Share Based Compensation

9 Months Ended

Sep. 27, 2014

Share-based Compensation [Abstract]

Share Based Compensation

Share-Based Compensation:

Share-based compensation includes stock option and restricted stock unit awards and certain transactions under our Employee Stock Purchase Plan (the “ESPP”).   Share-based compensation expense is recognized based on grant date fair value of all options and restricted stock unit awards plus a discount on shares purchased by employees as a part of the ESPP.

There were no significant modifications to the Company's share-based compensation plans during the fiscal nine months ended September 27, 2014.

For the third quarters of fiscal 2014 and 2013, share-based compensation expense was $4.0 million and $3.4 million, respectively, and $12.1 million and $10.3 million for the first nine months of fiscal 2014 and 2013, respectively.

Stock Options

The following summarizes information concerning stock option grants during the first nine months of fiscal 2014 and 2013:

	Fiscal nine months ended
	September 27, 2014		September 28, 2013
Stock options granted	1,142,719		1,022,426
Weighted average exercise price	$	63.88	$	51.77
Weighted average fair value per option	$	15.32	$	14.66

As of September 27, 2014, total unrecognized compensation expense related to non-vested stock options was approximately $20.4 million with a remaining weighted average expense recognition period of 1.4 years.

Restricted Stock Units

The following summarizes information concerning restricted stock unit grants during the first nine months of fiscal 2014 and 2013:

	Fiscal nine months ended
	September 27, 2014		September 28, 2013
Restricted stock units granted	57,452		59,864
Weighted average fair value per share	$	64.51	$	51.72

As of September 27, 2014, total unrecognized compensation expense related to non-vested restricted stock units was approximately $3.8 million with a remaining weighted average expense recognition period of 1.8 years.