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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 29, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
    
The Company recorded stock-based compensation cost as follows:
 
Fiscal quarters ended
 
Two fiscal quarters ended
(dollars in thousands)
June 29,
2013
 
June 30, 2012
 
June 29,
2013
 
June 30,
2012
Stock options
$
1,233

 
$
1,112

 
$
2,508

 
$
2,043

Restricted stock:
 
 
 
 
 
 
 
   Time-based awards
1,791

 
1,439

 
3,482

 
2,593

   Performance-based awards
1,156

 
662

 
1,982

 
1,070

   Stock awards
180

 
270

 
453

 
645

Total
$
4,360

 
$
3,483

 
$
8,425

 
$
6,351



All of the cost was reflected as a component of selling, general, and administrative expenses.

STOCK OPTIONS

The following table summarizes the Company's stock option activity for the two fiscal quarters ended June 29, 2013:
 
Number of shares
 
Weighted- average exercise price
 
Weighted-average remaining contractual terms (years)
 
Aggregate intrinsic value
(in thousands)
 
 
 
 
 
 
 
 
Outstanding, December 29, 2012
2,078,433

 
$26.14
 
 
 
 
Granted
338,600

 
$59.47
 
 
 
 
Exercised
(605,350
)
 
$18.52
 
 
 
 
Forfeited
(27,400
)
 
$33.52
 
 
 
 
Expired
—

 
—

 
 
 
 
Outstanding, June 29, 2013
1,784,283

 
$34.94
 
7.40
 
$
69,817

Vested and Expected to Vest, June 29, 2013
1,719,751

 
$34.57
 
7.35
 
$
67,934

Exercisable, June 29, 2013
871,319

 
$25.04
 
6.11
 
$
42,718


    
The intrinsic value of stock options exercised during the two fiscal quarters ended June 29, 2013 and June 30, 2012 was approximately $27.2 million and $3.2 million, respectively. At June 29, 2013, there was approximately $11.4 million of unrecognized compensation cost (net of estimated forfeitures) related to stock options which is expected to be recognized over a weighted-average period of approximately 2.9 years.

The table below presents the assumptions used to calculate the fair value of options granted:
 
Two fiscal quarters ended
 
June 29, 2013
 
June 30, 2012
 
 
 
 
Expected volatility
33.17
%
 
34.82
%
Risk-free interest rate
1.12
%
 
1.38
%
Expected term (years)
6.0

 
5.9

Dividend yield
—
%
 
—
%
Weighted average fair value of options granted
$
20.15

 
$
15.11



RESTRICTED STOCK AWARDS

The following table summarizes activity related to all restricted stock awards during the two fiscal quarters ended June 29, 2013:
 
Restricted
stock
awards
 
Weighted-average grant-date
fair value
 
 
 
 
Outstanding, December 29, 2012
766,929

 
$
33.97

Granted
313,773

 
$
59.76

Vested
(213,152
)
 
$
31.36

Forfeited
(13,575
)
 
$
33.57

Outstanding, June 29, 2013
853,975

 
$
44.10



Time-based Restricted Stock Awards

At June 29, 2013, there was approximately $17.0 million of unrecognized compensation cost (net of estimated forfeitures) related to restricted stock which is expected to be recognized over a weighted-average period of approximately 2.9 years.

Performance-based Restricted Stock Awards

During the first fiscal quarter of 2012, the Company granted its executive officers an aggregate of 152,000 performance-based restricted shares at a fair market value of $42.61 per share. During the first fiscal quarter of 2013, the Company granted its executive officers an aggregate of 118,200 performance-based restricted shares at a fair market value of $59.27 per share.

Vesting of these shares is contingent upon meeting specific performance targets through 2014 (in the case of the fiscal 2012 awards) or 2015 (in the case of the fiscal 2013 awards). Currently, the Company believes that the respective targets will be achieved and has recorded compensation expense based on the proration of the total ultimate expected value of the award.

At June 29, 2013, there was approximately $11.1 million of unrecognized compensation cost (net of estimated forfeitures) related to performance-based restricted stock awards which is expected to be recognized over a weighted-average period of approximately 2.5 years.