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Equity Compensation (Tables) | 12 Months Ended
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Mar. 31, 2018
Summary of Activity in Total Stock Available for Grant | The following table summarizes the activity in total shares available for grant (in thousands):
| Shares
| Available for
| Grant
Balance, March 28, 2015 | 3,896 |
Shares added | 4,900 |
Granted | (2,676 | )
Forfeited | 167 |
Balance, March 26, 2016 | 6,287 |
Shares added | — |
Granted | (1,719 | )
Forfeited | 124 |
Balance, March 25, 2017 | 4,692 |
Shares added | — |
Granted | (1,755 | )
Forfeited | 128 |
Balance, March 31, 2018 | 3,065 |
Summary of Effect of Stock-Based Compensation on Cost of Goods Sold | The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts):
|  | Fiscal Year
|  | 2018 |  | 2017 |  | 2016
Cost of sales |  | $ | 1,474 |  |  | $ | 1,071 |  |  | $ | 1,145 |
Research and development |  | 26,137 |  |  | 21,186 |  |  | 17,173 |
Sales, general and administrative |  | 21,130 |  |  | 17,336 |  |  | 15,188 |
Effect on pre-tax income |  | 48,741 |  |  | 39,593 |  |  | 33,506 |
Income Tax Benefit |  | (5,953 | ) |  | (12,482 | ) |  | (10,306 | )
Total share-based compensation expense (net of taxes) |  | 42,788 |  |  | 27,111 |  |  | 23,200 |
Share-based compensation effects on basic earnings per share |  | $ | 0.67 |  |  | $ | 0.43 |  |  | $ | 0.37 |
Share-based compensation effects on diluted earnings per share |  | 0.65 |  |  | 0.41 |  |  | 0.35 |
Schedule of Fair Value of Stock Option Grants | We estimated the fair value of each stock option granted on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions:
|  | March 31, 2018 |  | March 25, 2017 |  | March 26, 2016
Expected stock price volatility |  | 37.36 | % |  | 47.66 | % |  | 40.13 - 45.07%
Risk-free interest rate |  | 1.67 | % |  | 1.13 | % |  | 0.94 - 1.05%
Expected term (in years) |  | 3.03 |  |  | 2.79 |  |  | 2.72 - 2.97
Schedule of Stock Option Activity | Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
|  | Outstanding Options
|  | Number |  | Weighted Average Exercise Price
Balance, March 28, 2015 |  | 3,333 |  |  | $ | 14.31 |
Options granted |  | 387 |  |  | 31.39 |
Options exercised |  | (773 | ) |  | 8.46 |
Options forfeited |  | — |  |  | — |
Options expired |  | (22 | ) |  | 35.41 |
Balance, March 26, 2016 |  | 2,925 |  |  | $ | 17.96 |
Options granted |  | 215 |  |  | 54.65 |
Options exercised |  | (1,382 | ) |  | 11.87 |
Options forfeited |  | — |  |  | — |
Options expired |  | — |  |  | — |
Balance, March 25, 2017 |  | 1,758 |  |  | $ | 27.25 |
Options granted |  | 216 |  |  | 55.72 |
Options exercised |  | (234 | ) |  | 18.84 |
Options forfeited |  | — |  |  | — |
Options expired |  | — |  |  | — |
Balance, March 31, 2018 |  | 1,740 |  |  | $ | 31.91 |
Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable | Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 31, 2018 is as follows (in thousands, except years and per share amounts):
|  | Number of Options |  | Weighted Average Exercise price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Vested and expected to vest |  | 1,738 |  |  | $ | 31.89 |  |  | 6.11 |  | $ | 21,446 |
Exercisable |  | 1,182 |  |  | $ | 25.20 |  |  | 4.96 |  | $ | 19,243 |
Summary of Outstanding and Exercisable Options | The following table summarizes information regarding outstanding and exercisable options as of March 31, 2018 (in thousands, except per share amounts):
|  | Options Outstanding |  | Options Exercisable
|  |  |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise |  | Number |  | Weighted Average
Range of Exercise Prices |  | Number |  | (years) |  | Price |  | Exercisable |  | Exercise Price
$2.90 - $16.25 |  | 403 |  |  | 2.58 |  | $ | 13.09 |  |  | 403 |  |  | $ | 13.09 |
$16.28 - $23.34 |  | 354 |  |  | 5.87 |  | 21.78 |  |  | 320 |  |  | 21.91 |
$23.80 - $23.80 |  | 3 |  |  | 5.43 |  | 23.80 |  |  | 3 |  |  | 23.80 |
$31.25 - $31.25 |  | 321 |  |  | 7.60 |  | 31.25 |  |  | 170 |  |  | 31.25 |
$32.29 - $54.65 |  | 443 |  |  | 6.74 |  | 46.06 |  |  | 286 |  |  | 42.37 |
$55.72 - $55.72 |  | 216 |  |  | 9.59 |  | 55.72 |  |  | — |  |  | — |
|  | 1,740 |  |  | 6.11 |  | $ | 31.91 |  |  | 1,182 |  |  | $ | 25.20 |
Summary of Restricted Stock Units Vesting or Expected to Vest | Additional information with regards to outstanding restricted stock units that are expected to vest as of March 31, 2018, is as follows (in thousands, except year and per share amounts):
|  | Shares |  | Weighted Average Fair Value |  | Weighted Average Remaining Contractual Term (years)
Expected to vest |  | 2,682 |  |  | $ | 45.53 |  |  | 1.42
Summary of Monte Carlo Simulation Assumptions for Market Stock Units | The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:
|  | Year Ended
|  | March 31, 2018 |  | March 25, 2017
Expected stock price volatility |  | 37.36 | % |  | 47.66 | %
Risk-free interest rate |  | 1.74 | % |  | 0.98 | %
Expected term (in years) |  | 3.00 |  |  | 3.00 |
Schedule of Market Stock Units Activity | A summary of the activity for MSU’s in fiscal year 2018, 2017, and 2016 is presented below (in thousands, except year and per share amounts):
|  | Shares |  | Weighted Average Fair Value
March 28, 2015 |  | 35 |  |  | $ | 22.00 |
Granted |  | 90 |  |  | 39.86 |
Vested |  | — |  |  | — |
Forfeited |  | — |  |  | — |
March 26, 2016 |  | 125 |  |  | $ | 34.85 |
Granted |  | 55 |  |  | 75.58 |
Vested |  | — |  |  | — |
Forfeited |  | — |  |  | — |
March 25, 2017 |  | 180 |  |  | $ | 47.30 |
Granted |  | 89 |  |  | 47.26 |
Vested |  | (70 | ) |  | 22.00 |
Forfeited |  | — |  |  | — |
March 31, 2018 |  | 199 |  |  | $ | 56.16 |
Summary of Outstanding MSUs Expected to Vest | Additional information with regard to outstanding MSU’s that are expected to vest as of March 31, 2018 is as follows (in thousands, except year and per share amounts):
|  | Shares |  | Weighted Average Fair Value |  | Weighted Average Remaining Contractual Term (years)
Expected to vest |  | 193 |  |  | $ | 55.95 |  |  | 1.40
Restricted Stock Units (RSUs) |
Summary of Restricted Stock and Restricted Stock Units Activity | A summary of the activity for RSU’s in fiscal year 2018, 2017, and 2016 is presented below (in thousands, except year and per share amounts):
|  | Shares |  | Weighted Average Fair Value
March 28, 2015 |  | 2,821 |  |  | $ | 25.57 |
Granted |  | 1,437 |  |  | 31.51 |
Vested |  | (992 | ) |  | 32.48 |
Forfeited |  | (103 | ) |  | 24.75 |
March 26, 2016 |  | 3,163 |  |  | 26.14 |
Granted |  | 947 |  |  | 52.40 |
Vested |  | (1,032 | ) |  | 24.67 |
Forfeited |  | (83 | ) |  | 28.40 |
March 25, 2017 |  | 2,995 |  |  | 34.91 |
Granted |  | 936 |  |  | 55.79 |
Vested |  | (1,077 | ) |  | 24.79 |
Forfeited |  | (85 | ) |  | 41.09 |
March 31, 2018 |  | 2,769 |  |  | $ | 45.70 |

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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