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Stockholders’ Equity and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Restricted Stock Unit Activity

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

Schedule of ESPP Activity

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)

Schedule of 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

Schedule of Unrecognized Stock-based Compensation

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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