Stock-Based Compensation

6 Months Ended

Jul. 15, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 11 – 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 recognized and included in “Selling, general and administrative expenses” in the condensed consolidated statements of earnings, and related tax benefits were as follows:

	12 Weeks Ended						28 Weeks Ended
	July 15,			July 16,			July 15,			July 16,
(In thousands)	2017			2016			2017			2016
Restricted stock	$	1,139		$	1,043		$	7,491		$	6,067
Tax benefits		(427	)		(395	)		(2,810	)		(2,300	)
Stock-based compensation expense, net of tax	$	712		$	648		$	4,681		$	3,767

The following table summarizes activity in the stock-based compensation plans for the 28 weeks ended July 15, 2017:

									Weighted
	Shares			Weighted		Restricted			Average
	Under			Average		Stock			Grant-Date
	Options			Exercise Price		Awards			Fair Value
Outstanding at December 31, 2016		200,517		$	19.94		660,143		$	26.48
Granted		—			—		292,205			34.82
Exercised/Vested		(152,589	)		21.02		(253,280	)		25.85
Cancelled/Forfeited		—			—		(75,951	)		29.03
Outstanding at July 15, 2017		47,928		$	16.52		623,117		$	30.34

The Company has not issued any stock options since 2009 and all outstanding options are vested and exercisable at July 15, 2017.

As of July 15, 2017, total unrecognized compensation costs related to non-vested stock-based awards granted under the Company’s stock incentive plans were $6.3 million for restricted stock, and are expected to be recognized over a weighted average period of 2.3 years. All compensation costs related to stock options have been recognized.