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Share-Based Compensation
 3 Months Ended
Apr. 04, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation
The number and weighted-average exercise price of options issued and outstanding under all of the Company’s stock option plans are as follows (in thousands, except for exercise prices):
 
Three Months Ended 
 April 4, 2015
 
Shares
 
Average
Exercise Price
Options outstanding, beginning of period
9,956

 
$
23.59

Granted
282

 
$
30.41

Canceled
(52
)
 
$
22.46

Exercised
(273
)
 
$
18.31

Options outstanding, end of period
9,913

 
$
23.93

Options exercisable, end of period
6,114

 
$
24.07

Options available for grant, end of period
5,528

 
 

The Black-Scholes option pricing model is used to estimate the fair value of options granted under the Company’s share-based compensation plans. The range of assumptions used and the resulting weighted-average fair value of options granted at the date of grant were as follows:
 
Three Months Ended
 
April 4,
2015
 
March 29,
2014
Risk-free interest rate
1.3% to 1.8%
 
1.5% to 1.6%
Expected term (in years)
5.5
 
5.1
Estimated volatility
33.5% to 37.4%
 
32.5% to 32.8%
Expected dividends
0%
 
0%
Weighted-average fair value of options granted
$10.35
 
$8.89

The total share-based compensation expense for the three months ended April 4, 2015 and March 29, 2014 was $2.9 million and $2.6 million, respectively.
The aggregate intrinsic value of options is calculated as the positive difference, if any, between the market value of the Company’s common stock on the date of exercise or the respective period end, as appropriate, and the exercise price of the options. The aggregate intrinsic value of options outstanding, with an exercise price less than the closing price of the Company’s common stock, as of April 4, 2015 was $95.7 million. The aggregate intrinsic value of options exercisable, with an exercise price less than the closing price of the Company’s common stock, as of April 4, 2015 was $58.6 million. The aggregate intrinsic value of options exercised during the three months ended April 4, 2015 and March 29, 2014 was $3.3 million and $1.5 million, respectively.
The unrecognized share-based compensation as of April 4, 2015 was $23.1 million related to unvested options granted after January 1, 2006. The weighted-average remaining contractual term of options outstanding, with an exercise price less than the closing price of the Company’s common stock, as of April 4, 2015 was 5.9 years. The weighted-average remaining contractual term of options exercisable, with an exercise price less than the closing price of the Company’s common stock, as of April 4, 2015 was 4.3 years.