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Stock-Based Compensation
9 Months Ended
Jan. 03, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of January 3, 2021, the Company maintains the 2017 Equity Incentive Plan (“2017 EIP”). The 2017 EIP reserved 4,173,554 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market condition-based on total shareholder return (“TSR”) and performance condition-based share units (“PSU”) and other forms of equity-based compensation.

The Company recognized stock-based compensation expense associated with its equity incentive plans of $6,396 for the third quarter of fiscal 2021 and $5,891 for the third quarter of fiscal 2020. Stock-based compensation was $16,982 and $14,759 for the nine months of fiscal 2021 and fiscal 2020, respectively. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards.

During fiscal 2021, the Company granted to non-employee directors 39,933 restricted stock units, pursuant to the 2017 EIP. The awards vest immediately upon the date of grant and are settled in shares of common stock.

During fiscal 2021, the Company granted to management and other key employees 295,068 non-qualified stock options that vest ratably over three years from the date of grant and 283,101 restricted stock units that vest ratably over four years from the date of grant.
Common stock activity during fiscal 2021 included the vesting of 204,694 restricted stock units, 65,096 TSRs, the exercise of 83,499 stock options and the release of 29,420 non-employee director restricted stock units. As of January 3, 2021, there were 972,121 non-qualified stock options, 932,523 restricted stock units including non-employee director restricted stock units, 127,052 TSRs and 99,497 PSUs outstanding.