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Stock-Based Compensation
3 Months Ended
Jul. 03, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of July 3, 2022, the Company maintains the 2017 Equity Incentive Plan as amended from time to time (“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 $5,330 for the first quarter of fiscal 2023 and $3,659 for the first quarter of fiscal 2022. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards.

During the first quarter of fiscal 2023, the Company granted to non-employee directors 2,129 restricted stock units, under the deferred compensation plan for non-employee directors. The awards vest immediately upon the date of grant and are settled in shares of common stock.

During the first quarter of fiscal 2023, the Company granted to management and other key employees 1,157 restricted stock units that vest ratably over four years from the date of grant.

Common stock activity during the first quarter of fiscal 2023 included the exercise of 2,343 stock options and the vesting of 31,516 restricted stock units.
As of July 3, 2022, there were 972,439 non-qualified stock options, 843,824 restricted stock units including non-employee director restricted stock units, 75,205 TSRs and 77,100 PSUs outstanding.