XML 47 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation
3 Months Ended
Mar. 30, 2013
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
6.         Stock-Based Compensation
 
Stock-based compensation expense of $1,269,000 and $1,074,000 in the first quarters of 2013 and 2012, respectively, was recognized within selling, general, and administrative expenses in the accompanying condensed consolidated statement of income. Unrecognized compensation expense related to stock-based compensation totaled approximately $7,933,000 at March 30, 2013, and will be recognized over a weighted average period of 1.9 years.

On March 6, 2013, the Company granted to executive officers of the Company performance-based restricted stock units (RSUs), which represented, in aggregate, the right to receive 60,360 shares (the target RSU amount), subject to adjustment, with a grant date fair value of $25.98 per share. The RSUs are subject to adjustment based on the achievement of the performance measure selected for the 2013 fiscal year, which is a specified target for adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) generated from continuing operations for the 2013 fiscal year. The RSUs are adjusted by comparing the actual adjusted EBITDA for the performance period to the target adjusted EBITDA. Actual adjusted EBITDA between 50% and 100% of the target adjusted EBITDA results in an adjustment of 50% to 100% of the RSU amount. Actual adjusted EBITDA between 100% and 115% of the target adjusted EBITDA results in an adjustment using a straight-line linear scale between 100% and 150% of the RSU amount. If actual adjusted EBITDA is below 50% of the target adjusted EBITDA for the 2013 fiscal year, all RSUs will be forfeited. In the first quarter of 2013, the Company recognized compensation expense based on the probable number of RSUs expected to vest, which was 100% of the target RSU amount. Following the adjustment, the RSUs will be subject to additional time-based vesting, and will vest in three equal annual installments on March 10 of 2014, 2015, and 2016, provided that the executive officer is employed by the Company on the applicable vesting dates. In March 2013, the Company granted time-based RSUs representing 61,657 shares to its employees and non-employee directors. Also in March 2013, the Company granted options to purchase 92,912 shares of common stock to its executive officers.