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Stockholders’ Equity and Stock-Based Compensation | 3 Months Ended
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Jun. 29, 2024
Equity [Abstract] |
Stockholders’ Equity and Stock-Based Compensation | Stockholders’ Equity and Stock-Based Compensation Common Stock Repurchase Programs On May 20, 2022, our Board of Directors authorized a two-year program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuance of common stock under our stock-based compensation programs. During fiscal 2022 and fiscal 2023, we repurchased and retired 1,700,893 shares of common stock for $56.4 million and 504,352 shares of common stock for $18.6 million, respectively, utilizing the remaining shares available for repurchase under the program. On October 30, 2023, our Board of Directors authorized an additional two-year program to repurchase up to $75.0 million of outstanding common stock, with the primary purpose of offsetting potential dilution from issuance of common stock under our stock-based compensation programs. This share repurchase program will expire on October 30, 2025. During fiscal 2023 we repurchased and retired 32,020 shares of common stock for $1.2 million. During the six months ended June 29, 2024, we repurchased and retired 483,951 shares of common stock for $20.3 million, and as of June 29, 2024, $53.5 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. Share repurchases are subject to an excise tax enabled by the Inflation Reduction Act that is generally 1% of the fair market value of the shares repurchased at the time of the repurchase, net of the fair market value of certain new stock issuances during the same taxable year. Certain exceptions apply to the excise tax. The excise tax incurred reduces the amount available under the repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity. 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 30, 2023 | 2,165,729 |  |  | $ | 35.85 |
Awards granted | 149,829 |  |  | 54.41 |
Awards vested | (266,910) |  |  | 31.30 |
Awards forfeited | (22,393) |  |  | 33.36 |
RSUs at June 29, 2024 | 2,026,255 |  |  | 37.79 |
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 June 29, 2024. 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
|  | June 29, 2024
Shares issued |  | 197,014 |
Weighted average per share purchase price |  | $ | 25.11 |
Weighted average per share discount from the fair value of our common stock on the date of issuance |  | $ | (13.66) |
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
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Cost of revenues | $ | 1,932 |  |  | $ | 1,515 |  |  | $ | 3,860 |  |  | $ | 3,425 |
Research and development | 2,614 |  |  | 2,363 |  |  | 5,227 |  |  | 4,735 |
Selling, general and administrative | 5,663 |  |  | 5,326 |  |  | 11,527 |  |  | 10,334 |
Total stock-based compensation | $ | 10,209 |  |  | $ | 9,204 |  |  | $ | 20,614 |  |  | $ | 18,494 |
Unrecognized Compensation Costs At June 29, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):
| Unrecognized Expense |  | Average Expected Recognition Period in Years
Restricted stock units | $ | 39,732 |  |  | 1.78
Performance restricted stock units | 7,437 |  |  | 1.69
Employee stock purchase plan | 264 |  |  | 0.09
Total unrecognized stock-based compensation expense | $ | 47,433 |  |  | 1.76

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