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Share-Based Awards | 9 Months Ended
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Sep. 25, 2015
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] |
Share-Based Awards | Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices):
| Option Shares |  | Weighted Average Exercise Price |  | Options Exercisable |  | Weighted Average Exercise Price
Outstanding, December 26, 2014 | 4,975 |  |  | $ | 44.72 |  |  | 3,318 |  |  | $ | 34.86 |
Granted | 543 |  |  | 74.19 |  |  |  |  |
Exercised | (171 | ) |  | 34.57 |  |  |  |  |
Canceled | (17 | ) |  | 72.14 |  |  |  |  |
Outstanding, September 25, 2015 | 5,330 |  |  | $ | 47.96 |  |  | 3,739 |  |  | $ | 38.55 |
The Company recognized year-to-date share-based compensation of $15.5 million in 2015 and $13.8 million in 2014. As of September 25, 2015, there was $13.6 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 1.8 years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results:
| Thirty-nine Weeks Ended
| Sep 25, 2015 |  | Sep 26, 2014
Expected life in years | 6.5 |  |  | 6.5 |
Interest rate | 1.7 | % |  | 2.0 | %
Volatility | 35.0 | % |  | 36.1 | %
Dividend yield | 1.6 | % |  | 1.5 | %
Weighted average fair value per share | $ | 23.18 |  |  | $ | 24.83 |
Under the Company’s Employee Stock Purchase Plan, the Company issued 166,000 shares in 2015 and 193,000 shares in 2014. The fair value of the employees’ purchase rights under this Plan was estimated on the date of grant. The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results:
| Thirty-nine Weeks Ended
| Sep 25, 2015 |  | Sep 26, 2014
Expected life in years | 1.0 |  |  | 1.0 |
Interest rate | 0.2 | % |  | 0.1 | %
Volatility | 18.9 | % |  | 21.4 | %
Dividend yield | 1.6 | % |  | 1.4 | %
Weighted average fair value per share | $ | 16.51 |  |  | $ | 17.81 |
In April 2015, shareholders of the Company approved the Graco Inc. 2015 Stock Incentive Plan. The plan provides for issuance of up to 3.5 million shares of Graco common stock. Shares authorized for issuance under stock option and purchase plans are shown below (in thousands):
| Total Shares Authorized |  | Available for Future Issuance as of Sep 25, 2015
Stock Incentive Plan (2015) | 3,500 |  |  | 3,452 |
Employee Stock Purchase Plan (2006) | 7,000 |  |  | 4,928 |
Total | 10,500 |  |  | 8,380 |
Amounts available for future issuance exclude outstanding options. Options outstanding as of September 25, 2015, include options granted under three plans that were replaced by subsequent plans. No shares are available for future grants under those plans.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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