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Stock Based Compensation (Tables)

4 Months Ended

Apr. 20, 2013

Cash Received, Windfall Tax Benefits, and Intrinsic Value from Stock Option Exercises

The cash received, the windfall tax benefit, and intrinsic value from stock option exercises for the sixteen weeks ended April 20, 2013 and April 21, 2012 were as follows (amounts in thousands):

		April 20, 2013				April 21, 2012
Cash received from option exercises		$	146			$	233
Cash tax windfall, net		$	29			$	23
Intrinsic value of stock options exercised		$	109			$	124

Payout Determined from Total Shareholder Return Shares

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 the sixteen weeks ended April 20, 2013 is set forth below (amounts in thousands, except price data):

		Shares				Weighted Average Fair Value				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Balance at December 29, 2012			252			$	17.24
Deferred stock issued			24			$	21.60
Deferred stock exercised			(24	)		$	16.22
Balance at April 20, 2013			252			$	17.76				0.24			$	8,121
Outstanding vested at April 20, 2013			160			$	15.98							$	5,167
Outstanding unvested at April 20, 2013			92			$	20.86				0.66			$	2,954
Shares vesting during the quarter ended April 20, 2013			24			$	16.22							$	776

Stock Appreciation Rights Activity

The rights activity for the sixteen weeks ended April 20, 2013 is set forth below (amounts in thousands except price data):

		Rights				Weighted Average Fair Value				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at December 29, 2012			130			$	10.52
Rights exercised			—				—
Rights forfeited			—				—
Outstanding at April 20, 2013			130			$	10.52				1.82			$	2,899

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

The following table summarizes the company’s stock based compensation expense for the sixteen weeks ended April 20, 2013 and April 21, 2012 (amounts in thousands):

		For the Sixteen Weeks Ended
		April 20, 2013				April 21, 2012
Stock options		$	636			$	1,202
Performance-contingent restricted stock awards			3,794				1,005
Deferred stock			454				433
Stock appreciation rights			1,191				424
Total stock based compensation		$	6,075			$	3,064

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		1/1/13				7/16/2012
Shares granted			276.1				137.5
Vesting date			3/1/2015				2/28/2014
Fair value per share		$	23.27			$	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		1/1/13				7/16/2012
Shares granted			276.1				137.5
Vesting date			3/1/2015				2/28/2014
Fair value per share		$	25.83			$	23.18

Performance-Contingent Restricted Stock Activity

The company’s performance-contingent restricted stock activity during the quarter ended April 20, 2013, is presented below (amounts in thousands, except price data):

		Shares				Weighted Average Grant Date Fair Value
Nonvested at December 29, 2012			592			$	18.92
Initial grant			552			$	24.55
Grant increase for exceeding the S&P TSR			63			$	15.93
Vested			(381	)		$	15.93
Forfeited			(2	)		$	23.44
Nonvested at April 20, 2013			824			$	23.83

Stock Option

Stock Option Activity

The stock option activity for the sixteen weeks ended April 20, 2013 pursuant to the EPIP is set forth below (amounts in thousands, except price data):

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at December 29, 2012			6,360			$	16.08
Granted			—			$	—
Exercised			(9	)		$	16.20
Forfeited			(9	)		$	16.48
Outstanding at April 20, 2013			6,342			$	16.08				3.44			$	102,377
Exercisable at April 20, 2013			4,253			$	15.96				2.76			$	69,071

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 with service period remaining. 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
Shares granted			2,142
Exercise price($)			16.31
Vesting date			2/10/2014
Fair value per share($)			3.47
Dividend yield(%)(1)			3.00
Expected volatility(%)(2)			29.20
Risk-free interest rate(%)(3)			2.44
Expected option life (years)(4)			5.00
Outstanding at April 20, 2013			2,095

(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 grant assumptions are based on the simplified formula determined in accordance with Staff Accounting Bulletin No. 110. The company does not have sufficient historical exercise behavior data to reasonably estimate the expected option life.

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Tabular disclosure of the amount of cash proceeds received from the exercise of stock options and similar instruments granted under share-based payment arrangements and the tax benefit realized from stock options exercised during the period. Disclosure may also include the intrinsic value of stock options exercised during the period.

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