Share Based Compensation

3 Months Ended

Mar. 26, 2016

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 three months ended March 26, 2016.

For the first quarters of fiscal 2016 and 2015, share-based compensation expense was $5.3 million and $5.0 million, respectively.

Stock Options

The following summarizes information concerning stock option grants during the first three months of fiscal 2016 and 2015:

	Fiscal three months ended
	March 26, 2016		March 28, 2015
Stock options granted	1,085,225		995,508
Weighted average exercise price	$	86.08	$	83.11
Weighted average fair value per option	$	19.60	$	19.42

As of March 26, 2016, total unrecognized compensation expense related to non-vested stock options was approximately $36.5 million with a remaining weighted average expense recognition period of 1.6 years.

Restricted Stock Units

The following summarizes information concerning restricted stock unit grants during the first three months of fiscal 2016 and 2015:

	Fiscal three months ended
	March 26, 2016		March 28, 2015
Restricted stock units granted	49,161		39,121
Weighted average fair value per share	$	82.85	$	83.11

As of March 26, 2016, total unrecognized compensation expense related to non-vested restricted stock units was approximately $8.1 million with a remaining weighted average expense recognition period of 2.4 years.