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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 27, 2014
Compensation Expense and Related Tax Benefit for Equity-Based Payments | The compensation expense and the related tax benefit for share-based payments were included in the Consolidated Statement of Earnings as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, 2014 |  |  | September 28, 2013 |  |  | September 27, 2014 |  |  | September 28, 2013 |
Cost of sales |  | $ | 243 |  |  | $ | 140 |  |  | $ | 725 |  |  | $ | 600 |
Selling and marketing |  |  | 612 |  |  |  | 491 |  |  |  | 1,681 |  |  |  | 1,497 |
Research and development |  |  | 381 |  |  |  | 406 |  |  |  | 1,121 |  |  |  | 1,190 |
General and administrative |  |  | 1,958 |  |  |  | 1,831 |  |  |  | 6,777 |  |  |  | 6,085 |
Total compensation |  | $ | 3,194 |  |  | $ | 2,868 |  |  | $ | 10,304 |  |  | $ | 9,372 |
Income tax benefit |  | $ | 1,077 |  |  | $ | 985 |  |  | $ | 3,511 |  |  | $ | 3,237 |
Weighted-Average Assumptions Used for Grants of Stock Options and SARs | The following table shows the weighted-average assumptions used for grants of SARs as well as the fair value of the grants based on those assumptions:
|  | Nine Months Ended |
|  | September 27, 2014 |  |  | September 28, 2013 |
Expected dividend yield |  |  | 0% |  |  |  | 0% |
Forfeiture rate |  |  | 10.32% |  |  |  | 10.31% |
Volatility |  |  | 34.92% |  |  |  | 32.00% |
Risk free interest rate |  |  | 1.73% |  |  |  | .82% |
Range of interest rates |  |  | 0.02% - 2.61% |  |  |  | 0.02% - 1.78% |
Expected weighted-average life |  |  | 5.36 years |  |  |  | 5.42 years |
Fair value of stock appreciation rights (SARs) granted |  | $ | 4,600,000 |  |  | $ | 4,443,000 |
Weighted-average grant date fair value of SARs granted |  | $ | 25.00 |  |  | $ | 13.83 |
Summary of Stock Option Activity | Stock option activity was as follows:
|  | Nine Months Ended September 27, 2014 |
Options |  | Shares |  |  | Weighted-Average Exercise Price |
Outstanding at beginning of year |  |  | 956,502 |  |  | $ | 42.77 |
Exercised |  |  | (355,640 | ) |  |  | 44.49 |
Outstanding at end of period |  |  | 600,862 |  |  | $ | 41.76 |
Exercisable at end of period |  |  | 600,862 |  |  | $ | 41.76 |
Intrinsic value of exercised options |  | $ | 9,451,000 |  |  |  |  |
Summary of Outstanding and Exercisable Options | The following table summarizes information about stock options outstanding at September 27, 2014:
|  | Outstanding |  |  | Exercisable |
Aggregate intrinsic value |  | $ | 17,481,000 |  |  | $ | 17,481,000 |
Weighted-average remaining contractual term |  |  | 1.9 years |  |  |  | 1.9 years |
Summary of SAR Activity | SAR activity was as follows:
|  | Nine Months Ended September 27, 2014 |
SARs |  | Shares |  |  | Weighted-Average Exercise Price |
Outstanding at beginning of year |  |  | 1,402,784 |  |  | $ | 36.36 |
Granted |  |  | 183,932 |  |  |  | 74.69 |
Exercised |  |  | (245,454 | ) |  |  | 33.82 |
Forfeited |  |  | (20,674 | ) |  |  | 49.07 |
Outstanding at end of period |  |  | 1,320,588 |  |  | $ | 41.97 |
Exercisable at end of period |  |  | 607,616 |  |  | $ | 33.14 |
Intrinsic value of exercised SARs |  | $ | 9,958,000 |  |  |  |  |
Summary of Restricted Stock Award Activity | Restricted stock award activity granted under the Plans, are as follows:
|  | Nine Months Ended September 27, 2014 |
Restricted Stock Awards |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 435,377 |  |  | $ | 40.92 |
Granted |  |  | 121,132 |  |  |  | 74.28 |
Released |  |  | (150,618 | ) |  |  | 43.16 |
Forfeited |  |  | (8,144 | ) |  |  | 52.80 |
Outstanding at end of period |  |  | 397,747 |  |  | $ | 50.00 |
Summary of Performance Share Award Activity | Performance share award activity granted under the Plans, are as follows:
|  | Nine Months Ended September 27, 2014 |
Performance Share Awards |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 195,159 |  |  | $ | 42.25 |
Granted |  |  | 4,323 |  |  |  | 69.41 |
Released |  |  | (33,535 | ) |  |  | 41.45 |
Forfeited |  |  | (20,555 | ) |  |  | 41.45 |
Outstanding at end of period |  |  | 145,392 |  |  | $ | 43.36 |
Summary of Awards Granted Under Equity-Based Compensation Plans |
|  | As of |
|  | September 27, 2014 |
Awards granted under Zebra’s equity-based compensation plans: |  |  |  |
Unearned compensation costs related to awards granted |  | $ | 19,545,000 |
Period expected to be recognized over |  |  | 2.2 years |
Weighted-Average Assumptions Used for Employee Purchase Rights Granted Under Stock Purchase Plan | The fair value of the purchase rights issued under the stock purchase plan is estimated using the following weighted-average assumptions for purchase rights granted. Expected lives of three months to one year have been used along with these assumptions.
|  | Nine Months Ended |
|  | September 27, 2014 |  |  | September 28, 2013 |
Fair market value |  | $ | 63.42 |  |  | $ | 41.69 |
Option price |  | $ | 60.25 |  |  | $ | 39.61 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 31 | % |  |  | 17 | %
Risk free interest rate |  |  | 0.06 | % |  |  | 0.05 | %
Stock Appreciation Rights (SARs) [Member] |
Summary of Outstanding and Exercisable Options | The following table summarizes information about SARs outstanding at September 27, 2014:
|  | Outstanding |  |  | Exercisable |
Aggregate intrinsic value |  | $ | 38,828,000 |  |  | $ | 22,910,000 |
Weighted-average remaining contractual term |  |  | 7.2 years |  |  |  | 6.3 years |

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