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Stock-Based Compensation (Tables)

3 Months Ended

Apr. 01, 2017

Stock-Based Compensation [Abstract]

Schedule of Stock-Based Compensation Expense

The consolidated statements of operations for the three months ended April 1, 2017 and April 2, 2016 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands):

			Three Months Ended
			April 1, 2017			April 2, 2016
Cost of sales			$	738		$	671
Selling and administrative expenses				7,188			13,969
Research and development expenses				729			1,201
	Total stock-based compensation		$	8,655		$	15,841

Relevant Data Used to Determine the Value of Stock Options Granted During the Period

The relevant data used to determine the value of the stock options granted during the three months ended April 1, 2017 and April 2, 2016 are as follows:

Options Issued and Significant Assumptions Used to Estimate Option Fair Values		April 1, 2017		April 2, 2016
Options issued in thousands		207		86
Risk-free interest rate		2.2%		1.5%
Expected life in years		6		5
Expected volatility		0.232		0.286
Expected dividends		-		-

Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		April 1, 2017			April 2, 2016
Exercise price		$	149.74		$	122.65
Fair value		$	40.39		$	34.63

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the three months ended April 1, 2017 (in thousands, except per share data):

				Number of Shares		Price per Share						Weighted-Average Exercise Price
Outstanding at December 31, 2016				2,697		$	38.09	to	$	139.51		$	106.55
	Granted			207		$	136.43	to	$	154.33		$	149.74
	Exercised			(415)		$	41.20	to	$	128.93		$	89.05
	Canceled			(43)		$	87.06	to	$	136.43		$	113.05
Outstanding at April 1, 2017				2,446		$	38.09	to	$	154.33		$	113.06

Restricted Stock Units Unvested Roll Forward

Restricted Stock Units

The following table summarizes the unvested restricted stock unit award activity for the three months ended April 1, 2017 (in thousands, except for per share data):

			Shares		Weighted-Average Price
Unvested at December 31, 2016			453		$	110.34
	Granted		105		$	154.08
	Vested		(131)		$	105.13
	Forfeited		(11)		$	111.50
Unvested at April 1, 2017			416		$	122.99

Relevant Data Used to Determine the Value of Performance Shares

The relevant data used to determine the value of the performance stock units granted during 2017 is as follows:

Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		2017
Performance stock units issued in thousands		20
Risk-free interest rate		1.5%
Expected life in years		3
Expected volatility		0.232
Average volatility of peer companies		0.261
Correlation coefficient		0.385
Expected dividends		-

Performance Stock Units Unvested Roll Forward

The following table summarizes the unvested performance stock unit award activity for the three months ended April 1, 2017 (in thousands, except for per share data):

			Shares		Weighted-Average Fair Value
Unvested at December 31, 2016			27		$	171.16
	Granted		20		$	198.78
Unvested at April 1, 2017			47		$	184.40

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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