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Stock-Based Compensation | 6 Months Ended
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Jun. 29, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation costs are based on the fair values on the date of grant for stock awards and stock options and on the date of enrollment for the employee stock purchase plans. The fair values of stock awards (such as restricted stock units (“RSUs”), performance stock units (“PSUs”) and restricted stock awards (“RSAs”)) are estimated based on their intrinsic values. The fair values of market stock awards (“MSUs”) are estimated using a Monte Carlo simulation. The fair values of stock options and employee stock purchase plans are estimated using the Black-Scholes option-pricing model. The following table presents details of stock-based compensation costs recognized in the Condensed Consolidated Statements of Operations (in thousands):
| Three Months Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Cost of revenues | $ | 412 |  |  | $ | 283 |  |  | $ | 824 |  |  | $ | 582 |
Research and development | 10,217 |  |  | 8,813 |  |  | 19,939 |  |  | 18,305 |
Selling, general and administrative | 5,215 |  |  | 5,643 |  |  | 8,692 |  |  | 12,490 |
| 15,844 |  |  | 14,739 |  |  | 29,455 |  |  | 31,377 |
Income tax benefit | 2,075 |  |  | 2,155 |  |  | 3,802 |  |  | 3,941 |
Total | $ | 13,769 |  |  | $ | 12,584 |  |  | $ | 25,653 |  |  | $ | 27,436 |
The Company had approximately $124.4 million of total unrecognized compensation cost related to equity grants as of June 29, 2024 that is expected to be recognized over a weighted-average period of approximately 2.3 years.

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