Common Stock and Stock-Based Compensation

6 Months Ended

Sep. 29, 2023

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

12. Common Stock and Stock-Based Compensation

Restricted Stock Units

The following table summarizes the Company’s RSU activity for the six months ended September 29, 2023:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 31, 2023		2,251,224		$	23.85
Granted		907,364			38.32
Issued		(782,561	)		24.11
Forfeited		(60,452	)		25.65
Outstanding at September 29, 2023		2,315,575		$	29.41

As of September 29, 2023, total unrecognized compensation expense for awards issued was $55,834, which is expected to be recognized over a weighted-average period of 2.41 years. The total grant date fair value of RSUs vested was $18.8 million for the six months ended September 29, 2023.

Performance Stock Units

The following table summarizes the Company’s PSU activity for the six months ended September 29, 2023:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 31, 2023		2,748,347		$	23.47
Granted		298,783			40.56
Excess shares issued due to achievement of performance condition		462,739			24.99
Issued		(215,883	)		24.79
Forfeited		(47,414	)		23.28
Outstanding at September 29, 2023		3,246,572		$	24.32

Included in the outstanding shares are 396,171 and 486,229 shares as of March 31, 2023 and September 29, 2023, respectively, that have vested but have not been issued. PSUs are included at 0% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at September 29, 2023 was $22,267, which is expected to be recognized over a weighted average period of 2.28 years. The total grant date fair value of PSUs vested was $5.4 million for the six months ended September 29, 2023.

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


	Three-Month Period Ended				Six-Month Period Ended
	September 29, 2023		September 23, 2022		September 29, 2023		September 23, 2022
Cost of sales	$	946	$	1,124	$	3,552	$	1,956
Research and development		3,602		1,711		6,470		2,839
Selling, general and administrative		6,329		5,369		11,897		37,545
Total stock-based compensation	$	10,877	$	8,204	$	21,919	$	42,340