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Stock-Based Compensation Expense (Tables) | 9 Months Ended
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Sep. 27, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the nine-month period ended September 27, 2020:
| Shares (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019 | 12,899 |  |  | $ | 37.95 |  |  |  |  |
Granted | 975 |  |  | 51.58 |  |  |  |  |
Exercised | (3,408) |  |  | 26.82 |  |  |  |  |
Forfeited or expired | (529) |  |  | 50.34 |  |  |  |  |
Outstanding as of September 27, 2020 | 9,937 |  |  | $ | 42.45 |  |  | 7.03 |  | $ | 191,245 |
Exercisable as of September 27, 2020 | 3,807 |  |  | $ | 33.58 |  |  | 5.83 |  | $ | 107,040 |
Options vested or expected to vest as of September 27, 2020 (1) | 9,125 |  |  | $ | 41.73 |  |  | 6.92 |  | $ | 182,232 |
(1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted | The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions:
| Three-months Ended |  |  |  | Nine-months Ended |  |
| September 27, 2020 |  | September 29, 2019 |  | September 27, 2020 |  | September 29, 2019
Risk-free rate | — | % |  | 2.7 | % |  | 1.6 | % |  | 2.7 | %
Expected dividend yield | — | % |  | 0.39 | % |  | 0.43 | % |  | 0.39 | %
Expected volatility | — | % |  | 37 | % |  | 37 | % |  | 37 | %
Expected term (in years) | — |  |  | 5.1 |  | 6.0 |  | 5.2
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
| Three-months Ended |  |  |  | Nine-months Ended |  |
| September 27, 2020 |  | September 29, 2019 |  | September 27, 2020 |  | September 29, 2019
Cost of revenue | $ | 324 |  |  | $ | 334 |  |  | $ | 1,041 |  |  | $ | 1,114 |
Research, development, and engineering | 2,815 |  |  | 3,616 |  |  | 10,582 |  |  | 11,633 |
Selling, general, and administrative | 6,129 |  |  | 6,244 |  |  | 20,453 |  |  | 20,695 |
| $ | 9,268 |  |  | $ | 10,194 |  |  | $ | 32,076 |  |  | $ | 33,442 |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's RSUs activity for the nine-month period ended September 27, 2020:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2019 | 150 |  |  | $ | 48.63 |
Granted | 438 |  |  | 51.73 |
Vested | — |  |  | — |
Forfeited or expired | (34) |  |  | 50.60 |
Nonvested as of September 27, 2020 | 554 |  |  | $ | 50.96 |

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