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Stock-Based Compensation

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Stock-Based Compensation Expense

Certain information regarding our stock-based compensation was as follows (in thousands, except per share amounts):

			Fiscal Year Ended
			December 30, 2023						December 31, 2022						December 25, 2021
Weighted average grant date per share fair value of RSUs granted			$	33.85					$	34.83					$	36.12
Total intrinsic value of stock options exercised			—						—						3,179
Fair value of RSUs vested			32,820						42,324						54,948

Pre-tax stock-based compensation expense by financial statement line and related tax benefit in the Consolidated Statements of Income are as follows (in thousands):

			Fiscal Year Ended
			December 30, 2023						December 31, 2022						December 25, 2021
Stock-based compensation expense included in:
Cost of revenues			$	6,854					$	3,807					$	5,200
Research and development			10,652						8,217						7,583
Selling, general and administrative			21,110						19,313						16,601
Total stock-based compensation			$	38,616					$	31,337					$	29,384
Stock-based compensation tax benefit (expense)			$	(1,424)					$	2,772					$	6,118

Unrecognized Stock-Based Compensation Expense

Unrecognized stock-based compensation expense at December 30, 2023 consisted of the following (in thousands):

						Unrecognized Expense						Weighted Average Recognition Period (Years)
Restricted stock units						$	48,040					2.0
Performance restricted stock units						10,902						2.0
Employee stock purchase plan						375						0.1
Total unrecognized stock-based compensation expense						$	59,317					2.0

Valuation Assumptions

The following assumptions were used in estimating the fair value of PRSUs:

			Fiscal Year Ended
			December 30, 2023						December 31, 2022						December 25, 2021
PRSUs:
Dividend yield			—		%				—		%				—		%
Expected volatility			50.7		%				53.0		%				52.5		%
Risk-free interest rate			4.4		%				2.8		%				0.3		%
Expected life (in years)			2.9						2.9						2.9

The following assumptions were used in estimating the fair value of shares under the Employee Stock Purchase Plan:

			Fiscal Year Ended
			December 30, 2023						December 31, 2022						December 25, 2021
Employee Stock Purchase Plan:
Dividend yield			—		%				—		%				—		%
Expected volatility			40.6% - 60.2%						42.6% - 60.8%						33.6% - 74.4%
Risk-free interest rate			0.8% - 5.5%						0.1% - 3.0%						0.1% - 1.5%
Expected life (in years)			0.5 - 1.0						0.5 - 1.0						0.5 - 1.0

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- References

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- Definition

The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//718/tableOfContent

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