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Stockholders’ Equity and Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 28, 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 | 882,718 |  |  | 44.73 |
Awards vested | (981,072) |  |  | 36.14 |
Awards forfeited | (178,252) |  |  | 43.90 |
RSUs at September 28, 2024 | 1,889,123 |  |  | 38.97 |
Schedule of ESPP Activity | Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:
|  | Nine Months Ended
|  | September 28, 2024
Shares issued |  | 340,989 |
Weighted average per share purchase price |  | $ | 28.59 |
Weighted average per share discount from the fair value of our common stock on the date of issuance |  | $ | (16.43) |
Schedule of Stock-based Compensation | Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Cost of revenues | $ | 1,934 |  |  | $ | 1,376 |  |  | $ | 5,794 |  |  | $ | 4,801 |
Research and development | 2,679 |  |  | 3,173 |  |  | 7,906 |  |  | 7,908 |
Selling, general and administrative | 4,323 |  |  | 6,290 |  |  | 15,850 |  |  | 16,624 |
Total stock-based compensation | $ | 8,936 |  |  | $ | 10,839 |  |  | $ | 29,550 |  |  | $ | 29,333 |
Schedule of Unrecognized Stock-based Compensation | At September 28, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):
| Unrecognized Expense |  | Average Expected Recognition Period in Years
Restricted stock units | $ | 50,506 |  |  | 2.07
Performance restricted stock units | 10,497 |  |  | 2.09
Employee stock purchase plan | 1,894 |  |  | 0.35
Total unrecognized stock-based compensation expense | $ | 62,897 |  |  | 2.02

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