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Stockholders’ Equity and Stock-Based Compensation
 3 Months Ended
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:
 
UnitsWeighted Average Grant Date Fair Value
RSUs at December 26, 20202,840,922 $19.80 
Awards granted8,765 46.25 
Awards vested(67,635)16.38 
Awards forfeited(11,140)21.21 
RSUs at March 27, 20212,770,912 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 OutstandingWeighted Average Exercise PriceWeighted Average Remaining Contractual Life in YearsAggregate Intrinsic Value
Outstanding at December 26, 2020106,000 $8.35 
Options exercised(50,000)8.44 
Outstanding at March 27, 202156,000 $8.28 0.92$2,078,820 
Vested and expected to vest at March 27, 202156,000 $8.28 0.92$2,078,820 
Exercisable at March 27, 202156,000 $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 issued228,784 
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 development1,689 1,439 
Selling, general and administrative4,053 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 ExpenseAverage Expected Recognition Period in Years
Restricted stock units$27,429 2.03
Performance restricted stock units7,719 1.93
Employee stock purchase plan973 0.86
Total unrecognized stock-based compensation expense$36,121 1.99