Stock-Based Compensation |
9 Months Ended |
|---|---|
Oct. 01, 2011 | |
| Stock-Based Compensation [Abstract] | Ìý |
| Stock-Based Compensation |
Note J — Stock-based Compensation During the first nine months of 2011, ÂÒÂ×°ÍÊ¿ granted options to purchaseÌý945,712 shares of Common Stock at a weighted average exercise price of $96.06, equal to the market value of ÂÒÂ×°ÍÊ¿ Common Stock on the option grant date. The options vest in equal annual installments, generally over a three year period. The fair value of these options was estimated using a lattice valuation model, with the following assumptions: expected volatility ranging from 27% to 38%, with a weighted average of 34%; expected term ofÌý5.6 toÌý7.5 years; expected dividend yield of 3.1%; and a risk-free interest rate ranging from 0.2% at nine months to 3.5% atÌý10 years. The resulting weighted average fair value of these options at the grant date was $25.12 per option. Also during the first nine months of 2011, ÂÒÂ×°ÍÊ¿ grantedÌý247,008 performance-based restricted stock units that generally entitle the recipients to receive shares of ÂÒÂ×°ÍÊ¿ Common Stock at the end of a three year performance period. The actual number of shares that will be earned, if any, will be based on ÂÒÂ×°ÍÊ¿'s performance over that period. The weighted average fair value of ÂÒÂ×°ÍÊ¿'s Common Stock at the date the units were granted was $95.74 per share. ÂÒÂ×°ÍÊ¿ also granted, during the first nine months of 2011,Ìý32,000 shares of restricted ÂÒÂ×°ÍÊ¿ Common Stock andÌý44,000 restricted stock units with weighted average fair values at the grant date of $97.22 and $103.88 per share, respectively. These shares and units will vest in 2015, assuming the grantees remain employed through the vesting date. |