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Share-Based Compensation
3 Months Ended
Sep. 27, 2014
Share-Based Compensation [Abstract]  
Share-Based Compensation

 

12.  SHARE-BASED COMPENSATION  

 

Sysco provides compensation benefits to employees and non-employee directors under several share-based payment arrangements including various employee stock incentive plans, the Employees’ Stock Purchase Plan, and various non‑employee director plans. 

 

Stock Incentive Plans 

 

In the first quarter of fiscal 2015,  9,330 restricted stock units were granted to employees.  Based on the jurisdiction in which the employee resides, some of these restricted stock units were granted with forfeitable dividend equivalentsThe fair value of each restricted stock unit award granted with a dividend equivalent is based on the company’s stock price as of the date of grantFor restricted stock unit awards granted without dividend equivalents, the fair value was reduced by the present value of expected dividends during the vesting periodThe weighted average grant-date fair value per share of restricted stock units granted during the first quarter of fiscal 2015 was $37.41. 

 

Employees' Stock Purchase Plan 

 

Plan participants purchased  315,856  shares of Sysco common stock under the Sysco Employees’ Stock Purchase Plan during the first quarter of fiscal 2015

 

The weighted average fair value per share of employee stock purchase rights issued pursuant to the Employees' Stock Purchase Plan was $5.62 during the first quarter of fiscal 2015.  The fair value of the stock purchase rights is estimated as the difference between the stock price and the employee purchase price. 

 

All Share-Based Payment Arrangements 

 

The total share-based compensation cost that has been recognized in results of operations was  $12.2 million and $13.5  million for the first quarter of fiscal 2015 and fiscal 2014, respectively. 

 

As of September 27, 2014, there was $58.7 million of total unrecognized compensation cost related to share-based compensation arrangements.  This cost is expected to be recognized over a weighted-average period of 2.3 years.