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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 29, 2012
Cash Received, Windfall Tax Benefits, and Intrinsic Value from Stock Option Exercises

The cash received, the windfall tax benefits, and intrinsic value from stock option exercises for fiscal years 2012, 2011 and 2010 are set forth below (amounts in thousands):

 

     Fiscal
2012		      Fiscal
2011		      Fiscal
2010		  

Cash received from option exercises

    $ 13,881       $ 12,933       $ 7,884   

Cash tax windfall benefit, net

    $ 2,343       $ 3,037       $ 683   

Intrinsic value of stock options exercised

    $ 9,965       $ 11,632       $ 4,409   
Payout Determined from Total Shareholder Return Shares

(“Peer Group TSR”). The Company TSR compared to the Peer Group TSR will determine the payout as set forth below:

 

Percentile

    Payout as %
of  Target		  

90th

      200 % 

70th

      150 % 

50th

      100 % 

30th

      50 % 

Below 30th

      0 % 
Deferred Stock Activity

The deferred stock activity for fiscal years 2012, 2011, and 2010 is set forth below:

 

    Fiscal 2012     Fiscal 2011     Fiscal 2010  
    Number of
Shares		     Weighted
Average  Fair
Value		     Number of
Shares		     Weighted
Average  Fair
Value		     Number of
Shares		     Weighted
Average  Fair
Value		  
    (Amounts in thousands, except price data)  

Balance at beginning of year

     231      $ 16.43        240      $ 15.11        195      $ 14.60   

Issued

     66      $ 20.62        76      $ 19.35        96      $ 15.41   

Exercised

     (45 )    $ 18.01        (85 )    $ 15.31        (51 )    $ 13.71   
 

 

 

      

 

 

      

 

 

    

Balance at end of year

     252      $ 17.24        231      $ 16.43        240      $ 15.11   
 

 

 

      

 

 

      

 

 

    

Outstanding vested at end of year

     160      $ 15.98        128      $ 15.11        124      $ 15.00   
 

 

 

      

 

 

      

 

 

    

Outstanding unvested at end of year

     92      $ 19.45        103      $ 18.07        116      $ 15.23   
 

 

 

      

 

 

      

 

 

    

Shares vesting during the year

     77      $ 18.62        70      $ 15.73        71      $ 13.39   
 

 

 

      

 

 

      

 

 

    
Stock Appreciation Rights Activity

The rights activity for fiscal years 2012, 2011, and 2010 is set forth below:

 

     Fiscal
2012		     Fiscal
2011		     Fiscal
2010		  
     (Amounts in thousands, except
price data)		  

Balance at beginning of year

      187        348        348   

Rights exercised

      (57 )      (161 )      —   
  

 

 

    

 

 

    

 

 

  

Balance at end of year

      130        187        348   
  

 

 

    

 

 

    

 

 

  

Weighted average — grant date fair value

    $ 10.52      $ 11.02      $ 7.42   
  

 

 

    

 

 

    

 

 

  
Summary of Company's Stock Based Compensation Expense (Income)

The following table summarizes the company’s stock based compensation expense, all of which was recognized in selling, distribution, and administration expense, for fiscal years 2012, 2011 and 2010:

 

     Fiscal
2012		     Fiscal
2011		     Fiscal
2010		  
     (Amounts in thousands)  

Stock options

    $ 3,374      $ 6,803      $ 6,931   

Performance - contingent restricted stock awards

      4,615        4,700        4,727   

Deferred stock awards

      1,384        1,479        1,337   

Stock appreciation rights

      743        656        683   
  

 

 

    

 

 

    

 

 

  

Total stock based compensation

    $ 10,116      $ 13,638      $ 13,678   
  

 

 

    

 

 

    

 

 

  
Return On Invested Capital
  
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards

The following performance-contingent ROIC Shares have been granted under the EPIP and have service period remaining (amounts in thousands, except price data):

 

Grant date

    7/16/2012  

Shares granted

      137.5  

Vesting date

      2/28/2014  

Fair value per share

    $ 21.56  
Performance-Contingent Total Shareholder Return Shares
  
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards

The following performance-contingent TSR Shares have been granted under the EPIP and have service period remaining (amounts in thousands, except price data):

 

Grant date

    7/16/2012  

Shares granted

      137.5   

Vesting date

      2/28/2014   

Fair value per share

    $ 23.18   
Performance-Contingent Restricted Stock Activity

A summary of the status of all of the company’s nonvested shares for performance-contingent restricted stock (including the TSR Shares and the ROIC Shares) for fiscal 2012, 2011 and 2010 is set forth below:

 

    Fiscal 2012     Fiscal 2011     Fiscal 2010  
    Number of
Shares		     Weighted
Average  Fair
Value		     Number of
Shares		     Weighted
Average  Fair
Value		     Number of
Shares		     Weighted
Average  Fair
Value		  
    (Amounts in thousands, except price data)  

Balance at beginning of year

     576      $ 16.67        568      $ 17.08        621      $ 17.34   

Initial grant

     275      $ 22.37        324      $ 15.93        268      $ 17.59   

Supplemental grant for exceeding the S&P TSR

     —        —        —        —        63      $ 18.02   

Vested

     (214 )    $ 17.59        (242 )    $ 16.64        (378 )    $ 15.02   

Grant reduction for not achieving the S&P TSR

     (43 )    $ 17.59        (60 )    $ 16.64        —      $ —   

Forfeitures

     (2 )    $ 17.16        (14 )    $ 16.82        (6 )    $ 17.25   
 

 

 

      

 

 

      

 

 

    

Balance at end of year

     592      $ 18.92        576      $ 16.67        568      $ 17.08   
 

 

 

      

 

 

      

 

 

    
Nonqualified Stock Options
  
Non-Qualified Stock Options, Grant Information And Valuation Assumptions

The following non-qualified stock options (“NQSOs”) have been granted under the EPIP since fiscal 2010. The Black-Scholes option-pricing model was used to estimate the grant date fair value (amounts in thousands, except price data and as indicated):

 

Grant date

    2/10/2011      2/9/2010  

Shares granted

      2,142         1,703   

Exercise price($)

      16.31         16.67   

Vesting date

      2/10/2014         2/9/2013   

Fair value per share($)

      3.47         3.69   

Dividend yield(%)(1)

      3.00         3.00   

Expected volatility(%)(2)

      29.20         30.60   

Risk-free interest rate(%)(3)

      2.44         2.35   

Expected option life (years)(4)

      5.00         5.00   

Outstanding at December 29, 2012

      2,100         1,654   

 

1. Dividend yield — estimated yield based on the historical dividend payment for the four most recent dividend payments prior to the grant date.

 

2. Expected volatility — based on historical volatility over the expected term using daily stock prices.

 

3. Risk-free interest rate — United States Treasury Constant Maturity rates as of the grant date over the expected term.

 

4. Expected option life — The 2011 and 2010 grant assumptions are based on the simplified formula determined in accordance with Staff Accounting Bulletin No. 110, as the company did not have sufficient historical exercise behavior data to reasonably estimate the expected option life.
Stock Option
  
Stock Option Activity

The stock option activity for fiscal years 2012, 2011 and 2010 pursuant to the EPIP is set forth below:

 

     Fiscal 2012      Fiscal 2011      Fiscal 2010  
     Options     Weighted
Average
Exercise
Price		      Options     Weighted
Average
Exercise
Price		      Options     Weighted
Average
Exercise
Price		  
     (Amounts in thousands, except price data)  

Outstanding at beginning of year

      7,423      $ 15.67         6,547      $ 14.66         5,602      $ 13.56   

Granted

      —      $ —         2,142      $ 16.31         1,703      $ 16.67   

Exercised

      (1,047 )    $ 13.25         (1,165 )    $ 11.10         (731 )    $ 10.79   

Forfeitures

      (16 )    $ 16.33         (101 )    $ 16.30         (27 )    $ 16.38   
  

 

 

       

 

 

       

 

 

    

Outstanding at end of year

      6,360      $ 16.08         7,423      $ 15.67         6,547      $ 14.66   
  

 

 

       

 

 

       

 

 

    

Exercisable at end of year

      2,638           2,258           2,109     
  

 

 

       

 

 

       

 

 

    

Weighted average fair value of options granted during the year

    $ —         $ 3.47         $ 3.69     
  

 

 

       

 

 

       

 

 

    
Performance Contingent Restricted Stock
  
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards

Grant date

    2/10/2011      2/9/2010  

Shares granted

      324         268   

Vesting date

      2/10/2013         2/9/2012   

Fair value per share

    $ 15.93       $ 17.59