Common Stock and Stock-Based Compensation

3 Months Ended

Jun. 25, 2021

Share-based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including stock options, performance share units (“PSUs”), RSUs and restricted shares (all part of our equity incentive plan).

During the three months ended June 25, 2021, the Company granted 894,876 RSUs to employees with an estimated grant date fair value of $24.79. Stock-based compensation expense related to non-vested awards not yet recorded at June 25, 2021 was $31,320, which is expected to be recognized over a weighted-average of 1.78 years. During the three months ended June 25, 2021, 3,217 shares vested.

PSUs are included at 100% - 200% of target goals. The intrinsic value of the PSU’s vested during the three months ended June 25, 2021 was $30,490. The total compensation cost related to non-vested awards not yet recorded at June 25, 2021 was $19,420, which is expected to be recognized over a weighted average of 2.28 years. No shares vested during the three months ended June 25, 2021.

During the three months ended June 25, 2021, 54,729 shares of the Company’s restricted common stock vested. In addition, 9,757 shares were forfeited, which reduced common stock outstanding during the same period. The Company had 341,841 unvested shares of restricted common stock at June 25, 2021 with a weighted average grant date fair value of $14.00 and remaining vesting period of 1.58 years.

The Company recorded stock-based compensation expense in the following expense categories of its unaudited consolidated statements of operations:


	Three-Month Period Ended
	June 25, 2021		June 26, 2020
Cost of sales	$	528	$	97
Research and development	752		21
Selling, general and administrative	3,551		327
Total stock-based compensation	$	4,831	$	445