Common Stock and Stock-Based Compensation

9 Months Ended

Dec. 29, 2023

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

13. Common Stock and Stock-Based Compensation

Restricted Stock Units

The following table summarizes the Company’s RSU activity for the nine-months ended December 29, 2023:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 31, 2023		2,251,224		$	23.85
Granted		1,093,856			36.25
Issued		(897,837	)		23.11
Forfeited		(82,938	)		27.20
Outstanding at December 29, 2023		2,364,305		$	29.78

As of December 29, 2023, total unrecognized compensation expense for awards issued was $51,039, which is expected to be recognized over a weighted-average period of 2.25 years. The total grant date fair value of RSUs vested was $20,696 for the nine-months ended December 29, 2023.

Performance Stock Units

The following table summarizes the Company’s PSU activity for the nine-months ended December 29, 2023:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 31, 2023		2,748,347		$	23.47
Granted		333,333			39.06
Excess shares issued due to achievement of performance conditions		500,451			17.65
Issued		(1,062,884	)		21.43
Forfeited		(86,539	)		23.70
Outstanding at December 29, 2023		2,432,708		$	25.64

Included in the outstanding shares are 396,171 and 76,306 shares as of March 31, 2023 and December 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 December 29, 2023 was $19,537, which is expected to be recognized over a weighted average period of 2.07 years. The total grant date fair value of PSUs vested was $22,777 for the nine-months ended December 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				Nine-Month Period Ended
	December 29, 2023		December 23, 2022		December 29, 2023		December 23, 2022
Cost of sales	$	1,073	$	1,156	$	4,625	$	3,112
Research and development		3,870		3,174		10,340		6,013
Selling, general and administrative		5,977		4,572		17,874		42,117
Total stock-based compensation	$	10,920	$	8,902	$	32,839	$	51,242