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Common Stock and Stock-Based Compensation | 9 Months Ended
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Dec. 23, 2022
Share-Based Payment Arrangement [Abstract] |
Common Stock and Stock-Based Compensation | 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 performance-based restricted stock units (“PSUs”), time-based restricted stock units (“RSUs”) and restricted shares (all part of our equity incentive plan). Duri ng the nine-month periods ended December 23, 2022 and December 24, 2021, the Company granted RSUs to employees of 2,153,507 and 1,030,887, respectively, with an estimated weighted-average grant date fair value of $22.97 and $25.47, respectively. During the nine-month periods ended December 23, 2022 and December 24, 2021, 1,115,354 and 168,717 shares vested, respectively, and 192,290 and 143,820 shares were cancelled, respectively. Stock-based compensation expense related to non-vested awards not yet recorded at December 23, 2022 was $40,400, which is expected to be recognized over a weighted-average of 1.31 years. PSUs are includ ed at 10% - 200% of target goals. D uri ng the nine-month periods ended December 23, 2022 and December 24, 2021, the Company granted PSUs to employees of 3,392,208 and 465,732, respectively, with an estimated weighted-average grant date fair value of $24.64 and $27.08, respectively. A total of 1,046,255 and no shares vested during the nine-month periods ended December 23, 2022 and December 24, 2021, respectively, and 552,689 and 51,722 shares were cancelled, respectively. The intrinsic value of the PSUs that were unvested during the nine-month period ended December 23, 2022 was $83,110. The total compensation cost related to unvested awards not yet recorded at December 23, 2022 was $22,818, which is expected to be recognized over a weighted average of 2.86 years. During the nine-month periods ended December 23, 2022 and December 24, 2021, 117,096 and 227,530, respectively, shares of the Company’s restricted common stock vested. No shares and 24,014 shares, respectively, were forfeited, which reduced common stock outstanding during the same periods. The Company had 23,430 unvested shares of restricted common stock at December 23, 2022 with a weighted average grant date fair value of $14.00 and remaining vesting period of 0.44 years. The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations:
| Three-Month Period Ended |  | Nine-Month Period Ended
| December 23, 2022 |  | December 24, 2021 |  | December 23, 2022 |  | December 24, 2021
Cost of sales | $ | 1,156 |  |  | $ | 742 |  |  | $ | 3,112 |  |  | $ | 1,992 |
Research and development | 3,174 |  |  | 1,019 |  |  | 6,013 |  |  | 2,814 |
Selling, general and administrative | 4,572 |  |  | 5,859 |  |  | 42,117 |  |  | 13,841 |
Total stock-based compensation | $ | 8,902 |  |  | $ | 7,620 |  |  | $ | 51,242 |  |  | $ | 18,647 |
During the first fiscal quarter of 2023, the Company’s (former) President and Chief Executive Officer, Ravi Vig, provided notice of his retirement from the Company and its board of directors (the “Board”), effective June 13, 2022. Additionally, the Company entered into a second amended and restated severance agreement (the “Second A&R Severance Agreement”) with Mr. Vig that amended and restated the amended agreement from September 30, 2020. As provided for in the Second A&R Severance Agreement, the Company agreed, in addition to other cash-settled and health insurance-related compensation, to modifications to Mr. Vig’s stock-based compensation, including: (i) acceleration of the vesting of all unvested RSUs; (ii) modification of certain PSUs with performance conditions that had been achieved as of the retirement date to permit these awards to remain outstanding and eligible to vest in accordance with their terms; and (iii) the forfeiture of certain unvested PSUs with performance conditions that had not been achieved as of the retirement date and replacement thereof with new immediately vesting RSUs. The impact of these modifications on stock-based compensation expense was $26,349 for the nine-month period ended December 23, 2022, which was recorded in selling, general and administrative expense in the Company’s unaudited condensed consolidated statements of operations.

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