Stock-Based Compensation

9 Months Ended

Sep. 27, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

Employee Share Purchase Plan

At our 2015 Annual Meeting of Shareholders, which was held on May 7, 2015, our shareholders approved an amendment to our Employee Share Purchase Plan to increase the number of shares of our common stock reserved for issuance under the plan from 4,200,000 to 4,450,000.

1995 Stock Incentive Plan

Also at our 2015 Annual Meeting of Shareholders, our shareholders approved an amendment to our 1995 Stock Incentive Plan (the “1995 Plan”) to increase the number of shares of our common stock reserved for issuance under the plan from 11,250,000 to 11,500,000.

The following table sets forth certain information regarding the 1995 Plan:



	September 27, 2015
Shares available for grant	1,722,912
Shares of common stock reserved for issuance pursuant to outstanding exercisable securities	3,370,188

The following table sets forth certain information regarding all options outstanding and exercisable:



	September 27, 2015
	Options Outstanding			Options Exercisable
Number	999,468			302,460
Weighted average exercise price	$	69.15		$	52.62
Aggregate intrinsic value	$	9.7	million	$	7.0	million
Weighted average remaining contractual term	5.1 years			3.5 years

The following table sets forth certain information regarding all RSUs nonvested and expected to vest:



	September 27, 2015
	RSUs Nonvested			RSUs Expected to Vest
Number	647,808			575,941
Weighted average grant date per share fair value	$	74.36		$	73.64
Aggregate intrinsic value	$	46.8	million	$	41.6	million
Weighted average remaining term to vest	1.4 years			1.3 years

As of September 27, 2015, unrecognized stock-based compensation related to outstanding, but unvested stock options and RSUs was $45.1 million, which will be recognized over the weighted average remaining vesting period of 1.9 years.

Stock-Based Compensation Expense

Our stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands):



	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 27, 2015		September 28, 2014		September 27, 2015		September 28, 2014
Cost of sales	$	925	$	912	$	2,514	$	2,495
Research and development	742		762		2,031		2,092
Selling, general and administrative	4,454		4,820		12,070		12,869
Total stock-based compensation	$	6,121	$	6,494	$	16,615	$	17,456