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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 28, 2013
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 2013, 2012, and 2011 are set forth below (amounts in thousands):
|  | Fiscal 2013 |  |  | Fiscal 2012 |  |  | Fiscal 2011 |
Cash received from option exercises |  | $ | 13,685 |  |  | $ | 13,881 |  |  | $ | 12,933 |
Cash tax windfall benefit, net |  | $ | 5,622 |  |  | $ | 2,343 |  |  | $ | 3,037 |
Intrinsic value of stock options exercised |  | $ | 18,132 |  |  | $ | 9,965 |  |  | $ | 11,632 |
Payout Determined from Total Shareholder Return Shares | 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 2013, 2012, and 2011 is set forth below:
|  | Fiscal 2013 |  |  | Fiscal 2012 |  |  | Fiscal 2011 |
|  | 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 |  |  | 378 |  |  | $ | 11.49 |  |  |  | 347 |  |  | $ | 10.95 |  |  |  | 360 |  |  | $ | 10.07 |
Issued |  |  | 149 |  |  | $ | 20.32 |  |  |  | 99 |  |  | $ | 13.74 |  |  |  | 114 |  |  | $ | 12.90 |
Exercised |  |  | (81 | ) |  | $ | 12.91 |  |  |  | (68 | ) |  | $ | 12.01 |  |  |  | (127 | ) |  | $ | 10.20 |
Balance at end of year |  |  | 446 |  |  | $ | 14.19 |  |  |  | 378 |  |  | $ | 11.49 |  |  |  | 347 |  |  | $ | 10.95 |
Outstanding vested at end of year |  |  | 269 |  |  | $ | 11.08 |  |  |  | 240 |  |  | $ | 10.66 |  |  |  | 192 |  |  | $ | 10.07 |
Outstanding unvested at end of year |  |  | 177 |  |  | $ | 18.92 |  |  |  | 138 |  |  | $ | 12.96 |  |  |  | 155 |  |  | $ | 12.05 |
Shares vesting during the year |  |  | 110 |  |  | $ | 13.37 |  |  |  | 116 |  |  | $ | 12.42 |  |  |  | 133 |  |  | $ | 10.30 |
Stock Appreciation Rights Activity | The rights activity for fiscal years 2013, 2012, and 2011 is set forth below:
|  | Fiscal 2013 |  |  | Fiscal 2012 |  |  | Fiscal 2011 |
|  | (Amounts in thousands, except price data) |
Balance at beginning of year |  |  | 195 |  |  |  | 281 |  |  |  | 522 |
Rights exercised |  |  | (54 | ) |  |  | (86 | ) |  |  | (241 | )
Balance at end of year |  |  | 141 |  |  |  | 195 |  |  |  | 281 |
Weighted average — grant date fair value |  | $ | 7.20 |  |  | $ | 7.01 |  |  | $ | 7.35 |
Summary of Company's Stock Based Compensation Expense | 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 2013, 2012 and 2011:
|  | Fiscal 2013 |  |  | Fiscal 2012 |  |  | Fiscal 2011 |
|  | (Amounts in thousands) |
Stock options |  | $ | 1,776 |  |  | $ | 3,374 |  |  | $ | 6,803 |
Performance - contingent restricted stock awards |  |  | 11,180 |  |  |  | 4,615 |  |  |  | 4,700 |
Deferred stock awards |  |  | 1,769 |  |  |  | 1,384 |  |  |  | 1,479 |
Stock appreciation rights |  |  | 1,218 |  |  |  | 743 |  |  |  | 656 |
Total stock based compensation expense |  | $ | 15,943 |  |  | $ | 10,116 |  |  | $ | 13,638 |
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 |  | January 1, 2013 |  |  | July 16, 2012 |
Shares granted |  |  | 414 |  |  |  | 206 |
Vesting date |  |  | 3/1/2015 |  |  |  | 2/28/2014 |
Fair value per share ($) |  | $ | 17.22 |  |  | $ | 15.45 |
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 2013, 2012 and 2011 is set forth below:
|  | Fiscal 2013 |  |  | Fiscal 2012 |  |  | Fiscal 2011 |
|  | 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 |  |  | 888 |  |  | $ | 12.61 |  |  |  | 864 |  |  | $ | 11.11 |  |  |  | 851 |  |  | $ | 11.39 |
Initial grant |  |  | 828 |  |  | $ | 16.37 |  |  |  | 412 |  |  | $ | 14.91 |  |  |  | 486 |  |  | $ | 10.62 |
Supplemental grant for exceeding the S&P TSR |  |  | 95 |  |  | $ | 10.62 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (571 | ) |  | $ | 10.62 |  |  |  | (320 | ) |  | $ | 11.72 |  |  |  | (362 | ) |  | $ | 11.09 |
Grant reduction for not achieving the S&P TSR |  |  | — |  |  | $ | — |  |  |  | (65 | ) |  | $ | 11.72 |  |  |  | (90 | ) |  | $ | 11.09 |
Forfeitures |  |  | (11 | ) |  | $ | 15.88 |  |  |  | (3 | ) |  | $ | 11.44 |  |  |  | (21 | ) |  | $ | 11.21 |
Balance at end of year |  |  | 1,229 |  |  | $ | 15.88 |  |  |  | 888 |  |  | $ | 12.61 |  |  |  | 864 |  |  | $ | 11.11 |
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 |  | January 1, 2013 |  |  | July 16, 2012 |
Shares granted |  |  | 414 |  |  |  | 206 |
Vesting date |  |  | 3/1/2015 |  |  |  | 2/28/2014 |
Fair value per share ($) |  | $ | 15.51 |  |  | $ | 14.37 |
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 2011 and have 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 |  | February 10, 2011 |
Shares granted |  |  | 3,213 |
Exercise price($) |  |  | 10.87 |
Vesting date |  |  | 2/10/2014 |
Fair value per share($) |  |  | 2.31 |
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 December 28, 2013 |  |  | 3,142 |
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, 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 2013, 2012, and 2011 pursuant to the EPIP is set forth below:
|  | Fiscal 2013 |  |  | Fiscal 2012 |  |  | Fiscal 2011 |
|  | 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 |  |  | 9,541 |  |  | $ | 10.71 |  |  |  | 11,135 |  |  | $ | 10.45 |  |  |  | 9,820 |  |  | $ | 9.77 |
Granted |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | 3,213 |  |  | $ | 10.87 |
Exercised |  |  | (1,415 | ) |  | $ | 9.67 |  |  |  | (1,570 | ) |  | $ | 8.84 |  |  |  | (1,747 | ) |  | $ | 7.40 |
Forfeitures |  |  | (14 | ) |  | $ | 10.99 |  |  |  | (24 | ) |  | $ | 10.88 |  |  |  | (151 | ) |  | $ | 10.86 |
Outstanding at end of year |  |  | 8,112 |  |  | $ | 10.89 |  |  |  | 9,541 |  |  | $ | 10.71 |  |  |  | 11,135 |  |  | $ | 10.45 |
Exercisable at end of year |  |  | 4,978 |  |  |  |  |  |  |  | 3,973 |  |  |  |  |  |  |  | 3,387 |  |  |  |  |
Weighted average fair value of options granted during the year |  | $ | — |  |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 2.31 |  |  |  |  |

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