|
|
|
|
|
|
|
• | Level 1 inputs are valued using quoted market prices in active markets for identical assets or liabilities. Our Level 1 assets primarily include cash and cash equivalents and mutual funds. |
• | Level 2 inputs are valued based upon quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. Our Level 2 assets are marketable securities, which may consist of certificates of deposit ("CDs"), variable-rate demand notes ("VRDNs"), commercial paper, and restricted investments, which consist of municipal debt securities, corporate debt securities, asset-backed securities, and U.S. agency debentures. Our investments consist of highly rated investment grade debt securities, which are rated A1/P1 or higher for short-term securities and A- or higher for long-term securities, by nationally recognized statistical rating organizations. We obtain our inputs from quoted market prices and independent pricing vendors. |
• | Level 3 inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. We have no Level 3 assets or liabilities. |
June 27, 2014 | |||||||||||||||||||
Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Cash and cash equivalents (1) | $ | 162,849 | $ | 162,849 | $ | 162,849 | $ | — | $ | — | |||||||||
Marketable securities classified as available-for-sale (2) | 9,496 | 9,496 | — | 9,496 | — | ||||||||||||||
Restricted cash and cash equivalents (1) | 41,445 | 41,445 | 41,445 | — | — | ||||||||||||||
Other restricted assets (3) | 7,889 | 7,889 | 7,889 | — | — | ||||||||||||||
Restricted investments classified as held-to-maturity | 96,574 | 97,778 | — | 97,778 | — |
December 27, 2013 | |||||||||||||||||||
Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Cash and cash equivalents (1) | $ | 122,003 | $ | 122,003 | $ | 122,003 | $ | — | $ | — | |||||||||
Marketable securities classified as available-for-sale (2) | 20,650 | 20,650 | — | 20,650 | |||||||||||||||
Restricted cash and cash equivalents (1) | 57,085 | 57,085 | 57,085 | — | — | ||||||||||||||
Other restricted assets (3) | 10,795 | 10,795 | 10,795 | — | — | ||||||||||||||
Restricted investments classified as held-to-maturity | 86,678 | 86,940 | — | 86,940 | — |
(1) | Cash equivalents and restricted cash equivalents consist of money market funds, deposits, and investments with original maturities of three months or less. |
(2) | Marketable securities include CDs, VRDNs, and commercial paper, which are classified as available-for-sale. At June 27, 2014 and December 27, 2013, we had $4.5 million and $6.0 million of CDs with maturities greater than one year, which are classified as Other assets on our Consolidated Balance Sheets. VRDNs with contractual maturities beyond one year are classified as short-term based on their highly liquid nature and because they represent the investment of cash that is available for current operations. Despite the long-term nature of their stated contractual maturities, we routinely buy and sell these securities and believe we have the ability to quickly sell them to the re-marketing agent at par value plus accrued interest in the event we decide to liquidate our investment in a particular VRDN. |
(3) | Other restricted assets primarily consists of deferred compensation plan accounts, which are comprised of mutual funds. |
|
June 27, 2014 | December 27, 2013 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Certificates of deposit | $ | 9,500 | $ | 9,496 | $ | 10,000 | $ | 9,900 | |||||||
Variable-rate demand notes | — | — | 5,750 | 5,750 | |||||||||||
Commercial paper | — | — | 5,000 | 5,000 | |||||||||||
$ | 9,500 | $ | 9,496 | $ | 20,750 | $ | 20,650 |
June 27, 2014 | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less (1) | $ | 5,000 | $ | 4,997 | |||
Due after one year (2) | 4,500 | 4,499 | |||||
$ | 9,500 | $ | 9,496 |
(1) | Amounts due in one year or less are comprised of CDs. |
(2) | Amounts due after one year are comprised of CDs with maturities within two years and are recorded in Other assets on the Consolidated Balance Sheets. |
|
June 27, 2014 | December 27, 2013 | ||||||
Cash collateral held by insurance carriers | $ | 22,707 | $ | 23,747 | |||
Cash and cash equivalents held in Trust (1) | 16,874 | 31,474 | |||||
Investments held in Trust | 96,574 | 86,678 | |||||
Cash collateral backing letters of credit | 1,864 | 1,864 | |||||
Other (2) | 7,889 | 10,795 | |||||
Total restricted cash and investments | $ | 145,908 | $ | 154,558 |
(1) | Included in this amount is $0.8 million of accrued interest at June 27, 2014 and December 27, 2013, respectively. |
(2) | Primarily consists of deferred compensation plan accounts, which are comprised of mutual funds. |
June 27, 2014 | |||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | ||||||||||||
Municipal debt securities | $ | 57,346 | $ | 984 | $ | (116 | ) | $ | 58,214 | ||||||
Corporate debt securities | 27,855 | 270 | (100 | ) | 28,025 | ||||||||||
Asset-backed securities | 11,373 | 182 | (16 | ) | 11,539 | ||||||||||
$ | 96,574 | $ | 1,436 | $ | (232 | ) | $ | 97,778 |
December 27, 2013 | |||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | ||||||||||||
Municipal debt securities | $ | 54,133 | $ | 722 | $ | (398 | ) | $ | 54,457 | ||||||
Corporate debt securities | 19,694 | 180 | (294 | ) | 19,580 | ||||||||||
Asset-backed securities | 12,851 | 141 | (89 | ) | 12,903 | ||||||||||
$ | 86,678 | $ | 1,043 | $ | (781 | ) | $ | 86,940 |
June 27, 2014 | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 11,188 | $ | 11,241 | |||
Due after one year through five years | 43,548 | 44,165 | |||||
Due after five years through ten years | 41,838 | 42,372 | |||||
$ | 96,574 | $ | 97,778 |
|
June 27, 2014 | December 27, 2013 | ||||||
Buildings and land | $ | 27,441 | $ | 27,008 | |||
Computers and software | 103,075 | 101,852 | |||||
Furniture and equipment | 10,855 | 10,444 | |||||
Construction in progress | 3,527 | 2,869 | |||||
144,898 | 142,173 | ||||||
Less accumulated depreciation and amortization | (91,717 | ) | (87,700 | ) | |||
$ | 53,181 | $ | 54,473 |
|
June 27, 2014 | December 27, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Finite-lived intangible assets (1): | |||||||||||||||||||||||
Customer relationships | $ | 35,940 | $ | (16,064 | ) | $ | 19,876 | $ | 35,940 | $ | (13,942 | ) | $ | 21,998 | |||||||||
Trade name/trademarks | 5,172 | (3,448 | ) | 1,724 | 5,172 | (2,708 | ) | 2,464 | |||||||||||||||
Non-compete agreements | 1,800 | (637 | ) | 1,163 | 1,800 | (457 | ) | 1,343 | |||||||||||||||
Total finite-lived intangible assets | $ | 42,912 | $ | (20,149 | ) | $ | 22,763 | $ | 42,912 | $ | (17,107 | ) | $ | 25,805 |
(1) | Excludes assets that are fully amortized. |
Remainder of 2014 | $ | 2,744 | |
2015 | 5,077 | ||
2016 | 4,641 | ||
2017 | 2,612 | ||
2018 | 2,081 | ||
Thereafter | 5,608 | ||
Total future amortization | $ | 22,763 |
|
June 27, 2014 | December 27, 2013 | ||||||
Undiscounted workers’ compensation reserve | $ | 232,437 | $ | 234,453 | |||
Less discount on workers' compensation reserve | 18,400 | 19,624 | |||||
Workers' compensation reserve, net of discount | 214,037 | 214,829 | |||||
Less current portion | 48,951 | 49,942 | |||||
Long-term portion | $ | 165,086 | $ | 164,887 |
• | changes in medical and time loss (“indemnity”) costs; |
• | changes in mix between medical only and indemnity claims; |
• | regulatory and legislative developments impacting benefits and settlement requirements; |
• | type and location of work performed; |
• | impact of safety initiatives; and |
• | positive or adverse development of claims. |
|
Excess Liquidity | Prime Rate Loans | LIBOR Rate Loans | ||
Greater than $40 million | 0.50% | 1.50% | ||
Between $20 million and $40 million | 0.75% | 1.75% | ||
Less than $20 million | 1.00% | 2.00% |
|
June 27, 2014 | December 27, 2013 | ||||||
Cash collateral held by insurance carriers | $ | 22,707 | $ | 23,747 | |||
Cash and cash equivalents held in Trust (1) | 16,874 | 31,474 | |||||
Investments held in Trust | 96,574 | 86,678 | |||||
Letters of credit (2) | 7,824 | 7,867 | |||||
Surety bonds (3) | 15,829 | 16,099 | |||||
Total collateral commitments | $ | 159,808 | $ | 165,865 |
(1) | Included in this amount is $0.8 million of accrued interest at June 27, 2014 and December 27, 2013, respectively. |
(2) | We have agreements with certain financial institutions to issue letters of credit as collateral. We had $1.9 million of restricted cash collateralizing our letters of credit at June 27, 2014 and December 27, 2013, respectively. |
(3) | Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which is determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days notice. |
|
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||
Restricted and unrestricted stock and performance share units | $ | 1,822 | $ | 1,642 | $ | 4,771 | $ | 4,461 | |||||||
Stock options | — | — | 54 | — | |||||||||||
Employee stock purchase plan | 75 | 72 | 162 | 133 | |||||||||||
Total stock-based compensation | $ | 1,897 | $ | 1,714 | $ | 4,987 | $ | 4,594 |
Shares | Weighted- average grant-date price | |||||
Non-vested at beginning of period | 1,544 | $ | 16.66 | |||
Granted | 362 | $ | 25.27 | |||
Vested | (372 | ) | $ | 17.75 | ||
Forfeited | (17 | ) | $ | 18.29 | ||
Non-vested at the end of the period | 1,517 | $ | 18.42 |
Shares (in thousands) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value (in thousands) | |||||||||
Outstanding at beginning of period | 74 | $ | 14.99 | |||||||||
Granted | 7 | $ | 25.26 | |||||||||
Exercised | (42 | ) | $ | 14.98 | ||||||||
Expired/Forfeited | (1 | ) | $ | 18.98 | ||||||||
Outstanding at end of period | 38 | $ | 16.67 | 2.73 | $ | 412 | ||||||
Exercisable at end of period | 38 | $ | 16.67 | 2.73 | $ | 412 |
June 27, 2014 | |||
Expected life (in years) | 3.72 | ||
Expected volatility | 42.8 | % | |
Risk-free interest rate | 0.7 | % | |
Expected dividend yield | — | % | |
Weighted average fair value of options granted during the period | $ | 8.31 |
|
|
|
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||
Net income | $ | 16,082 | $ | 12,537 | $ | 17,739 | $ | 11,462 | |||||||
Weighted average number of common shares used in basic net income per common share | 40,739 | 40,140 | 40,655 | 39,962 | |||||||||||
Dilutive effect of outstanding stock options and non-vested restricted stock | 230 | 281 | 279 | 286 | |||||||||||
Weighted average number of common shares used in diluted net income per common share | 40,969 | 40,421 | 40,934 | 40,248 | |||||||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.39 | $ | 0.31 | $ | 0.44 | $ | 0.29 | |||||||
Diluted | $ | 0.39 | $ | 0.31 | $ | 0.43 | $ | 0.28 | |||||||
Anti-dilutive shares | 3 | 3 | 2 | 152 |
|
Foreign currency translation adjustment | Unrealized gain (loss) on marketable securities (1) | Total other comprehensive income, net of tax | |||||||||
Balance at beginning of period | $ | 2,129 | $ | (96 | ) | $ | 2,033 | ||||
Current-period other comprehensive income (2) | 89 | 453 | 542 | ||||||||
Balance at end of period | $ | 2,218 | $ | 357 | $ | 2,575 |
(1) | Consists of deferred compensation plan accounts, which includes mutual funds and available-for-sale securities. Available-for-sale securities which give rise to gains and losses are limited to our investments in select certificates of deposit. |
(2) | The tax impact of the components of other comprehensive income was immaterial. |
|
Twenty-six weeks ended | |||||||
June 27, 2014 | June 28, 2013 | ||||||
Cash paid during the period for: | |||||||
Interest | $ | 540 | $ | 467 | |||
Income taxes | $ | 5,820 | $ | 2,253 |
|
|
|
• | Level 1 inputs are valued using quoted market prices in active markets for identical assets or liabilities. Our Level 1 assets primarily include cash and cash equivalents and mutual funds. |
• | Level 2 inputs are valued based upon quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. Our Level 2 assets are marketable securities, which may consist of certificates of deposit ("CDs"), variable-rate demand notes ("VRDNs"), commercial paper, and restricted investments, which consist of municipal debt securities, corporate debt securities, asset-backed securities, and U.S. agency debentures. Our investments consist of highly rated investment grade debt securities, which are rated A1/P1 or higher for short-term securities and A- or higher for long-term securities, by nationally recognized statistical rating organizations. We obtain our inputs from quoted market prices and independent pricing vendors. |
• | Level 3 inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. We have no Level 3 assets or liabilities. |
|
June 27, 2014 | |||||||||||||||||||
Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Cash and cash equivalents (1) | $ | 162,849 | $ | 162,849 | $ | 162,849 | $ | — | $ | — | |||||||||
Marketable securities classified as available-for-sale (2) | 9,496 | 9,496 | — | 9,496 | — | ||||||||||||||
Restricted cash and cash equivalents (1) | 41,445 | 41,445 | 41,445 | — | — | ||||||||||||||
Other restricted assets (3) | 7,889 | 7,889 | 7,889 | — | — | ||||||||||||||
Restricted investments classified as held-to-maturity | 96,574 | 97,778 | — | 97,778 | — |
December 27, 2013 | |||||||||||||||||||
Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Cash and cash equivalents (1) | $ | 122,003 | $ | 122,003 | $ | 122,003 | $ | — | $ | — | |||||||||
Marketable securities classified as available-for-sale (2) | 20,650 | 20,650 | — | 20,650 | |||||||||||||||
Restricted cash and cash equivalents (1) | 57,085 | 57,085 | 57,085 | — | — | ||||||||||||||
Other restricted assets (3) | 10,795 | 10,795 | 10,795 | — | — | ||||||||||||||
Restricted investments classified as held-to-maturity | 86,678 | 86,940 | — | 86,940 | — |
(1) | Cash equivalents and restricted cash equivalents consist of money market funds, deposits, and investments with original maturities of three months or less. |
(2) | Marketable securities include CDs, VRDNs, and commercial paper, which are classified as available-for-sale. At June 27, 2014 and December 27, 2013, we had $4.5 million and $6.0 million of CDs with maturities greater than one year, which are classified as Other assets on our Consolidated Balance Sheets. VRDNs with contractual maturities beyond one year are classified as short-term based on their highly liquid nature and because they represent the investment of cash that is available for current operations. Despite the long-term nature of their stated contractual maturities, we routinely buy and sell these securities and believe we have the ability to quickly sell them to the re-marketing agent at par value plus accrued interest in the event we decide to liquidate our investment in a particular VRDN. |
(3) | Other restricted assets primarily consists of deferred compensation plan accounts, which are comprised of mutual funds. |
|
June 27, 2014 | December 27, 2013 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Certificates of deposit | $ | 9,500 | $ | 9,496 | $ | 10,000 | $ | 9,900 | |||||||
Variable-rate demand notes | — | — | 5,750 | 5,750 | |||||||||||
Commercial paper | — | — | 5,000 | 5,000 | |||||||||||
$ | 9,500 | $ | 9,496 | $ | 20,750 | $ | 20,650 |
June 27, 2014 | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less (1) | $ | 5,000 | $ | 4,997 | |||
Due after one year (2) | 4,500 | 4,499 | |||||
$ | 9,500 | $ | 9,496 |
(1) | Amounts due in one year or less are comprised of CDs. |
(2) | Amounts due after one year are comprised of CDs with maturities within two years and are recorded in Other assets on the Consolidated Balance Sheets. |
June 27, 2014 | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 11,188 | $ | 11,241 | |||
Due after one year through five years | 43,548 | 44,165 | |||||
Due after five years through ten years | 41,838 | 42,372 | |||||
$ | 96,574 | $ | 97,778 |
|
June 27, 2014 | December 27, 2013 | ||||||
Cash collateral held by insurance carriers | $ | 22,707 | $ | 23,747 | |||
Cash and cash equivalents held in Trust (1) | 16,874 | 31,474 | |||||
Investments held in Trust | 96,574 | 86,678 | |||||
Cash collateral backing letters of credit | 1,864 | 1,864 | |||||
Other (2) | 7,889 | 10,795 | |||||
Total restricted cash and investments | $ | 145,908 | $ | 154,558 |
(1) | Included in this amount is $0.8 million of accrued interest at June 27, 2014 and December 27, 2013, respectively. |
(2) | Primarily consists of deferred compensation plan accounts, which are comprised of mutual funds. |
June 27, 2014 | |||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | ||||||||||||
Municipal debt securities | $ | 57,346 | $ | 984 | $ | (116 | ) | $ | 58,214 | ||||||
Corporate debt securities | 27,855 | 270 | (100 | ) | 28,025 | ||||||||||
Asset-backed securities | 11,373 | 182 | (16 | ) | 11,539 | ||||||||||
$ | 96,574 | $ | 1,436 | $ | (232 | ) | $ | 97,778 |
December 27, 2013 | |||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | ||||||||||||
Municipal debt securities | $ | 54,133 | $ | 722 | $ | (398 | ) | $ | 54,457 | ||||||
Corporate debt securities | 19,694 | 180 | (294 | ) | 19,580 | ||||||||||
Asset-backed securities | 12,851 | 141 | (89 | ) | 12,903 | ||||||||||
$ | 86,678 | $ | 1,043 | $ | (781 | ) | $ | 86,940 |
June 27, 2014 | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less (1) | $ | 5,000 | $ | 4,997 | |||
Due after one year (2) | 4,500 | 4,499 | |||||
$ | 9,500 | $ | 9,496 |
(1) | Amounts due in one year or less are comprised of CDs. |
(2) | Amounts due after one year are comprised of CDs with maturities within two years and are recorded in Other assets on the Consolidated Balance Sheets. |
June 27, 2014 | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 11,188 | $ | 11,241 | |||
Due after one year through five years | 43,548 | 44,165 | |||||
Due after five years through ten years | 41,838 | 42,372 | |||||
$ | 96,574 | $ | 97,778 |
|
June 27, 2014 | December 27, 2013 | ||||||
Buildings and land | $ | 27,441 | $ | 27,008 | |||
Computers and software | 103,075 | 101,852 | |||||
Furniture and equipment | 10,855 | 10,444 | |||||
Construction in progress | 3,527 | 2,869 | |||||
144,898 | 142,173 | ||||||
Less accumulated depreciation and amortization | (91,717 | ) | (87,700 | ) | |||
$ | 53,181 | $ | 54,473 |
|
June 27, 2014 | December 27, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Finite-lived intangible assets (1): | |||||||||||||||||||||||
Customer relationships | $ | 35,940 | $ | (16,064 | ) | $ | 19,876 | $ | 35,940 | $ | (13,942 | ) | $ | 21,998 | |||||||||
Trade name/trademarks | 5,172 | (3,448 | ) | 1,724 | 5,172 | (2,708 | ) | 2,464 | |||||||||||||||
Non-compete agreements | 1,800 | (637 | ) | 1,163 | 1,800 | (457 | ) | 1,343 | |||||||||||||||
Total finite-lived intangible assets | $ | 42,912 | $ | (20,149 | ) | $ | 22,763 | $ | 42,912 | $ | (17,107 | ) | $ | 25,805 |
(1) | Excludes assets that are fully amortized. |
Remainder of 2014 | $ | 2,744 | |
2015 | 5,077 | ||
2016 | 4,641 | ||
2017 | 2,612 | ||
2018 | 2,081 | ||
Thereafter | 5,608 | ||
Total future amortization | $ | 22,763 |
|
June 27, 2014 | December 27, 2013 | ||||||
Undiscounted workers’ compensation reserve | $ | 232,437 | $ | 234,453 | |||
Less discount on workers' compensation reserve | 18,400 | 19,624 | |||||
Workers' compensation reserve, net of discount | 214,037 | 214,829 | |||||
Less current portion | 48,951 | 49,942 | |||||
Long-term portion | $ | 165,086 | $ | 164,887 |
|
Excess Liquidity | Prime Rate Loans | LIBOR Rate Loans | ||
Greater than $40 million | 0.50% | 1.50% | ||
Between $20 million and $40 million | 0.75% | 1.75% | ||
Less than $20 million | 1.00% | 2.00% |
|
June 27, 2014 | December 27, 2013 | ||||||
Cash collateral held by insurance carriers | $ | 22,707 | $ | 23,747 | |||
Cash and cash equivalents held in Trust (1) | 16,874 | 31,474 | |||||
Investments held in Trust | 96,574 | 86,678 | |||||
Letters of credit (2) | 7,824 | 7,867 | |||||
Surety bonds (3) | 15,829 | 16,099 | |||||
Total collateral commitments | $ | 159,808 | $ | 165,865 |
(1) | Included in this amount is $0.8 million of accrued interest at June 27, 2014 and December 27, 2013, respectively. |
(2) | We have agreements with certain financial institutions to issue letters of credit as collateral. We had $1.9 million of restricted cash collateralizing our letters of credit at June 27, 2014 and December 27, 2013, respectively. |
(3) | Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which is determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days notice. |
|
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||
Restricted and unrestricted stock and performance share units | $ | 1,822 | $ | 1,642 | $ | 4,771 | $ | 4,461 | |||||||
Stock options | — | — | 54 | — | |||||||||||
Employee stock purchase plan | 75 | 72 | 162 | 133 | |||||||||||
Total stock-based compensation | $ | 1,897 | $ | 1,714 | $ | 4,987 | $ | 4,594 |
Shares | Weighted- average grant-date price | |||||
Non-vested at beginning of period | 1,544 | $ | 16.66 | |||
Granted | 362 | $ | 25.27 | |||
Vested | (372 | ) | $ | 17.75 | ||
Forfeited | (17 | ) | $ | 18.29 | ||
Non-vested at the end of the period | 1,517 | $ | 18.42 |
Shares (in thousands) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value (in thousands) | |||||||||
Outstanding at beginning of period | 74 | $ | 14.99 | |||||||||
Granted | 7 | $ | 25.26 | |||||||||
Exercised | (42 | ) | $ | 14.98 | ||||||||
Expired/Forfeited | (1 | ) | $ | 18.98 | ||||||||
Outstanding at end of period | 38 | $ | 16.67 | 2.73 | $ | 412 | ||||||
Exercisable at end of period | 38 | $ | 16.67 | 2.73 | $ | 412 |
June 27, 2014 | |||
Expected life (in years) | 3.72 | ||
Expected volatility | 42.8 | % | |
Risk-free interest rate | 0.7 | % | |
Expected dividend yield | — | % | |
Weighted average fair value of options granted during the period | $ | 8.31 |
|
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||
Net income | $ | 16,082 | $ | 12,537 | $ | 17,739 | $ | 11,462 | |||||||
Weighted average number of common shares used in basic net income per common share | 40,739 | 40,140 | 40,655 | 39,962 | |||||||||||
Dilutive effect of outstanding stock options and non-vested restricted stock | 230 | 281 | 279 | 286 | |||||||||||
Weighted average number of common shares used in diluted net income per common share | 40,969 | 40,421 | 40,934 | 40,248 | |||||||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.39 | $ | 0.31 | $ | 0.44 | $ | 0.29 | |||||||
Diluted | $ | 0.39 | $ | 0.31 | $ | 0.43 | $ | 0.28 | |||||||
Anti-dilutive shares | 3 | 3 | 2 | 152 |
|
Foreign currency translation adjustment | Unrealized gain (loss) on marketable securities (1) | Total other comprehensive income, net of tax | |||||||||
Balance at beginning of period | $ | 2,129 | $ | (96 | ) | $ | 2,033 | ||||
Current-period other comprehensive income (2) | 89 | 453 | 542 | ||||||||
Balance at end of period | $ | 2,218 | $ | 357 | $ | 2,575 |
(1) | Consists of deferred compensation plan accounts, which includes mutual funds and available-for-sale securities. Available-for-sale securities which give rise to gains and losses are limited to our investments in select certificates of deposit. |
(2) | The tax impact of the components of other comprehensive income was immaterial. |
|
Twenty-six weeks ended | |||||||
June 27, 2014 | June 28, 2013 | ||||||
Cash paid during the period for: | |||||||
Interest | $ | 540 | $ | 467 | |||
Income taxes | $ | 5,820 | $ | 2,253 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|