
The following table summarizes information regarding unvested stock option awards at January 31, 2016:
(in thousands, except for per share amounts)
Number
of
Shares
 
Weighted Average
Exercise Price
(per share)
 
Weighted Average
Grant Date
Fair Value
(per share)
 
Weighted Average
Remaining Expense
Period (years)
 
Total Fair Value
Balance at January 27, 2013
642

 
$
23.66

 
$
8.31

 
1.9
 
$
5,333

Options granted
376

 
30.62

 
8.92

 
 
 
3,355

Options vested
(310
)
 
21.58

 
7.77

 
 
 
2,406

Options forfeited
(48
)
 
26.16

 
8.53

 
 
 
422

Balance at January 26, 2014
660

 
28.39

  
8.88

  
2.3
  
5,856

Options granted
426

 
24.87

  
7.18

  
 
  
3,058

Options vested
(275
)
 
27.03

  
8.77

  
 
  
2,414

Options forfeited
(35
)
 
26.32

  
8.02

  
 
  
283

Balance at January 25, 2015
776

 
27.09

  
8.01

  
2.4
  
6,217

Options granted
364

 
22.74

  
6.08

  
 
 
2,210

Options vested
(309
)
 
27.64

  
8.08

  
 
 
2,494

Options forfeited
(102
)
 
25.90

  
7.34

  
 
 
748

Balance at January 31, 2016
729

 
$
24.84

  
$
7.00

  
2.2
  
$
5,110
Schedule of summary of the activity for performance unit awards
The following table summarizes the activity for performance-based restricted stock units for fiscal years 2016, 2015 and 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

  
$
4,757

  
1.1
Performance units granted
186

 
93

 
93

 
 
  
30.82

  
 
 
 
Performance units vested
(114
)
 
(57
)
 
(57
)
 
—

  
16.68

 
 
 
 
Performance units cancelled/forfeited
(49
)
 
(25
)
 
(24
)
 


  
28.82

  
 
 
 
Change in liability
 
 
 
 
 
 
(3,117
)
  
 
  
 
 
 
Balance at January 26, 2014
376

 
192

 
184

 
1,305

  
28.50

  
3,893

  
1.3
Performance units granted
256

 
128

 
128

 
 
  
24.74

  
 
 
 
Performance units vested
(93
)
 
(52
)
 
(41
)
 
—

  
23.83

  
 
 
 
Performance units cancelled/forfeited
(113
)
 
(57
)
 
(56
)
 


  
28.76

  
 
 
 
Change in liability
 
 
 
 
 
 
586

  
 
 
 
 
 
Balance at January 25, 2015
426

 
211

 
215

 
1,891

 
27.17

 
6,164

 
1.6
Performance units granted
235

 
145

 
90

 
 
 
28.60

 
 
 
 
Performance units vested
—

 
—

 
—

 
—

 
—

 
 
 
 
Performance units cancelled/forfeited
(275
)
 
(153
)
 
(124
)
 
 
 
29.11

 
 
 
 
Change in liability
 
 
—

 
 
 
(1,654
)
 
 
 
 
 
 
Balance at January 31, 2016
386

 
203

 
181

 
$
237

 
$
26.57

 
$
1,925

 
1.5
Schedule fair value assumptions - market performance units
The following tables summarize the assumptions used in the Monte Carlo simulation model to determine the fair value of restricted stock units granted in fiscal year 2015 for both Tranche 1 and Tranche 2.

Tranche 1:
 
For the fiscal year ended January 25, 2015
Expected life, in years
1.6

Estimated volatility
34
%
Dividend yield
—
%
Risk-free interest rate
1.5
%
Weighted average fair value on grant date
$
17.26


Tranche 2:
 
For the fiscal year ended January 25, 2015
Expected life, in years
2.1

Estimated volatility
34
%
Dividend yield
—
%
Risk-free interest rate
1.5
%
Weighted average fair value on grant date
$
14.88
Schedule of summary of activity for market performance units
The following table summarizes the activity for the market performance restricted stock units for the fiscal year ended January 31, 2016:
(in thousands, except for per share amounts)
Total Units
 
Weighted Average
Grant Date
Fair Value
(per unit)
 
Aggregate
Unrecognized
Compensation
 
Weighted Average
Period Over
Which Expected
to be Recognized
(in years)
Balance at January 25, 2015
220

 
$
15.59

  
$
—

  
1.2
Market performance units granted
—

 
—

  
 
  
 
Market performance units vested
—

 
—

  
 
  
 
Market performance units cancelled/forfeited
—

 
—

  
 
  
 
Balance at January 31, 2016
220

 
$
15.59

 
$
143

 
0.1
Schedule of summary of the activity for employee stock unit awards
The following table summarizes the employees' restricted stock unit activity for fiscal years 2016, 2015 and 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
891

 
30.95

  
 
  
 
  
 
Stock units vested
(1,026
)
 
21.34

  
$
31,861

  
 
  
 
Stock units forfeited
(228
)
 
25.81

  
 
  
 
  
 
Balance at January 26, 2014
2,195

 
27.81

  
 
  
49,563

  
2.5
Stock units granted
929

 
23.90

  
 
  
 
  
 
Stock units vested
(752
)
 
25.55

  
18,237

  
 
  
 
Stock units forfeited
(234
)
 
26.29

  
 
  
 
  
 
Balance at January 25, 2015
2,138

 
26.43

 
 
 
44,506

 
2.4
Stock units granted
1,032

 
20.79

 
 
 
 
 
 
Stock units vested
(736
)
 
26.48

 
$
16,175

 
 
 
 
Stock units forfeited
(402
)
 
25.65

 
 
 
 
 
 
Balance at January 31, 2016
2,032

 
$
23.70

 
 
 
$
35,692

 
2.4
(1)
Reflects the value of Semtech stock on the date that the stock unit vested.
Schedule of summary of the activity for non-employee directors stock unit awards
The following table summarizes the non-employee directors’ activity for restricted stock units settled in cash for fiscal years 2016, 2015 and 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
18

 
 
  
35.17

  
 
  
 
Stock units vested
(20
)
 
 
  
24.46

  
 
  
 
Stock units forfeited
—

 
 
  
 
 
 
  
 
Change in liability
 
 
(576
)
  
 
 
 
  
 
Balance at January 26, 2014
18

 
3,981

 
35.17

  
177

  
0.4
Stock units granted
24

 
 
 
26.59

 
 
 
 
Stock units vested
(18
)
 
 
 
35.17

 
 
 
 
Stock units forfeited
—

 
 
 
 
 
 
 
 
Change in liability
 
 
1,233

 
 
 
 
 
 
Balance at January 25, 2015
24

 
5,214

 
26.59

 
275

 
0.4
Stock units granted
28

 
 
 
19.70

 
 
 
 
Stock units vested
(24
)
 
 
 
26.59

 
 
 
 
Stock units forfeited
—

 
 
 
 
 
 
 
 
Change in liability
 
 
(1,344
)
 
 
 
 
 
 
Balance at January 31, 2016
28

 
$
3,870

 
$
19.70

 
$
221

 
0.4
Subject to Share Settlement  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of summary of the activity for non-employee directors stock unit awards
The following table summarizes the non-employee directors’ activity for restricted stock units settled with stock for fiscal year 2016:

(in thousands, except per share amount)
Number of
Units
 
Weighted Average Grant Date Fair Value (per unit)
 
Aggregate Intrinsic Value (1)
 
Aggregate Unrecognized Compensation
 
Period Over
Which Expected
to be Recognized
(in years)
Balance at January 25, 2015
—

 
$
—

 
 
 
$
—

 
0.0
Restricted stock units granted
24

 
19.70

 
 
 
 
 
 
Restricted stock units vested
—

 
—

 
$
—

 
 
 
 
Restricted stock units forfeited
—

 
—

 
 
 
 
 
 
Balance at January 31, 2016
24

 
$
19.70

 
 
 
$
186

 
0.4

(1)
There was no vesting during the reported period. This value would typically represent the value of Semtech Corporation stock on the date that the restricted stock unit vested.