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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 26, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock-based compensation expense

The following table provides the financial statement line items in which stock-based compensation is reflected:

	Fiscal Year
	2015				2014				2013
	(in thousands)
Cost of revenue (excluding amortization of intangible assets)	$	6,511			$	5,382			$	5,381
Selling, general and administrative	33,611				25,653				19,161
Stock-based compensation expense, before income taxes	40,122				31,035				24,542
Provision for income taxes	(14,225		)		(11,006		)		(8,658		)
Stock-based compensation, net of income taxes	$	25,897			$	20,029			$	15,884

Summary of stock option activity in equity incentive plans

The following table summarizes stock option activities under the Company’s stock-based compensation plans:

	Number of shares			Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
	(in thousands, except per share amounts)
Options outstanding as of December 27, 2014	2,553			$	43.39
Options granted	474			$	76.33
Options exercised	(909	)		$	43.34
Options canceled	(52	)		$	55.78
Options outstanding as of December 26, 2015	2,066			$	50.62			3.7		$	60,846
Options exercisable as of December 26, 2015	834			$	37.88			2.6		$	35,200
Options expected to vest at December 26, 2015	1,219			$	59.21			4.4		$	25,448

Schedule of stock option weighted-average assumptions

The fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	Fiscal Year
	2015			2014			2013
Expected life (in years)	3.6			4.2			4.2
Expected volatility	28	%		30	%		33	%
Risk-free interest rate	1.1	%		1.5	%		0.8	%
Expected dividend yield	0	%		0	%		0	%

Summary of restricted stock activity

The following table summarizes the restricted stock and restricted stock units activity for the fiscal year 2015:

	Restricted Stock and Restricted Stock Units			Weighted Average Grant Date Fair Value
	(in thousands)
December 27, 2014	803			$	44.67
Granted	198			76.16
Vested	(365	)		42.95
Canceled	(29	)		54.08
December 26, 2015	607			$	55.52

PSU activity and weighted average assumptions

The Company utilizes a Monte Carlo simulation valuation model to value these awards. Information pertaining to the Company’s PSUs and the related estimated weighted-average assumptions used to calculate their fair value were as follows:

	Fiscal Year
	2015			2014			2013
PSUs granted	148,900			214,823			163,847
Weighted average per share fair value	$88.62			$67.82			$44.47
Key Assumptions:
Expected volatility	23	%		29	%		32	%
Risk-free interest rate	0.96	%		0.63	%		0.38	%
Expected dividend yield	—	%		—	%		—	%
20 trading day average stock price on grant date	20.6	%		13.1	%		6.9	%

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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-Number Topic 14
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares.

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