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EMPLOYEE BENEFIT PLANS | 3 Months Ended
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Apr. 05, 2014
EMPLOYEE BENEFIT PLANS |
EMPLOYEE BENEFIT PLANS | 7. EMPLOYEE BENEFIT PLANS Stock-Based Compensation Plans. The Company accounts for stock-based compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation (“ASC 718”), using the Black-Scholes option pricing model to determine the fair value of stock options and stock appreciation rights at the date of grant. The Company’s grants under its current stock-based compensation plans generally include: (i) stock options, restricted stock and restricted stock units for its international employees, (ii) restricted stock units for its non-employee directors and (iii) stock appreciation rights, restricted stock and restricted stock units for its U.S.-based employees. The following table summarizes stock options and stock appreciation rights activity during the First Quarter:
|  |  |  |  |  | Weighted- |  |  |
|  |  |  |  |  | Average |  |  |
|  |  |  | Weighted- |  | Remaining |  | Aggregate |
|  |  |  | Average |  | Contractual |  | Intrinsic |
Stock Options and Stock Appreciation Rights |  | Shares |  | Exercise Price |  | Term (Years) |  | Value |
|  | in thousands |  |  |  |  |  | in thousands |
Outstanding at December 28, 2013 |  | 678 |  | $ | 76.15 |  | 6.2 |  | $ | 31,794 |
Granted |  | 84 |  | 113.04 |  |  |  |  |
Exercised |  | (21 | ) | 36.01 |  |  |  | 1,758 |
Forfeited or expired |  | (3 | ) | 117.39 |  |  |  |  |
Outstanding at April 5, 2014 |  | 738 |  | 81.38 |  | 6.2 |  | 28,427 |
Exercisable at April 5, 2014 |  | 538 |  | $ | 68.86 |  | 5.7 |  | $ | 27,277 |
The aggregate intrinsic value shown in the table above is before income taxes and is based on (i) the exercise price for outstanding and exercisable options/rights at April 5, 2014 and (ii) the fair market value of the Company’s common stock on the exercise date for options/rights that were exercised during the First Quarter. Stock Options and Stock Appreciation Rights Outstanding and Exercisable. The following table summarizes information with respect to stock options and stock appreciation rights outstanding and exercisable at April 5, 2014:
Stock Options Outstanding |  | Stock Options Exercisable |
|  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  | Weighted- |  | Average |  |  |  | Weighted- |
|  |  |  | Average |  | Remaining |  |  |  | Average |
Range of |  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |
Exercise Prices |  | Shares |  | Price |  | Term (Years) |  | Shares |  | Price |
|  | in thousands |  |  |  |  |  | in thousands |  |  |
$13.65 - $21.51 |  | 77 |  | $ | 15.34 |  | 4.2 |  | 77 |  | $ | 15.34 |
$21.51 - $34.59 |  | 60 |  | 29.39 |  | 2.8 |  | 60 |  | 29.39 |
$34.59 - $67.10 |  | 76 |  | 39.80 |  | 5.3 |  | 76 |  | 39.80 |
$67.10 - $116.88 |  | 111 |  | 80.91 |  | 7.0 |  | 107 |  | 80.76 |
$116.88 - $131.46 |  | 176 |  | 128.09 |  | 7.9 |  | 115 |  | 128.02 |
Total |  | 500 |  | $ | 75.04 |  | 6.1 |  | 435 |  | $ | 67.50 |
Stock Appreciation Rights Outstanding |  | Stock Appreciation Rights Exercisable |
|  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  | Weighted- |  | Average |  |  |  | Weighted- |
|  |  |  | Average |  | Remaining |  |  |  | Average |
Range of |  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |
Exercise Prices |  | Shares |  | Price |  | Term (Years) |  | Shares |  | Price |
|  | in thousands |  |  |  |  |  | in thousands |  |  |
$13.65 - $21.51 |  | 20 |  | $ | 13.65 |  | 3.0 |  | 20 |  | $ | 13.65 |
$21.51 - $34.59 |  | 6 |  | 30.71 |  | 2.0 |  | 6 |  | 30.71 |
$34.59 - $67.10 |  | 16 |  | 42.68 |  | 4.3 |  | 14 |  | 39.87 |
$67.10 - $116.88 |  | 155 |  | 104.10 |  | 7.2 |  | 36 |  | 87.68 |
$116.88 - $131.46 |  | 41 |  | 127.91 |  | 5.8 |  | 27 |  | 127.91 |
Total |  | 238 |  | $ | 94.71 |  | 6.3 |  | 103 |  | $ | 74.60 |
Restricted Stock and Restricted Stock Units. The following table summarizes restricted stock and restricted stock unit activity during the First Quarter:
Restricted Stock and Restricted Stock Units |  | Number of Shares |  | Weighted-Average Grant Date Fair Value |
|  | in thousands |  |  |
Nonvested at December 28, 2013 |  | 219 |  | $ | 99.27 |
Granted |  | 133 |  | 113.10 |
Vested |  | (87 | ) | 86.20 |
Forfeited |  | (2 | ) | 103.26 |
Nonvested at April 5, 2014 |  | 263 |  | $ | 110.60 |
The total fair value of restricted stock and restricted stock units vested during the First Quarter was approximately $9.9 million.

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