Common Stock and Stock-Based Compensation

9 Months Ended

Dec. 27, 2024

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 nine-month period ended December 27, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,215,621		$	29.82
Granted		1,486,141			27.79
Issued		(950,692	)		28.45
Forfeited		(149,579	)		29.14
Outstanding at December 27, 2024		2,601,491		$	29.21

As of December 27, 2024, total unrecognized compensation expense for awards issued was $56,267, which is expected to be recognized over a weighted-average period of 1.98 years. The total grant date fair value of RSUs vested was $27,041 for the nine-month period ended December 27, 2024.

Performance Stock Units

The following table summarizes the Company’s PSU activity for the nine-month period ended December 27, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,429,393		$	25.64
Granted		528,213			31.06
Excess shares issued due to achievement of performance conditions		(6,836	)		47.95
Issued		(310,917	)		28.81
Forfeited		(65,933	)		34.02
Outstanding at December 27, 2024		2,573,920		$	26.07

Included in the outstanding shares are 76,306 shares as of March 29, 2024, which have vested but were issued during the nine-month period ended December 27, 2024. PSUs are included at 0% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at December 27, 2024 was $18,084, which is expected to be recognized over a weighted average period of 2.04 years. The total grant date fair value of PSUs vested was $8,958 for the nine-month period ended December 27, 2024.

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


	Three-Month Period Ended				Nine-Month Period Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
Cost of goods sold	$	802	$	1,073	$	2,180	$	4,625
Research and development		3,960		3,870		11,218		10,340
Selling, general and administrative		5,826		5,977		18,853		17,874
Total stock-based compensation	$	10,588	$	10,920	$	32,251	$	32,839