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Note 11 - Stock-Based Compensation
 12 Months Ended
Dec. 29, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

11. Stock-Based Compensation


Under the Equity Incentive Plan (the “Plan”), the Company may grant stock options (both incentive and nonqualified), stock appreciation rights, restricted stock and performance awards to key employees associated with the Company’s Class A stock. The Plan provides that the maximum number of shares available for grants is 10 percent of the outstanding Class A stock, adjusted for Plan activity over the preceding five years. Shares available for future grants at year-end 2013 under the Plan were 1,552,354. The Company issues shares out of treasury stock to satisfy stock-based awards. The Company presently has no intent to repurchase additional shares for the purpose of satisfying stock-based awards.


The Company recognized stock-based compensation cost of $6.0 million in 2013 and 2012 and $5.7 million in 2011, as well as related tax benefits of $2.3 million in 2013 and 2012 and $2.2 million in 2011.


Restricted Stock


Restricted stock, which typically vests over 4 years, is issued to certain key employees and is subject to forfeiture until the end of an established restriction period. The Company utilizes the market price of its Class A stock on the date of grant as the fair value of restricted stock and expenses the fair value on a straight-line basis over the vesting period.


A summary of the status of nonvested restricted stock under the Plan as of year-end 2013 and changes during this period is presented as follows:


   

Restricted

Stock

   

Weighted

Average

Grant Date

Fair Value

 

Nonvested at year-end 2012

    1,062,525     $ 15.19  

Granted

    497,700       19.74  

Vested

    (345,925 )     15.58  

Forfeited

    (85,700 )     15.35  

Nonvested at year-end 2013

    1,128,600     $ 17.06  

As of year-end 2013, unrecognized compensation cost related to unvested restricted stock totaled $16.2 million. The weighted average period over which this cost is expected to be recognized is approximately two years. The weighted average grant date fair value per share of restricted stock granted during 2013, 2012 and 2011 was $19.74, $12.98 and $16.84, respectively. The total fair value of restricted stock, which vested during 2013, 2012 and 2011, was $6.5 million, $4.1 million and $3.7 million, respectively.


Stock Options


Under the terms of the Plan, stock options may not be granted at prices less than the fair value of the Company’s Class A stock on the date of grant, nor for a term exceeding 10 years, and typically vest over 3 years. The Company expenses the fair value of stock option grants on a straight-line basis over the vesting period. No stock options were granted in 2013, 2012 and 2011.


A summary of the status of stock option grants under the Plan as of year-end 2013 and changes during this period is presented as follows:


   

Options

   

Weighted

Average

Exercise

Price

   

Weighted

Average

Remaining

Contractual

Term (Years)

   

Aggregate

Intrinsic

Value

 

Outstanding at year-end 2012

    392,599     $ 26.16                  

Granted

    -       -                  

Exercised

    -       -                  

Forfeited

    -       -                  

Expired

    (229,986 )     24.97                  

Outstanding at year-end 2013

    162,613     $ 27.84       0.68     $ -  

Options exercisable at year-end 2013

    162,613     $ 27.84       0.68     $ -  

The table above includes 33,000 of non-employee director shares outstanding at year-end 2013.


As of year-end 2013, there was no unrecognized compensation cost related to unvested stock options. No stock options were exercised in 2013, 2012 and 2011.


Windfall tax benefits, which were included in the “Other financing activities” component of net cash from financing activities in the consolidated statement of cash flows, totaled $0.5 million in 2013 and were insignificant for 2012 and 2011.