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Stockholders' Equity and Stock-Based Compensation (Tables)
6 Months Ended
Jun. 25, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Employee stock purchase plan assumptions

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 25, 2016

 

 

June 27, 2015

 

 

June 25, 2016

 

 

June 27, 2015

 

Employee Stock Purchase Plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected life

 

0.5 years

 

 

0.5 years

 

 

0.5 years

 

 

0.5 years

 

Volatility

 

 

39.1%

 

 

 

37.2%

 

 

 

39.1

%

 

 

37.2%

 

Risk free interest rate

 

 

0.49%

 

 

 

0.11%

 

 

 

0.49

%

 

 

0.11%

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option plans activity

A summary of activity of stock options during the six months ended June 25, 2016 is as follows:

 

 

 

Number of

Shares

Outstanding

(Options)

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term (Years)

 

 

Aggregate

Intrinsic

Value

(in Thousands)

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 26, 2015

 

 

1,051,867

 

 

$

14.60

 

 

 

2.46

 

 

$

1,916

 

Exercised

 

 

(254,922

)

 

$

12.60

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(164,038

)

 

$

15.86

 

 

 

 

 

 

 

 

 

Outstanding at June 25, 2016

 

 

632,907

 

 

$

15.07

 

 

 

2.54

 

 

$

3,248

 

Exercisable at June 25, 2016

 

 

562,094

 

 

$

14.91

 

 

 

2.34

 

 

$

2,972

 

 

Summary of activity for RSUs

A summary of activity for RSUs is as follows:

 

Summary of activity for RSUs

 

Number

of RSUs

 

 

Weighted

Average Fair

Value

 

Outstanding RSUs as of December 26, 2015

 

 

713,243

 

 

$

15.99

 

Granted

 

 

441,551

 

 

$

17.02

 

Released

 

 

(246,363

)

 

$

16.43

 

Cancelled

 

 

(32,945

)

 

$

15.18

 

Outstanding RSUs as of June 25, 2016

 

 

875,486

 

 

$

16.42

 

 

Summary of activity for PSUs

A summary of activity for PSUs is as follows:

Summary of activity for PSUs

 

Number

of PSUs

 

 

Weighted

Average Fair

Value

 

Outstanding PSUs as of December 26, 2015

 

 

60,000

 

 

$

18.35

 

Granted

 

 

67,500

 

 

$

8.52

 

Released

 

 

(13,333

)

 

$

18.04

 

Cancelled

 

 

(6,667

)

 

$

18.04

 

Outstanding PSUs as of June 25, 2016

 

 

107,500

 

 

$

12.24

 

 

PSUs valuation assumptions

The assumptions for the valuation of PSUs are summarized as follows:

 

 

 

2016 Award

 

 

2015 Award

 

Grant Date Fair Value Per Share

 

$

8.52

 

 

$

18.35

 

Weighted-average assumptions/inputs:

 

 

 

 

 

 

 

 

Expected Dividend

 

 

 

 

 

 

Range of risk-free interest rates

 

 

0.92%

 

 

0.25%-1.1%

 

Range of expected volatilities for peer group

 

22%-93%

 

 

23%-65%

 

 

Stock-based compensation expense for all share-based payment awards

Stock-based compensation expense for all share-based payment awards made to the Company’s employees and directors pursuant to the employee stock option and employee stock purchase plans by function were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 25, 2016

 

 

June 27, 2015

 

 

June 25, 2016

 

 

June 27, 2015

 

Cost of products

 

$

89

 

 

$

60

 

 

$

156

 

 

$

132

 

Cost of service

 

 

114

 

 

 

45

 

 

 

218

 

 

 

91

 

Research and development

 

 

313

 

 

 

215

 

 

 

598

 

 

 

496

 

Selling

 

 

463

 

 

 

393

 

 

 

955

 

 

 

892

 

General and administrative

 

 

764

 

 

 

698

 

 

 

1,505

 

 

 

1,371

 

Total stock-based compensation expense related to employee

   stock options and employee stock purchases

 

$

1,743

 

 

$

1,411

 

 

$

3,432

 

 

$

2,982