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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK-BASED COMPENSATION | (11) 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 26, 2015, 868,157 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 $5,137, $4,461 and $5,194 of compensation expense (included in selling, general and administrative expenses) in the 2015, 2014 and 2013 fiscal years, respectively. The associated tax benefits recorded in the 2015, 2014 and 2013 fiscal years was $1,952, $1,695 and $1,974, respectively. At December 26, 2015, the amount of unrecognized stock option compensation expense, to be recognized over a weighted average period of 2.42 years, was approximately $12,939. The Company uses a binomial option pricing model to value its stock options. The fair value of each option grant made in 2015, 2014 and 2013 was estimated using the following assumptions:
| 2015 |  | 2014 |  | 2013
Expected volatility | 34.13 | % |  | 32.27 | % |  | 33.26 | %
Risk-free interest rate | 1.58 | % |  | 1.43 | % |  | 1.16 | %
Expected life from vesting date | 3.0 yrs |  |  | 3.0 yrs |  |  | 3.0 yrs |
Dividend yield | 0.94 | % |  | 0.75 | % |  | 0.72 | %
Following is a summary of the activity of the stock plans during 2013, 2014 and 2015:
| 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. (11) STOCK-BASED COMPENSATION (Continued)
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at December 28, 2013 | 795,221 |  |  | $ | 99.29 |  |  |  |  |
Granted | 177,717 |  |  | 132.94 |  |  |  |  |
Exercised | (194,627 | ) |  | (71.67 | ) |  |  |  |
Forfeited | (9,716 | ) |  | (126.23 | ) |  |  |  |
Outstanding at December 27, 2014 | 768,595 |  |  | $ | 113.72 |  |  | 4.74 |  | $ | 15,983 |
Options vested or expected to vest at December 27, 2014 | 746,974 |  |  | $ | 113.06 |  |  | 4.69 |  | 15,981 |
Options exercisable at December 27, 2014 | 450,539 |  |  | $ | 97.29 |  |  | 3.59 |  | 15,944 |
The weighted average per share fair value of options granted during 2014 was $33.94.
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at December 27, 2014 | 768,595 |  |  | $ | 113.72 |  |  |  |  |
Granted | 291,708 |  |  | 104.89 |  |  |  |  |
Exercised | (169,493 | ) |  | 74.37 |  |  |  |  |
Forfeited | (41,201 | ) |  | 137.02 |  |  |  |  |
Outstanding at December 26, 2015 | 849,609 |  |  | $ | 117.42 |  |  | 5.18 |  | $ | 4,536 |
Options vested or expected to vest at December 26, 2015 | 818,300 |  |  | $ | 117.61 |  |  | 5.13 |  | 4,456 |
Options exercisable at December 26, 2015 | 409,068 |  |  | $ | 119.43 |  |  | 3.74 |  | 3,376 |
The weighted average per share fair value of options granted during 2015 was $27.91. Following is a summary of the status of stock options outstanding at December 26, 2015:
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
$60.97 - 85.32 |  | 136,288 |  |  | 2.08 years |  | $ | 83.78 |  |  | 136,103 |  |  | $ | 83.78 |
$104.47 - 110.33 |  | 297,221 |  |  | 6.78 years |  | 104.68 |  |  | 12,181 |  |  | 109.50 |
$120.91 - 151.45 |  | 416,100 |  |  | 5.05 years |  | 137.55 |  |  | 260,784 |  |  | 138.51 |
|  | 849,609 |  |  |  |  |  |  | 409,068 |  |  |
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 (11) STOCK-BASED COMPENSATION (Continued) settled in Company stock when the restriction period ends. During fiscal 2015, 2014 and 2013, 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):
| 2015 |  | 2014 |  | 2013
Shares issued | 47,038 |  |  | 35,885 |  |  | 47,271 |
Weighted‑average per share price on grant date | $ | 108.97 |  |  | $ | 136.91 |  |  | $ | 146.72 |
Compensation expense | $ | 4,511 |  |  | $ | 3,978 |  |  | $ | 3,667 |
At December 26, 2015 the amount of deferred stock‑based compensation granted, to be recognized over a weighted‑average period of 1.74 years, was approximately $7,772.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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