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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 28, 2013
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

(10) STOCK-BASED COMPENSATION

        The Company maintains stock-based compensation plans approved by the shareholders, which provide that the Compensation Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, non-vested stock awards and bonuses of common stock. At December 28, 2013, 1,476,466 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. The Company's policy is to issue shares upon exercise of stock options from treasury shares held by the Company.

        Under the stock option plans, the exercise price of each option equals the market price at the time of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. Expiration of grants is from six to ten years from the date of grant. The Company recorded $5,194, $4,934 and $5,623 of compensation expense (included in selling, general and administrative expenses) in the 2013, 2012 and 2011 fiscal years, respectively. The associated tax benefits recorded in the 2013, 2012 and 2011 fiscal years was $1,974, $1,875 and $2,137, respectively.

        At December 28, 2013, the amount of unrecognized stock option compensation expense, to be recognized over a weighted average period of 2.31 years, was approximately $10,418.

        The Company uses a binomial option pricing model to value its stock options. The fair value of each option grant made in 2013, 2012 and 2011 was estimated using the following assumptions:

 
   2013   2012   2011

Expected volatility

   33.26%   33.76%   32.50%

Risk-free interest rate

   1.16%   0.74%   0.88%

Expected life from vesting date

   3.0 yrs   3.0 yrs   3.0 yrs

Dividend yield

   0.72%   0.77%   0.82%

        Following is a summary of the activity of the stock plans during 2011, 2012 and 2013:

 
   Number of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term		   Aggregate
Intrinsic
Value		  

Outstanding at December 25, 2010

     1,222,894   $ 66.22              

Granted

     214,206     85.40              

Exercised

     (306,218 )   (61.57 )            

Forfeited

     (52,169 )   (76.12 )            
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at December 31, 2011

     1,078,713   $ 70.88     4.68   $ 22,382  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Options vested or expected to vest at December 31, 2011

     1,048,182   $ 70.52     4.63     22,113  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Options exercisable at December 31, 2011

     618,844   $ 61.57     3.56     18,441  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

        The weighted average per share fair value of options granted during 2011 was $23.32.

 
   Number of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term		   Aggregate
Intrinsic
Value		  

Outstanding at December 31, 2011

     1,078,713   $ 70.88              

Granted

     140,007     136.01              

Exercised

     (341,090 )   (61.53 )            

Forfeited

     (8,638 )   (84.18 )            
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at December 29, 2012

     868,992   $ 84.91     4.68   $ 43,410  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Options vested or expected to vest at December 29, 2012

     845,470   $ 84.26     4.64     42,765  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Options exercisable at December 29, 2012

     485,786   $ 71.06     3.67     30,846  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

        The weighted average per share fair value of options granted during 2012 was $38.17.

 
   Number
of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term		   Aggregate
Intrinsic
Value		  

Outstanding at December 29, 2012

     868,992   $ 84.91              

Granted

     155,254     144.86              

Exercised

     (216,105 )   (72.17 )            

Forfeited

     (12,920 )   (129.08 )            
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at December 28, 2013

     795,221   $ 99.29     4.56   $ 39,994  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Options vested or expected to vest at December 28, 2013

     775,237   $ 98.41     4.51     39,678  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Options exercisable at December 28, 2013

     464,377   $ 81.73     3.58     31,508  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

        The weighted average per share fair value of options granted during 2013 was $37.88.

        Following is a summary of the status of stock options outstanding at December 28, 2013:

 
   Outstanding and Exercisable By Price Range  
 
   Options Outstanding   Options Exercisable  
 
   Exercise Price
Range		   Number   Weighted
Average
Remaining
Contractual
Life		   Weighted
Average
Exercise
Price		   Number   Weighted
Average
Exercise
Price		  
    $20.53 - 53.09     53,199   1.39 years   $ 31.34     38,499   $ 23.77  
    $57.46 - 86.72     446,370   3.73 years     80.80     372,481     80.49  
    $105.44 - 151.45     295,652   6.37 years     139.45     53,397     132.24  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
          795,221               464,377        
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

        In accordance with shareholder-approved plans, the Company grants stock under various stock-based compensation arrangements, including non-vested stock and stock issued in lieu of cash bonuses. Under such arrangements, stock is issued without direct cost to the employee. In addition, the Company grants restricted stock units. The restricted stock units are settled in Company stock when the restriction period ends. During fiscal 2013, 2012 and 2011, the Company granted non-vested stock and restricted stock units to directors and certain management employees as follows (which are not included in the above stock plan activity tables):

 
   2013   2012   2011  

Shares issued

     47,271     27,293     47,417  

Weighted-average per share price on grant date

   $ 146.72   $ 132.21   $ 88.26  

Compensation expense

   $ 3,667   $ 2,835   $ 2,004  

        At December 28, 2013 the amount of deferred stock-based compensation granted, to be recognized over a weighted-average period of 1.95 years, was approximately $8,796.