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Share-Based Awards | 6 Months Ended
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Jun. 28, 2024
Share-Based Payment Arrangement, Additional Disclosure [Abstract] |
Share-Based Awards | 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 29, 2023 | 9,904 |  |  | $ | 49.09 |  |  | 7,274 |  |  | $ | 41.46 |
Granted | 925 |  |  | 80.28 |  |  |  |  |
Exercised | (923) |  |  | 42.10 |  |  |  |  |
Canceled | (40) |  |  | 74.66 |  |  |  |  |
Outstanding, June 28, 2024 | 9,866 |  |  | $ | 54.65 |  |  | 7,176 |  |  | $ | 46.17 |
The Company recognized year-to-date share-based compensation expense of $20.1 million in 2024 and $18.4 million in 2023. As of June 28, 2024, there was $26.4 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 2.7 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:
| Six Months Ended
| June 28, 2024 |  | June 30, 2023
Expected life in years | 6.6 |  | 6.7
Interest rate | 4.2 | % |  | 4.0 | %
Volatility | 26.3 | % |  | 26.3 | %
Dividend yield | 1.1 | % |  | 1.3 | %
Weighted average fair value per share | $ | 28.03 |  |  | $ | 21.76 |
Under the Company’s Employee Stock Purchase Plan, the Company issued 330,000 shares in 2024 and 323,000 shares in 2023. 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:
| Six Months Ended
| June 28, 2024 |  | June 30, 2023
Expected life in years | 1.0 |  | 1.0
Interest rate | 4.9 | % |  | 5.1 | %
Volatility | 24.2 | % |  | 26.4 | %
Dividend yield | 1.1 | % |  | 1.4 | %
Weighted average fair value per share | $ | 23.16 |  |  | $ | 18.04 |

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