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Employee Stock Purchase and Stock Option Plans | 12 Months Ended
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Sep. 29, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Employee Stock Purchase and Stock Option Plans | 3. Employee Stock Purchase and Stock Option Plans Broad-Based, Employee Stock Purchase Plans Under the 1989 ESPP and the GESPP, eligible employees who elect to participate in these plans are granted the right to purchase shares of the common stock of Jacobs at a discount that is limited to 5% of the per-share market value on the day shares are sold to employees. The following table summarizes the stock issuance activity under the 1989 ESPP and the GESPP for the fiscal years ended September 29, 2017, September 30, 2016 and October 2, 2015:
|  | For the Years Ended |
|  | September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
Aggregate Purchase Price Paid for Shares Sold: |  |  |  |  |  |  |  |  |  |  |  |
Under the 1989 ESPP |  | $ | 21,084,657 |  |  | $ | 23,631,241 |  |  | $ | 28,621,800 |
Under the GESPP |  |  | 2,105,834 |  |  |  | 2,660,067 |  |  |  | 3,535,479 |
Total |  | $ | 23,190,491 |  |  | $ | 26,291,308 |  |  | $ | 32,157,279 |
Aggregate Number of Shares Sold: |  |  |  |  |  |  |  |  |  |  |  |
Under the 1989 ESPP |  |  | 403,652 |  |  |  | 564,461 |  |  |  | 696,853 |
Under the GESPP |  |  | 39,648 |  |  |  | 63,196 |  |  |  | 84,361 |
Total |  |  | 443,300 |  |  |  | 627,657 |  |  |  | 781,214 |
On January 19, 2017, the Company’s stockholders approved an increase in the number of shares authorized by 4,350,000 shares for the 1989 ESPP and by 150,000 shares for the GESPP. At September 29, 2017, there remains 4,545,854 shares reserved for issuance under the 1989 ESPP and 174,980 shares reserved for issuance under the GESPP. Stock Incentive Plans We also sponsor the 1999 SIP and the 1999 ODSP. The 1999 SIP provides for the issuance of incentive stock options, nonqualified stock options, share appreciation rights ("SARs"), restricted stock, and restricted stock units to employees. The 1999 ODSP provides for awards of shares of common stock, restricted stock, and restricted stock units, and grants of nonqualified stock options to our outside (i.e., nonemployee) directors. The following table sets forth certain information about the 1999 Plans:
|  | 1999 SIP |  |  | 1999 ODSP |  |  | Total |
Number of shares authorized |  |  | 29,850,000 |  |  |  | 1,100,000 |  |  |  | 30,950,000 |
Number of remaining shares reserved for issuance at September 29, 2017 |  |  | 9,641,396 |  |  |  | 539,787 |  |  |  | 10,181,183 |
Number of shares relating to outstanding stock options at September 29, 2017 |  |  | 2,289,450 |  |  |  | 227,375 |  |  |  | 2,516,825 |
Number of shares available for future awards: |  |  |  |  |  |  |  |  |  |  |  |
At September 29, 2017 |  |  | 7,351,946 |  |  |  | 312,412 |  |  |  | 7,664,358 |
At September 30, 2016 |  |  | 7,233,173 |  |  |  | 319,535 |  |  |  | 7,552,708 |
Effective September 28, 2012, all grants of shares under the 1999 SIP are issued on a fungible basis. An award other than an option or SAR are granted on a 1.92-to-1.00 basis (“Fungible”). An award of an option or SAR are granted on a 1-to-1 basis (“Not Fungible”). The following table presents the Fair Value of shares (of restricted stock and restricted stock units) vested for the years ended September 29, 2017, September 30, 2016 and October 2, 2015 (in thousands):
|  | For the Years Ended |
|  | September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
Restricted Stock and Restricted Stock Units (service condition) |  | $ | 34,466 |  |  | $ | 17,481 |  |  | $ | 18,568 |
Restricted Stock Units (service, market, and performance conditions at target) |  |  | 4,183 |  |  |  | 4,336 |  |  |  | 11,264 |
Total |  | $ | 38,649 |  |  | $ | 21,817 |  |  | $ | 29,832 |
The following table presents the Company’s total pre-tax compensation cost relating to share-based payments included in the accompanying Consolidated Statements of Earnings for the years ended September 29, 2017, September 30, 2016 and October 2, 2015(in thousands):
|  |  | For the Years Ended |  |  |  |
September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
$ | 38,764 |  |  | $ | 32,370 |  |  | $ | 41,412 |
At September 29, 2017, the amount of compensation cost relating to nonvested awards not yet recognized in the financial statements is approximately $83.7 million. The majority of the unrecognized compensation costs will be recognized by the first quarter of fiscal 2019. The weighted average remaining contractual term of options currently exercisable is 4.8 years. Stock Options The following table summarizes the stock option activity for the years ended September 29, 2017, September 30, 2016 and October 2, 2015:
|  | Number of Stock Options |  |  | Weighted Average Exercise Price |
Outstanding at September 26, 2014 |  |  | 4,221,147 |  |  | $ | 53.23 |
Granted |  |  | 614,759 |  |  | $ | 43.56 |
Exercised |  |  | (34,000 | ) |  | $ | 31.54 |
Cancelled or expired |  |  | (729,199 | ) |  | $ | 86.15 |
Outstanding at October 2, 2015 |  |  | 4,072,707 |  |  | $ | 46.06 |
Granted |  |  | 460,770 |  |  | $ | 42.17 |
Exercised |  |  | (412,416 | ) |  | $ | 40.88 |
Cancelled or expired |  |  | (543,549 | ) |  | $ | 49.13 |
Outstanding at September 30, 2016 |  |  | 3,577,512 |  |  | $ | 45.69 |
Granted |  |  | — |  |  | $ | — |
Exercised |  |  | (906,648 | ) |  | $ | 43.79 |
Cancelled or expired |  |  | (154,039 | ) |  | $ | 48.79 |
Outstanding at September 29, 2017 |  |  | 2,516,825 |  |  | $ | 46.19 |
Stock options outstanding at September 29, 2017 consisted entirely of nonqualified stock options. The following table presents the total intrinsic value of stock options exercised for the fiscal years ended September 29, 2017, September 30, 2016 and October 2, 2015 (in thousands):
For the Years Ended |
September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
$ | 14,713 |  |  | $ | 4,149 |  |  | $ | 442 |
The total intrinsic value of stock options exercisable at September 29, 2017 was approximately $23.5 million. The following table presents certain other information regarding our 1999 SIP and 1999 OSDP for the fiscal years ended September 29, 2017, September 30, 2016 and October 2, 2015:
|  | September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
At fiscal year end: |  |  |  |  |  |  |  |  |  |  |  |
Range of exercise prices for options outstanding |  | $32.51–$80.63 |  |  | $32.51–$80.63 |  |  | $32.51–$80.63 |
Number of options exercisable |  |  | 1,992,022 |  |  |  | 2,581,421 |  |  |  | 2,590,560 |
For the fiscal year: |  |  |  |  |  |  |  |  |  |  |  |
Range of prices relating to options exercised |  | $37.03–$55.53 |  |  | $36.88–$55.00 |  |  | $25.87–$42.74 |
Estimated weighted average fair values of options granted |  | $ | — |  |  | $ | 12.80 |  |  | $ | 13.41 |
The following table presents certain information regarding stock options outstanding and stock options exercisable at September 29, 2017:
|  | September 29, 2017 |
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number |  |  | Weighted Average Remaining Contractual Life (years) |  |  | Weighted Average Price |  |  | Number |  |  | Weighted Average Exercise Price |
$32.51 - $37.03 |  |  | 247,875 |  |  |  | 4.47 |  |  | $ | 36.99 |  |  |  | 247,875 |  |  | $ | 36.99 |
$37.43 - $46.09 |  |  | 1,360,188 |  |  |  | 5.63 |  |  | $ | 42.69 |  |  |  | 890,206 |  |  | $ | 42.65 |
$47.11 - $55.13 |  |  | 836,812 |  |  |  | 5.30 |  |  | $ | 52.81 |  |  |  | 788,116 |  |  | $ | 52.80 |
$60.08 - $80.63 |  |  | 71,950 |  |  |  | 4.23 |  |  | $ | 66.92 |  |  |  | 65,825 |  |  | $ | 67.52 |
|  |  | 2,516,825 |  |  |  | 5.37 |  |  | $ | 46.19 |  |  |  | 1,992,022 |  |  | $ | 46.78 |
The 1999 ODSP and the 1999 SIP allow participants to satisfy the exercise price of stock options by tendering shares of Jacobs common stock that have been owned by the participants for at least six months. Shares so tendered are retired and canceled, and are shown as repurchases of common stock in the accompanying Consolidated Statements of Stockholders’ Equity. Restricted Stock The following table presents the number of shares of restricted stock and restricted stock units issued as common stock under the 1999 SIP for the year ended September 29, 2017, September 30, 2016 and October 2, 2015:
|  | For the Years Ended |
|  | September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
Restricted stock |  |  | — |  |  |  | 597,091 |  |  |  | 507,882 |
Restricted stock units (service condition) |  |  | 496,951 |  |  |  | 183,131 |  |  |  | 126,635 |
Restricted stock units (service, market and performance conditions) |  |  | 237,058 |  |  |  | 372,794 |  |  |  | 219,965 |
The amount of restricted stock units issued for awards with performance and market conditions in the above table are issued based on performance against the target amount. The number of shares ultimately issued, which could be greater or less than target, will be based on achieving specific performance conditions described in Note 2 – Significant Accounting Policies. The share amounts in the above tables reflect the Non-Fungible share counting of one share for each share of restricted stock and restricted stock unit issued. The following table presents the number of shares of restricted stock and restricted stock units cancelled and withheld for taxes under the 1999 SIP for the years ended September 29, 2017, September 30, 2016 and October 2, 2015:
|  | For the Years Ended |
|  | September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
Restricted stock |  |  | 365,481 |  |  |  | 512,903 |  |  |  | 326,480 |
Restricted stock units (service condition) |  |  | 128,536 |  |  |  | 177,640 |  |  |  | 70,296 |
Restricted stock units (service, market and performance conditions) |  |  | 86,742 |  |  |  | 275,933 |  |  |  | 194,116 |
The amount of unvested restricted stock units cancelled for awards with service and performance conditions in the above table is based on the service period achieved and performance against the target amount. The share amounts in the above tables reflect the Non-Fungible share counting of one share for each share of restricted stock and restricted stock unit issued. The restrictions attached to restricted stock and restricted stock units generally relate to the recipient’s ability to sell or otherwise transfer the stock or stock units. There are also restrictions that subject the stock and stock units to forfeiture back to the Company until earned by the recipient through continued employment or service. The following table provides the number of shares of restricted stock and restricted stock units outstanding at September 29, 2017 under the 1999 SIP. Shares granted in the table below are granted on a 1.92 -to-1.00 basis (fungible):
|  | September 29, 2017 |
|  | Total |
Restricted stock |  |  | 950,593 |
Restricted stock units (service condition) |  |  | 766,759 |
Restricted stock units (service, market and performance conditions) |  |  | 672,440 |
The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP for the years ended September 29, 2017, September 30, 2016 and October 2, 2015:
|  | For the Years Ended |
|  | September 29, 2017 |  |  | September 30, 2016 |  |  | October 2, 2015 |
Restricted stock units (service condition) |  |  | 21,123 |  |  |  | 23,090 |  |  |  | 13,500 |
The following table provides the number of shares of restricted stock and restricted stock units outstanding at September 29, 2017 under the 1999 ODSP:
|  | September 29, 2017 |
Restricted stock |  |  | 34,000 |
Restricted stock units (service condition) |  |  | 90,595 |
All shares granted under the 1999 ODSP are issued on a 1-to-1 basis. Modification On January 18, 2017, the Company modified time vested outstanding restricted stock units, paid out in stock and cash, specifically to allow participants to be entitled to dividend equivalents during the vesting period on the outstanding RSUs. Dividends will be paid out at the end of the vesting period and are forfeitable before the vesting period concludes. This modification affected 786 employees and resulted in $1.1 million of incremental compensation cost and will be recognized over the remaining vesting period for each grant, since dividends are forfeitable until vesting is achieved.

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