Share Based Compensation

4 Months Ended

Apr. 23, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 12 – Stock-Based Compensation

The Company has a shareholder-approved stock incentive plan that provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, and other stock-based and stock-related awards to directors, officers and other key associates.

Stock-based compensation expense (net of tax) recognized and included in “Selling, general and administrative expenses” and “Income taxes” in the condensed consolidated statements of earnings was $3.1 million ($0.08 per diluted share) and $2.9 million ($0.08 per diluted share) for the 16 weeks ended April 23, 2016 and April 25, 2015, respectively.

The following table summarizes activity in the stock-based compensation plans for the 16 weeks ended April 23, 2016:

									Weighted
	Shares			Weighted		Restricted			Average
	Under			Average		Stock			Grant-Date
	Options			Exercise Price		Awards			Fair Value
Outstanding at January 2, 2016		308,793		$	21.15		637,555		$	24.75
Granted		—			—		296,672			28.30
Exercised/Vested		(45,038	)		20.78		(169,058	)		24.95
Cancelled/Forfeited		—			—		(8,338	)		24.65
Outstanding at April 23, 2016		263,755		$	21.21		756,831		$	26.10
Vested and expected to vest in the future at April 23, 2016		263,755		$	21.21
Exercisable at April 23, 2016		263,755		$	21.21

The Company has not issued any stock options since 2009 and all outstanding options are vested.

As of April 23, 2016, total unrecognized compensation costs related to non-vested share-based awards granted under the Company’s stock incentive plans were $8.9 million for restricted stock, and are expected to be recognized over a weighted average period of 2.6 years. All compensation costs related to stock options have been recognized.