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Stockholders' Equity | 12 Months Ended
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Dec. 28, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Preferred Stock We have authorized 10,000,000 shares of undesignated preferred stock, $0.001 par value, none of which is issued and outstanding. Our Board of Directors shall determine the rights, preferences, privileges and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of any series. Common Stock Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to the prior rights of holders, if any, of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid as of December 28, 2024. 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 fiscal 2022, we repurchased and retired 676,408 shares of common stock for $26.0 million, utilizing the remaining shares available for repurchase under the program. On May 20, 2022, our Board of Directors authorized a two-year program to repurchase up to $75 million of outstanding common stock to offset potential dilution from issuance of common stock under our stock-based compensation programs. During fiscal 2022 and 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 program to repurchase up to $75 million of outstanding common stock, also 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 and 2024, we repurchased and retired 32,020 shares of common stock for $1.2 million and 1,309,635 shares of common stock for $53.3 million, respectively, and as of December 28, 2024 $20.5 million remained available for future repurchases. Equity Incentive Plan We currently grant equity-based awards under our Equity Incentive Plan, as amended (the “2012 Plan”) which was approved by our stockholders. As amended, the 2012 Plan has authorized for issuance a total of 27.4 million shares, 3.7 million of which were available for grant as of December 28, 2024. Restricted stock units (“RSUs”) granted under the 2012 Plan generally vest over three years. RSUs, including Performance Restricted Stock Units (“PRSUs”) are converted into shares of our common stock upon vesting on a one-for-one basis. The vesting of RSUs is subject to the employee's continuing service. RSU activity was as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Restricted stock units at December 30, 2023 | 2,165,729 |  |  | $ | 35.85 |
Awards granted | 924,082 |  |  | 44.13 |
Awards vested | (1,115,782) |  |  | 36.08 |
Awards forfeited | (197,286) |  |  | 43.27 |
Restricted stock units at December 28, 2024 | 1,776,743 |  |  | 39.07 |
The PRSUs granted in fiscal 2024, 2023 and 2022 listed below vest based on us achieving certain market performance criteria. The performance criteria are based on a metric called Total Shareholder Return (“TSR”) for the performance period of three years, relative to the TSR of the companies identified as being part of the S&P Semiconductor Select Industry Index (FormFactor peer companies) as of a specific date. Of the 197,128 PRSUs granted in fiscal 2021, 56,685 shares were forfeited during the requisite service period, resulting in 140,443 shares vesting in 2024. These shares achieved 146% TSR performance, which resulted in an additional 64,525 shares issued in fiscal 2024 in excess of the target number of units related to the fiscal 2021 PRSU grant. PRSU grant activity was as follows:
|  | Fiscal Year Ended
|  | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Grant Date |  | August 5, 2024 |  | August 7, 2023 |  | August 1, 2022
Performance period |  | July 1, 2024 - June 30, 2027 |  | July 1, 2023 - June 30, 2026 |  | July 1, 2022 - June 30, 2025
Number of shares |  | 125,496 |  | 172,680 |  | 204,903
TSR as-of date |  | August 5, 2024 |  | August 7, 2023 |  | August 1, 2022
Stock-based compensation |  | $6.2 million |  | $8.6 million |  | $8.6 million
Employee Stock Purchase Plan Our 2012 Employee Stock Purchase Plan (the “ESPP”), as amended, allows for the issuance of a total of 12,137,559 shares. The offering periods under the ESPP are 12 months commencing on February 1 of each calendar year and ending on January 31 of the subsequent calendar year, and a six-month fixed offering period commencing on August 1 of each calendar year and ending on January 31 of the subsequent calendar year. The 12-month offering period consists of two six-month purchase periods and the six-month offering period consists of one six-month purchase period. The price of the common stock purchased is 85% of the lesser of the fair market value of the common stock on the first day of the applicable offering period or the last day of each purchase period. We have treated the 2012 ESPP as a compensatory plan. During fiscal 2024, employees purchased 340,989 shares under this program at a weighted average exercise price of $28.59 per share, which represented a weighted average discount of $16.43 per share from the fair value of the stock purchased. As of December 28, 2024, 3,272,032 shares remained available for issuance.

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