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Stock-Based Compensation (Tables)
 12 Months Ended
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