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COMMON AND PREFERRED STOCK | 12 Months Ended
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Dec. 31, 2011
COMMON AND PREFERRED STOCK |
| (5) | COMMON AND PREFERRED STOCK
| (a) | Shares Authorized and Issued
At December 31, 2011 and January 1, 2011 the company had 47,500,000, shares of common stock and 2,000,000 shares of non-voting preferred stock authorized. At December 31, 2011 and January 1, 2011, there were 18,655,910 and 18,458,011, respectively, shares of common stock outstanding.
| (b) | Treasury Stock
In July 1998, the company's Board of Directors adopted a stock repurchase program and during 1998 authorized the purchase of up to 1,800,000 common shares in open market purchases. As of December 31, 2011, 1,540,183 shares had been purchased under the 1998 stock repurchase program and 259,817 remain authorized for repurchase. At December 31, 2011, the company had a total of 4,437,428 shares in treasury amounting to $126.7 million.
| (c) | Share-Based Awards
The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provide key employees with rights to purchase shares of common stock at specified exercise prices. Options may be exercised upon certain vesting requirements being met, but expire to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met.
| · | 1998 Stock Incentive Plan (the "1998 Plan"), as amended on December 15, 2003. Effective February 15, 2008 and in accordance with plan parameters, the company is no longer permitted to make grants under the 1998 Plan. Accordingly, no shares are available for issuance under the 1998 Plan.
As of December 31, 2011, a total of 3,363,506 share-based awards have been issued under the 1998 Plan. This includes 928,186 restricted share grants, of which 132,072 remain unvested and 123,514 have been cancelled. This also includes 2,435,320 stock options, of which 1,733,650 have been exercised and 706,670 remain outstanding.
| · | 2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, no additional shares are available for issuance under the 2007 Plan.
As of December 31, 2011, a total of 894,518 share-based awards have been issued under the 2007 Plan. This includes 890,889 restricted share grants, of which 555,288 remain outstanding and unvested. This also includes 3,629 stock options, of which 708 have been exercised and 2,597 remain outstanding.
| · | 2011 Stock Incentive Plan (the "2011 Plan"). A maximum amount of 550,000 shares can be issued under the 2011 Plan.
As of December 31, 2011, no share-based awards have been issued under the 2011 Plan. A summary of stock option activity under the 1998 Plan is presented below (amounts in thousands, except share and per share data):
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  | Aggregate |
|  |  |  |  | Exercise |  |  | Remaining |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Life |  |  | Value |
Outstanding at January 1, 2011: |  |  | 724,888 |  |  | $ | 9.49 |  |  |  | 2.36 |  |  | $ | 54,312 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (18,218 | ) |  |  | 12.95 |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2011: |  |  | 706,670 |  |  | $ | 9.41 |  |  |  | 1.36 |  |  | $ | 59,809 |
Exercisable at December 31, 2011: |  |  | 706,670 |  |  | $ | 9.41 |  |  |  | 1.36 |  |  | $ | 59,809 |
Vested or expected to vest At December 31, 2011 |  |  | 706,670 |  |  | $ | 9.41 |  |  |  | 1.36 |  |  | $ | 59,809 |
A summary of stock option activity under the 2007 Plan is presented below (amounts in thousands, except share and per share data):
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  | Aggregate |
|  |  |  |  | Exercise |  |  | Remaining |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Life |  |  | Value |
Outstanding at January 1, 2011: |  |  | 2,921 |  |  | $ | 15.76 |  |  |  | 1.11 |  |  | $ | 200 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Forfeited |  |  | (324 | ) |  |  | 25.39 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2011: |  |  | 2,597 |  |  | $ | 14.56 |  |  |  | 0.78 |  |  | $ | 206 |
Exercisable at December 31, 2011: |  |  | 2,597 |  |  | $ | 14.56 |  |  |  | 0.78 |  |  | $ | 206 |
Vested or expected to vest At December 31, 2011 |  |  | 2,597 |  |  | $ | 14.56 |  |  |  | 0.78 |  |  | $ | 206 |
A summary of the company’s nonvested restricted share grant activity under the 1998 and 2007 Plans and related information for fiscal years ended January 1, 2011 and December 31, 2011 is as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  |  |  |  | Grant-Date |
|  | Shares |  |  | Fair Value |
Nonvested shares at January 2, 2010 |  |  | 679,243 |  |  | $ | 53.61 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | (47,250 | ) |  | $ | 44.62 |
Forfeited |  |  | - |  |  | $ | - |
Nonvested shares at January 1, 2011 |  |  | 631,993 |  |  | $ | 48.47 |
Granted |  |  | 386,000 |  |  | $ | 89.98 |
Vested |  |  | (327,933 | ) |  | $ | 83.61 |
Forfeited |  |  | (2,700 | ) |  | $ | 54.81 |
Nonvested shares at December 31, 2011 |  |  | 687,360 |  |  | $ | 65.78 |
The company issues share-based awards from shares that have been authorized as new share issuances. The company does not anticipate it will be required to repurchase any additional shares of common stock in 2012 to satisfy obligations under its share-based award programs. Additional information related to the share based compensation is as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (dollars in thousands) |
Intrinsic value of options exercised |  | $ | 1,477 |  |  | $ | 2,280 |  |  | $ | 1,091 |
Cash received from exercise |  |  | 236 |  |  |  | 666 |  |  |  | 391 |
Tax benefit from option exercises |  |  | 74 |  |  |  | 450 |  |  |  | 335

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph d Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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