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Stockholders’ Equity and Stock-Based Compensation | 3 Months Ended
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Jul. 01, 2023
Equity [Abstract] |
Stockholders’ Equity and Stock-Based Compensation | Stockholders’ Equity and Stock-Based Compensation Common Stock Repurchase Programs On October 26, 2020, our Board of Directors authorized a two-year 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 programs. During the six months ended June 25, 2022, we repurchased 676,408 shares of common stock for $26.0 million. We utilized the remaining funds available for repurchase under this program during fiscal 2022. On May 20, 2022, our Board of Directors authorized an additional program to repurchase up to $75 million of outstanding common stock, also with the primary purpose to offset potential dilution from issuances of common stock under our stock-based compensation programs. The share repurchase program will expire on May 20, 2024. During the six months ended July 1, 2023, we did not repurchase any common stock. As of July 1, 2023, $18.6 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 31, 2022 | 2,227,081 |  |  | $ | 35.28 |
Awards granted | 1,014,619 |  |  | 30.97 |
Awards vested | (75,144) |  |  | 37.76 |
Awards forfeited | (122,881) |  |  | 35.09 |
RSUs at July 1, 2023 | 3,043,675 |  |  | 33.78 |
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 market based PRSUs granted during the six months ended July 1, 2023. PRSUs are included as part of the RSU activity above. Employee Stock Purchase Plan Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:
|  | Six Months Ended
|  | July 1, 2023
Shares issued |  | 210,055 |
Weighted average per share purchase price |  | $ | 23.92 |
Weighted average per share discount from the fair value of our common stock on the date of issuance |  | $ | (4.22) |
Stock-Based Compensation Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| July 1, 2023 |  | June 25, 2022 |  | July 1, 2023 |  | June 25, 2022
Cost of revenues | $ | 1,515 |  |  | $ | 734 |  |  | $ | 3,425 |  |  | $ | 1,812 |
Research and development | 2,363 |  |  | 1,695 |  |  | 4,735 |  |  | 3,681 |
Selling, general and administrative | 5,326 |  |  | 3,929 |  |  | 10,334 |  |  | 8,385 |
Total stock-based compensation | $ | 9,204 |  |  | $ | 6,358 |  |  | $ | 18,494 |  |  | $ | 13,878 |
Unrecognized Compensation Costs At July 1, 2023, the unrecognized stock-based compensation was as follows (dollars in thousands):
| Unrecognized Expense |  | Average Expected Recognition Period in Years
Restricted stock units | $ | 60,794 |  |  | 2.28
Performance restricted stock units | 7,789 |  |  | 1.72
Employee stock purchase plan | 246 |  |  | 0.09
Total unrecognized stock-based compensation expense | $ | 68,829 |  |  | 2.22

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