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Stockholders’ Equity and Stock-Based Compensation | 3 Months Ended
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Mar. 27, 2021
Equity [Abstract] |
Stockholders’ Equity and Stock-Based Compensation | Stockholders’ Equity and Stock-Based Compensation Common Stock Repurchase Program On October 26, 2020, our Board of Directors authorized a program to repurchase up to $50 million of outstanding common stock to offset potential dilution from issuances of common stock under our stock-based compensation plans. The share repurchase program will expire on October 28, 2022. During the three months ended March 27, 2021, we repurchased 136,402 shares of common stock for $5.7 million and, as of March 27, 2021, $44.3 million remained available for future repurchases. Our policy related to repurchases of our common stock is to charge the excess of cost over par value to additional paid-in capital once the shares are retired. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Restricted Stock Units Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows:
| Units |  | Weighted Average Grant Date Fair Value
RSUs at December 26, 2020 | 2,840,922 |  |  | $ | 19.80 |
Awards granted | 8,765 |  |  | 46.25 |
Awards vested | (67,635) |  |  | 16.38 |
Awards forfeited | (11,140) |  |  | 21.21 |
RSUs at March 27, 2021 | 2,770,912 |  |  | 19.96 |
Performance Restricted Stock Units We may grant Performance RSUs (“PRSUs”) to certain executives, which vest based upon us achieving certain market performance criteria. There were no PRSUs granted during the three months ended March 27, 2021. PRSUs are included as part of the RSU activity above. Stock Options Stock option activity under our equity incentive plan was as follows:
|  | Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
Outstanding at December 26, 2020 |  | 106,000 |  |  | $ | 8.35 |  |  |  |  |
Options exercised |  | (50,000) |  |  | 8.44 |  |  |  |  |
Outstanding at March 27, 2021 |  | 56,000 |  |  | $ | 8.28 |  |  | 0.92 |  | $ | 2,078,820 |
Vested and expected to vest at March 27, 2021 |  | 56,000 |  |  | $ | 8.28 |  |  | 0.92 |  | $ | 2,078,820 |
Exercisable at March 27, 2021 |  | 56,000 |  |  | $ | 8.28 |  |  | 0.92 |  | $ | 2,078,820 |
Employee Stock Purchase Plan Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:
|  | Three Months Ended
|  | March 27, 2021
Shares issued |  | 228,784 |
Weighted average per share purchase price |  | $ | 22.14 |
Weighted average per share discount from the fair value of our common stock on the date of issuance |  | $ | (18.73) |
Stock-Based Compensation Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):
| Three Months Ended |  |
| March 27, 2021 |  | March 28, 2020 |  |  |  |
Cost of revenues | $ | 1,335 |  |  | $ | 937 |  |  |  |  |
Research and development | 1,689 |  |  | 1,439 |  |  |  |  |
Selling, general and administrative | 4,053 |  |  | 3,247 |  |  |  |  |
Total stock-based compensation | $ | 7,077 |  |  | $ | 5,623 |  |  |  |  |
Unrecognized Compensation Costs At March 27, 2021, the unrecognized stock-based compensation was as follows (dollars in thousands):
| Unrecognized Expense |  | Average Expected Recognition Period in Years
Restricted stock units | $ | 27,429 |  |  | 2.03
Performance restricted stock units | 7,719 |  |  | 1.93
Employee stock purchase plan | 973 |  |  | 0.86
Total unrecognized stock-based compensation expense | $ | 36,121 |  |  | 1.99

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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