Common Stock and Stock-Based Compensation

6 Months Ended

Sep. 24, 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”), restricted share units (“RSUs”) and restricted shares (all part of our equity incentive plan).

During the six-month period ended September 24, 2021, the Company granted 960,031 RSUs to employees with an estimated grant date fair value of $24.96. Stock-based compensation expense related to non-vested awards not yet recorded at September 24, 2021 was $29,231, which is expected to be recognized over a weighted-average of 1.57 years. During the six-month period ended September 24, 2021, 64,583 shares vested.

PSUs are included at 100% - 200% of target goals. The intrinsic value of the PSU’s that were unvested during the six-month period ended September 24, 2021 was $38,211. The total compensation cost related to unvested awards not yet recorded at September 24, 2021 was $16,865, which is expected to be recognized over a weighted average of 2.03 years. No shares vested during the six-month period ended September 24, 2021.

During the six-month period ended September 24, 2021, 59,201 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 337,369 unvested shares of restricted common stock at September 24, 2021 with a weighted average grant date fair value of $14.00 and remaining vesting period of 1.33 years.

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


	Three-Month Period Ended				Six-Month Period Ended
	September 24, 2021		September 25, 2020		September 24, 2021		September 25, 2020
Cost of sales	$	722	$	53	$	1,250	$	150
Research and development	1,043		32		1,795		53
Selling, general and administrative	4,431		495		7,982		822
Total stock-based compensation	$	6,196	$	580	$	11,027	$	1,025