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STOCK-BASED COMPENSATION
 6 Months Ended
Sep. 28, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
Stock-based compensation expense of $6.4 million and $5.0 million were recognized for the six months ended September 28, 2013 and September 29, 2012, respectively. The related income tax benefit recognized was $2.1 million and $1.6 million for the six months ended September 28, 2013 and September 29, 2012, respectively.

During the three months ended September 28, 2013 we granted a “target” number of 300,000 market stock units to 13 senior executives.  Holders of market stock units are eligible to receive a share of Haemonetics’ stock for each market stock unit based on the performance of the stock through March 31, 2017.  If our stock is below a minimum threshold price of $50 per share during the relevant measurement period, the holders receive no market share units. If the stock achieves certain price levels, the holders are eligible to receive up to three times the “target” amount of market share units. As a result, we may issue up to 900,000 shares at a stock price of $85 per share or higher in connection with these grants. We determined the fair value of the target number of market stock units was $37.42 utilizing a Monte Carlo simulation model based on an expected term of 3.7 years, a risk free rate of 0.9%, volatility of 20% and no dividends.  The fair value of these awards totaling $11.2 million will be expensed evenly over the 3.7 year period through the cliff-vesting date of March 31, 2017.


The weighted average fair value for our options granted was $10.98 and $9.01 for the six months ended September 28, 2013 and September 29, 2012, respectively. The assumptions utilized for estimating the fair value of option grants during the periods presented are as follows:
 
 
Six Months Ended
 
 
September 28,
2013
 
September 29,
2012
Stock Options Black-Scholes assumptions (weighted average):
 
 
 
 
Volatility
 
25.49
%
 
27.18
%
Expected life (years)
 
5

 
5

Risk-free interest rate
 
1.40
%
 
0.62
%
Dividend yield
 
—
%
 
—
%

During the six months ended September 29, 2012 and September 29, 2012, there were 81,465 and 84,514 shares, respectively, purchased under the Employee Stock Purchase Plan at an average price of $32.73 and $24.92 per share, respectively.