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Stockholders’ Equity and Stock-Based Compensation | 3 Months Ended
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Mar. 29, 2025
Equity [Abstract] |
Stockholders’ Equity and Stock-Based Compensation | Stockholders’ Equity and Stock-Based Compensation Common Stock Repurchase Programs On October 30, 2023, our Board of Directors authorized a 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. On March 29, 2025, our Board of Directors approved an increase to the repurchase program, authorizing the repurchase of an additional $1.6 million in shares of common stock. During fiscal 2024 we repurchased and retired 1,309,635 shares of common stock for $53.3 million. During the three months ended March 29, 2025, we repurchased and retired 665,000 shares of common stock for $22.1 million, utilizing the remaining shares available for repurchase under the program. On April 24, 2025, our Board of Directors authorized a new 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. 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 is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity, as applicable. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Private Placement On January 10, 2025, Advantest America, Inc., a Delaware corporation, acquired 334,971 shares of FormFactor's common stock in a private placement for $44.78 per share, representing the 5-day trailing volume-weighted average price prior to signing the related private placement agreement. 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 28, 2024 | 1,776,743 |  |  | $ | 39.07 |
Awards granted | 10,020 |  |  | 35.73 |
Awards vested | (152,278) |  |  | 34.90 |
Awards forfeited | (51,875) |  |  | 38.10 |
RSUs at March 29, 2025 | 1,582,610 |  |  | 39.68 |
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 PRSUs granted during the three months ended March 29, 2025. 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:
|  | Three Months Ended
|  | March 29, 2025
Shares issued |  | 197,051 |
Weighted average per share purchase price |  | $ | 33.37 |
Weighted average per share discount from the fair value of our common stock on the date of issuance |  | $ | (6.69) |
Stock-Based Compensation Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):
| Three Months Ended |  |
| March 29, 2025 |  | March 30, 2024 |  |  |  |
Cost of revenues | $ | 2,005 |  |  | $ | 1,928 |  |  |  |  |
Research and development | 2,646 |  |  | 2,613 |  |  |  |  |
Selling, general and administrative | 5,145 |  |  | 5,864 |  |  |  |  |
Total stock-based compensation | $ | 9,796 |  |  | $ | 10,405 |  |  |  |  |
Unrecognized Compensation Costs At March 29, 2025, the unrecognized stock-based compensation was as follows (dollars in thousands):
| Unrecognized Expense |  | Average Expected Recognition Period in Years
Restricted stock units | $ | 35,134 |  |  | 1.76
Performance restricted stock units | 7,755 |  |  | 1.75
Employee stock purchase plan | 1,278 |  |  | 0.34
Total unrecognized stock-based compensation expense | $ | 44,167 |  |  | 1.72

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