Stock-Based Compensation

6 Months Ended

Jul. 03, 2016

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

STOCK-BASED COMPENSATION

Employee Share Purchase Plan

As of July 3, 2016, there are 4,450,000 shares of our common stock reserved for issuance under our Employee Share Purchase Plan.

1995 Stock Incentive Plan

At our 2016 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 11,500,000 to 11,750,000.

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



	July 3, 2016
Shares available for grant	1,612,198
Shares of common stock reserved for issuance pursuant to outstanding exercisable securities	3,249,379

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



	July 3, 2016
	Options Outstanding			Options Exercisable
Number	873,014			435,588
Weighted average exercise price	$	72.04		$	64.59
Aggregate intrinsic value	$	30.5	million	$	18.5	million
Weighted average remaining contractual term	4.7 years			4.0 years

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



	July 3, 2016
	RSUs Unvested			RSUs Expected to Vest
Number	764,167			651,455
Weighted average grant date per share fair value	$	81.45		$	81.24
Aggregate intrinsic value	$	81.8	million	$	69.7	million
Weighted average remaining term to vest	1.9 years			1.9 years

As of July 3, 2016, unrecognized stock-based compensation related to outstanding, but unvested stock options and RSUs was $58.3 million, which will be recognized over the weighted average remaining vesting period of 2.0 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				Twenty-Six Weeks Ended
	July 3, 2016		June 28, 2015		July 3, 2016		June 28, 2015
Cost of sales	$	944	$	797	$	1,831	$	1,589
Research and development	840		659		1,619		1,289
Selling, general and administrative	4,246		3,089		8,419		7,616
Total stock-based compensation	$	6,030	$	4,545	$	11,869	$	10,494