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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 29, 2018
Shareholders Equity [Abstract] |
Stock-based Compensation Expense | Total stock-based compensation expense was as follows (in thousands):
|  | 2018 |  |  | 2017 |  |  | 2016 |
Stock options |  | $ | 2,482 |  |  | $ | 2,344 |  |  | $ | 2,281 |
Stock awards |  |  | 8,930 |  |  |  | 13,419 |  |  |  | 9,680 |
Total stock-based compensation expense(1) |  |  | 11,412 |  |  |  | 15,763 |  |  |  | 11,961 |
Income tax benefit |  |  | 2,750 |  |  |  | 5,249 |  |  |  | 3,947 |
Total stock-based compensation expense, net of tax |  | $ | 8,662 |  |  | $ | 10,514 |  |  | $ | 8,014 |
(1) | Decrease in 2018 stock-based compensation expense reflects the cumulative impact of the change in the expected achievements of certain performance targets.
Summary of Stock Option Activity | A summary of our stock option activity was as follows (in thousands, except per share amounts and years):
|  | Stock Options |  |  | Weighted- Average Exercise Price per Share |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (1) |
Balance at December 30, 2017 |  |  | 1,355 |  |  | $ | 20.23 |  |  |  | 6.2 |  |  | $ | 23,515 |
Granted |  |  | 170 |  |  |  | 33.72 |  |  |  |  |  |  |  |  |
Exercised |  |  | (186 | ) |  |  | 14.96 |  |  |  |  |  |  |  |  |
Canceled/Forfeited |  |  | (17 | ) |  |  | 26.43 |  |  |  |  |  |  |  |  |
Outstanding at December 29, 2018 |  |  | 1,322 |  |  | $ | 22.64 |  |  |  | 5.9 |  |  | $ | 13,009 |
Exercisable at December 29, 2018 |  |  | 898 |  |  | $ | 20.76 |  |  |  | 4.8 |  |  | $ | 10,332 |
Vested and expected to vest at December 29, 2018 |  |  | 1,295 |  |  | $ | 22.55 |  |  |  | 5.9 |  |  | $ | 12,841 |
(1) | Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant.
Other Information Pertaining to Options | Other information pertaining to options was as follows (in thousands, except per share amounts):
|  | 2018 |  |  | 2017 |  |  | 2016 |
Weighted-average grant date fair value of stock options granted |  | $ | 13.96 |  |  | $ | 10.33 |  |  | $ | 8.85 |
Total intrinsic value (at exercise) of stock options exercised |  | $ | 3,459 |  |  | $ | 3,586 |  |  | $ | 2,088 |
Assumptions Used to Calculate Fair Value of Market-based Stock Options Granted Using Monte Carlo Simulation Model | The assumptions used to calculate the fair value of market-based stock options granted using the Monte Carlo simulation model were as follows:
Valuation Assumptions |  | 2018 |  | 2017 |  | 2016 |
Expected dividend yield |  | NA |  | NA |  |  | 0 | %
Expected volatility |  | NA |  | NA |  |  | 50 | %
Risk-free interest rate |  | NA |  | NA |  |  | 1.8 | %
The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows:
Valuation Assumptions |  | 2018 |  |  | 2017 |  |  | 2016 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 43 | % |  |  | 46 | % |  |  | 50 | %
Risk-free interest rate |  |  | 2.7 | % |  |  | 2.0 | % |  |  | 1.4 | %
Expected term (in years) |  |  | 5.0 |  |  |  | 5.1 |  |  |  | 5.2 |
Stock Award Activity | Stock award activity was as follows (in thousands, except per share amounts):
|  | Time- Based Stock Awards |  |  | Weighted-Average Grant Date Fair Value |  |  | Performance- and Market-Based Stock Awards |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at December 30, 2017 |  |  | 395 |  |  | $ | 23.77 |  |  |  | 1,063 |  |  | $ | 23.41 |
Granted |  |  | 222 |  |  |  | 33.53 |  |  |  | 200 |  |  |  | 34.46 |
Vested |  |  | (172 | ) |  |  | 24.28 |  |  |  | (151 | ) |  |  | 33.34 |
Canceled/Forfeited |  |  | (62 | ) |  |  | 26.76 |  |  |  | (51 | ) |  |  | 27.44 |
Outstanding at December 29, 2018 |  |  | 383 |  |  | $ | 28.66 |  |  |  | 1,061 |  |  | $ | 23.91 |
Assumptions Used to Calculate Fair Value of Performance-based Stock Awards Using Monte Carlo Simulation Model | The assumptions used to calculate the fair value of the 2018 and 2017 performance-based stock awards with a market condition, using the Monte Carlo simulation model, were as follows:
Valuation Assumptions |  | 2018 |  |  | 2017 |  |  | 2016
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  | NA
Expected volatility |  |  | 43 | % |  |  | 46 | % |  | NA
Risk-free interest rate |  |  | 2.6 | % |  |  | 1.5 | % |  | NA
Repurchase of Common Stock | Repurchases of our common stock were as follows (in thousands):
|  | 2018 |  |  | 2017 |  |  | 2016 |
Amount repurchased under Board-approved share repurchase program |  | $ | 279,101 |  |  | $ | 150,000 |  |  | $ | 125,000 |
Amount repurchased in connection with the vesting of employee restricted stock grants |  |  | 3,344 |  |  |  | 5,245 |  |  |  | 1,693 |
Total amount repurchased |  | $ | 282,445 |  |  | $ | 155,245 |  |  | $ | 126,693 |
Net Income per Common Share | The components of basic and diluted net income per share were as follows (in thousands, except per share amounts):
|  | 2018 |  |  | 2017 |  |  | 2016 |
Net income |  | $ | 69,539 |  |  | $ | 65,077 |  |  | $ | 51,417 |
Reconciliation of weighted-average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted-average shares outstanding |  |  | 35,256 |  |  |  | 41,212 |  |  |  | 46,154 |
Dilutive effect of stock-based awards |  |  | 909 |  |  |  | 873 |  |  |  | 748 |
Diluted weighted-average shares outstanding |  |  | 36,165 |  |  |  | 42,085 |  |  |  | 46,902 |
Net income per share – basic |  | $ | 1.97 |  |  | $ | 1.58 |  |  | $ | 1.11 |
Net income per share – diluted |  | $ | 1.92 |  |  | $ | 1.55 |  |  | $ | 1.10 |

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