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INCENTIVE COMPENSATION | 3 Months Ended
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Mar. 26, 2017
INCENTIVE COMPENSATION [Abstract] |
INCENTIVE COMPENSATION | INCENTIVE COMPENSATION The Company sponsors a short-term incentive plan that provides the grant of either cash or share-based bonus awards payable upon achievement of specified performance goals (the “STIP”). Full-time, salaried exempt employees of the Company and its affiliates who are selected by the administering committee are eligible to participate in the STIP. The Company has accrued $4.1 million in costs related to the STIP at March 26, 2017 related to cash bonus awards that could potentially be awarded during the remainder of 2017 and 2018. The Company assumed responsibility for the JFC LLC Long-Term Equity Incentive Plan dated January 1, 2014, as amended by Amendment 1 dated February 10, 2014, (the “JFC LTIP”) through its acquisition of GNP on January 6, 2017. The Company has accrued $3.4 million in costs related to the JFC LTIP at March 26, 2017. The Company also sponsors a performance-based, omnibus long-term incentive plan that provides for the grant of a broad range of long-term equity-based and cash-based awards to the Company’s officers and other employees, members of the Board of Directors and any consultants (the “LTIP”). The equity-based awards that may be granted under the LTIP include “incentive stock options,” within the meaning of the Internal Revenue Code, nonqualified stock options, stock appreciation rights, restricted stock awards and restricted stock units (“RSUs”). At March 26, 2017, we have reserved approximately 4.8 million shares of common stock for future issuance under the LTIP. The following awards were outstanding during the thirteen weeks ended March 26, 2017:
Award Type |  | Benefit Plan |  | Awards Granted |  | Grant Date |  | Grant Date Fair Value per Award(a) |  | Vesting Condition |  | Vesting Date |  | Vesting Date Fair Value per Award(a) |  | Estimated Forfeiture Rate |  | Awards Forfeited to Date |  | Settlement Method
RSU |  | LTIP |  | 449,217 |  |  | 02/19/2014 |  | $ | 16.70 |  |  | Service |  | 12/31/2016 |  | $ | 18.99 |  |  | 13.49 | % |  | 86,458 |  |  | Stock
RSU |  | LTIP |  | 223,701 |  |  | 03/03/2014 |  | 17.18 |  |  | Performance / Service |  | 12/31/2017 |  |  |  | 12.34 | % |  | 55,516 |  |  | Stock
RSU | (b) | LTIP |  | 45,961 |  |  | 02/11/2015 |  | 25.87 |  |  | Service |  | 12/31/2017 |  | 18.99 |  |  | 12.34 | % |  | — |  |  | Stock
RSU |  | LTIP |  | 251,136 |  |  | 03/30/2016 |  | 25.36 |  |  | Performance / Service |  | 12/31/2019 |  | 18.99 |  |  | (d) |  |  | 251,136 |  |  | Stock
RSU | (b) | LTIP |  | 74,536 |  |  | 10/13/2016 |  | 20.93 |  |  | Service |  | 12/31/2016 |  |  |  | — | % |  | — |  |  | Stock
RSU |  | LTIP |  | 389,424 |  |  | 01/19/2017 |  | 18.39 |  |  | Performance / Service |  | (e) |  |  |  | — | % |  | — |  |  | Stock
RSU | (c) | LTIP |  | 48,586 |  |  | 02/13/2017 |  | 20.52 |  |  | Service |  | 2/13/2017 |  |  |  | — | % |  | — |  |  | Stock
RSU | (c) | LTIP |  | 23,469 |  |  | 02/13/2017 |  | 20.52 |  |  | Service |  | 12/31/2017 |  |  |  | — | % |  | — |  |  | Stock
(a) | The fair value of each RSU granted or vested represents the closing price of the Company's common stock on the respective grant date or vesting date.
(b) | On February 17, 2015, the Company paid a special cash dividend to stockholders of record as of January 30, 2015 totaling $5.77 per share. On January 27, 2015, the Compensation Committee of the Company's Board of Directors agreed to grant additional RSUs to LTIP participants that were equal to the amount of the dividend that would be awarded to them had their RSUs existing as of the dividend record date been vested. The additional RSUs that were granted to the LTIP participants are subject to the same vesting requirements as the underlying RSUs granted under the LTIP.
(c) | On May 18, 2016, the Company paid a special cash dividend to stockholders of record as of May 10, 2015 totaling $2.75 per share. On October 27, 2016, the Compensation Committee of the Company's Board of Directors agreed to grant additional RSUs to LTIP participants that were equal to the amount of the dividend that would be awarded to them had their RSUs existing as of the dividend record date been vested. The additional RSUs that were granted to the LTIP participants are subject to the same vesting requirements as the underlying RSUs granted under the LTIP.
(d) | Performance conditions associated with these awards were not satisfied. Therefore, 100% of the awards were forfeited during the thirteen weeks ended March 26, 2017.
(e) | The subject RSUs will vest in ratable tranches on December 31, 2018, December 31, 2019, and December 31, 2020.
Compensation costs and the income tax benefit recognized for our share-based compensation arrangements are included below:
| Thirteen Weeks Ended
| March 26, 2017 |  | March 27, 2016
| (In thousands)
Share-based compensation cost: |  |  |
Cost of sales | $ | 149 |  |  | $ | 99 |
Selling, general and administrative expense | 1,311 |  |  | 781 |
Total | $ | 1,460 |  |  | $ | 880 |
Income tax benefit | $ | 417 |  |  | $ | 257 |
The Company’s RSU activity is included below:
| Thirteen Weeks Ended March 26, 2017 |  | Thirteen Weeks Ended March 27, 2016
| Number |  | Weighted Average Grant Date Fair Value |  | Number |  | Weighted Average Grant Date Fair Value
| (In thousands, except weighted average fair values)
Outstanding at beginning of period | 906 |  |  | $ | 20.00 |  |  | 774 |  |  | $ | 18.78 |
Granted | 462 |  |  | 18.72 |  |  | — |  |  | — |
Vested | (486 | ) |  | 17.73 |  |  | — |  |  | — |
Forfeited | (251 | ) |  | 25.36 |  |  | (148 | ) |  | 26.82 |
Outstanding at end of period | 631 |  |  | $ | 18.68 |  |  | 626 |  |  | $ | 16.88 |
The total fair value of awards vested during the thirteen weeks ended March 26, 2017 was $9.2 million. No awards vested during the thirteen weeks ended March 27, 2016. At March 26, 2017, the total unrecognized compensation cost related to all nonvested awards was $9.3 million. That cost is expected to be recognized over a weighted average period of 2.39 years. Historically, we have issued new shares to satisfy award conversions.

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