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Share-Based Compensation | 12 Months Ended
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Jun. 26, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation |
9. | Share-Based Compensation
The purpose of our various share-based compensation plans is to attract, motivate, retain, and reward high-quality employees, directors, and consultants by enabling such persons to acquire or increase their proprietary interest in our common stock in order to strengthen the mutuality of interests between such persons and our stockholders and to provide such persons with annual and long-term performance incentives to focus their best efforts on the creation of stockholder value. Consequently, we determine whether to grant share-based compensatory awards subsequent to the initial award for our employees and consultants primarily on individual performance. Share-Based Compensation Plans On October 29, 2019, our stockholders approved: (i) our 2019 Equity and Incentive Compensation Plan, or the 2019 Incentive Plan, to replace our Amended and Restated 2010 Incentive Compensation Plan, or the 2010 Incentive Plan, and (ii) our 2019 Employee Stock Purchase Plan, or the 2019 ESPP, to replace our Amended and Restated 2010 Employee Stock Purchase Plan, or our 2010 ESPP. Upon approval of the 2019 Incentive Plan, new awards are no longer issued under the 2010 Incentive Plan. Awards outstanding at October 29, 2019 under our prior share-based compensation plans were not impacted by the approval of the 2019 Incentive Plan and continue to remain outstanding and vest by their terms under the applicable share-based compensation plan. Shares underlying certain share-based awards forfeited under the 2010 Incentive Plan subsequent to the approval of the 2019 Incentive Plan automatically transfer to and become available for award issuance from the 2019 Incentive Plan. The 2019 Incentive Plan authorizes our Board of Directors to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock units, cash incentive awards, performance shares, performance stock units, and other stock-based awards. The cumulative number of shares approved under the 2019 Incentive Plan was 2,590,000. The 2019 ESPP authorizes us to provide eligible employees with an opportunity to acquire an equity interest in our company through the purchase of stock at a discount, with an initial authorization of 1,500,000 shares. Effective August 19, 2019, we adopted the 2019 Inducement Equity Plan. 650,000 shares of our common stock have been reserved for issuance under the 2019 Inducement Equity Plan, subject to adjustment for stock dividends, stock splits, or other changes in our common stock or capital structure. The 2019 Inducement Equity Plan is intended to comply with Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, which provide an exception to the Nasdaq Stock Market Listing Rules’ on the shareholder approval requirement for the issuance of securities with regards to grants to employees of the company or its subsidiaries as an inducement material to such individuals entering into employment with the company or its subsidiaries. An individual was eligible to receive an award under the 2019 Inducement Equity Plan only if he or she was not previously an employee or director of our company (or is returning to work after a bona-fide period of non-employment), and an award under the 2019 Inducement Equity Plan is a material inducement for him or her to accept employment with our company. As a result of approval by our stockholders of our amended and restated 2019 Incentive Plan on October 27, 2020, no new awards will be granted under the 2019 Inducement Equity Plan. Our share-based compensation plans with outstanding awards consist of our 2010 Incentive Plan, our 2019 Incentive Plan, our 2019 Inducement Equity Plan, and our 2019 ESPP. Share-based compensation awards available for grant or issuance for each plan as of the beginning of the fiscal year, including changes in the balance of awards available for grant for fiscal 2021, were as follows:
|  | Awards |  |  |  |  |  |  | 2019 |  |  | 2019 |  |  |  |  |
|  | Available |  |  | 2019 |  |  | Employee |  |  | Employee |  |  | 2010 |
|  | Under All |  |  | Incentive |  |  | Inducement |  |  | Stock |  |  | Incentive |
|  | Share-Based |  |  | Compensation |  |  | Equity |  |  | Purchase |  |  | Compensation |
|  | Award Plans |  |  | Plan |  |  | Plan |  |  | Plan |  |  | Plan |
Balance at June 2020 |  |  | 3,190,152 |  |  |  | 1,412,401 |  |  |  | 348,780 |  |  |  | 1,428,971 |  |  |  | — |
Additional shares authorized |  |  | 1,360,000 |  |  |  | 1,360,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Transferred between plans |  |  | — |  |  |  | 264,679 |  |  |  | — |  |  |  | — |  |  |  | (264,679 | )
Restricted stock units granted |  |  | (803,721 | ) |  |  | (676,597 | ) |  |  | (127,124 | ) |  |  | — |  |  |  | — |
Market stock units granted |  |  | (101,009 | ) |  |  | (101,009 | ) |  |  | — |  |  |  | — |  |  |  | — |
Performance stock units granted |  |  | (174,231 | ) |  |  | (168,895 | ) |  |  | (5,336 | ) |  |  | — |  |  |  | — |
Performance stock units performance adjustment |  |  | (242,651 | ) |  |  | (101,892 | ) |  |  | (20,449 | ) |  |  | — |  |  |  | (120,310 | )
Market stock units performance adjustment |  |  | (77,534 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (77,534 | )
Purchases under employee stock purchase plan |  |  | (220,389 | ) |  |  | — |  |  |  | — |  |  |  | (220,389 | ) |  |  | — |
Forfeited |  |  | 615,962 |  |  |  | 125,720 |  |  |  | — |  |  |  | — |  |  |  | 490,242 |
Plan shares no longer available for new grants |  |  | (223,590 | ) |  |  | — |  |  |  | (195,871 | ) |  |  | — |  |  |  | (27,719 | )
Balance at June 2021 |  |  | 3,322,989 |  |  |  | 2,114,407 |  |  |  | — |  |  |  | 1,208,582 |  |  |  | — |
Share-based compensation and the related tax benefit recognized in our consolidated statements of income for fiscal 2021, 2020, and 2019 were as follows (in millions):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Cost of revenue |  | $ | 3.4 |  |  | $ | 2.1 |  |  | $ | 3.1 |
Research and development |  |  | 45.4 |  |  |  | 32.3 |  |  |  | 33.7 |
Selling, general, and administrative |  |  | 44.3 |  |  |  | 26.0 |  |  |  | 22.2 |
Total |  | $ | 93.1 |  |  | $ | 60.4 |  |  | $ | 59.0 |
Income tax benefit on share-based compensation |  | $ | 15.2 |  |  | $ | 6.3 |  |  | $ | 4.3 |
Included in the preceding table is share-based compensation for our cash-settled phantom stock units, which we granted in October 2019 (see Phantom Stock Units below) (in millions):
|  | 2021 |  |  | 2020 |
Cost of revenue |  | $ | 0.4 |  |  | $ | 0.2 |
Research and development |  |  | 21.9 |  |  |  | 9.1 |
Selling, general, and administrative |  |  | 4.7 |  |  |  | 1.8 |
Total |  | $ | 27.0 |  |  | $ | 11.1 |
We recognize a tax benefit upon expensing certain share-based awards associated with our share-based compensation plans, including RSUs, market stock units, or MSUs, PSUs, and phantom stock units. We do not recognize a tax benefit upon expensing all or a portion of share-based awards granted to certain executive officers and certain foreign-based employees. We compare the actual tax benefit associated with the tax deduction from share-based award activity to the hypothetical tax benefit based on the grant date fair values of the corresponding share-based awards. Tax benefit associated with excess tax deduction creditable to income tax provision is recognized when incurred. Tax deficiency associated with a tax shortfall is debited to income tax provision when incurred. Historically, we have issued new shares in connection with our share-based compensation plans, however, treasury shares are also available for issuance. Any additional shares repurchased under our common stock repurchase program will be available for issuance under our share-based compensation plans. Stock Options Our share-based compensation plans with outstanding stock option awards include our 2010 Incentive Plan. Under our 2010 Incentive Plan, we were able to grant incentive stock options or nonqualified stock options to purchase shares of our common stock at not less than 100% of the fair market value, or FMV, on the date of grant. Option granting ceased in fiscal 2018. Options granted under our 2010 Incentive Plan generally vest three to four years from the vesting commencement date and expire seven years after the date of grant if not exercised. Certain stock option activity for fiscal 2021 and balances as of the end of fiscal 2021 were as follows:
|  | Stock |  |  | Weighted |  |  |  |  |
|  | Option |  |  | Average |  |  | Intrinsic |
|  | Awards |  |  | Exercise |  |  | Value |
|  | Outstanding |  |  | Price |  |  | (In millions) |
Balance at June 2020 |  |  | 329,786 |  |  | $ | 69.78 |  |  |  |  |
Exercised |  |  | (221,164 | ) |  |  | 69.17 |  |  |  |  |
Expired |  |  | (53,561 | ) |  |  | 75.48 |  |  |  |  |
Balance at June 2021 |  |  | 55,061 |  |  |  | 66.68 |  |  | $ | 4.5 |
Exercisable at June 2021 |  |  | 55,061 |  |  |  | 66.68 |  |  | $ | 4.5 |
The aggregate intrinsic value was determined using the closing price of our common stock on the last trading day of fiscal 2021, or June 25, 2021, of $147.58. All of the stock options outstanding were vested and in-the-money as of the end of fiscal 2021. Cash received and the aggregate intrinsic value of stock options exercised for fiscal 2021, 2020, and 2019 were as follows (in millions):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Cash received |  | $ | 23.9 |  |  | $ | 23.9 |  |  | $ | 5.2 |
Aggregate intrinsic value |  | $ | 8.6 |  |  | $ | 10.8 |  |  | $ | 2.4 |
There were no stock options granted in fiscal 2021, 2020 or 2019. There was no unrecognized share-based compensation costs for stock options granted under our various plans. Restricted Stock Units Our 2019 Incentive Plan provides for the grant of RSUs to our employees, consultants, and directors, and previously our 2019 Inducement Equity Plan and our 2010 Incentive Plan provided for the grant of deferred stock units, or DSUs, to our employees, consultants, and directors. An RSU and a DSU are each a promise to deliver shares of our common stock at a future date in accordance with the terms of the grant agreement and the words can be used interchangeably. We began granting DSUs in January 2006 and RSUs in 2019. The use of RSUs will cover the meaning of both RSUs and DSUs. RSUs granted generally vest ratably over three to four years from the vesting commencement date. Delivery of shares under the plans take place on the quarterly vesting dates. At the delivery date, we withhold shares to cover applicable statutory minimum tax withholding for grantees subject to withholding and deliver a net quantity of shares to the grantee after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the RSU award. RSU activity, including RSUs granted, delivered, and forfeited in fiscal 2021, and the balance and aggregate intrinsic value of RSUs as of the end of fiscal 2021 was as follows:
|  |  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  |  | Intrinsic |  |  | Average |
|  | RSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2020 |  |  | 1,360,324 |  |  |  |  |  |  | $ | 42.40 |
Granted |  |  | 803,721 |  |  |  |  |  |  |  | 81.52 |
Delivered |  |  | (587,192 | ) |  |  |  |  |  |  | 41.61 |
Forfeited |  |  | (253,567 | ) |  |  |  |  |  |  | 54.67 |
Balance at June 2021 |  |  | 1,323,286 |  |  | $ | 195.3 |  |  |  | 64.13 |
Of the shares delivered, 173,301 shares valued at $14.3 million were withheld to meet statutory tax withholding requirements. The aggregate intrinsic value was determined using the closing price of our common stock on the last trading day of fiscal 2021, or June 25, 2021, of $147.58. The unrecognized share-based compensation cost for RSUs granted under our 2019 Incentive Plan, our 2019 Inducement Equity Plan and our 2010 Incentive Plan was approximately $61.5 million as of the end of fiscal 2021, which will be recognized over a weighted average period of approximately 2.0 years. The aggregate market value of RSUs delivered in fiscal 2021, 2020, and 2019 was $48.2 million, $36.0 million, and $35.7 million, respectively. Market Stock Units Our 2019 Incentive Plan, and previously our 2019 Inducement Equity Plan, provide for the grant of MSU awards, to our employees, consultants, and directors. An MSU is a promise to deliver shares of our common stock at a future date based on the achievement of market-based performance requirements in accordance with the terms of the MSU grant agreement. We have granted MSU awards to our executive officers and other management members under our 2010 Incentive Plan, our 2019 Incentive Plan and our 2019 Inducement Equity Plan, which are designed to vest in three or four tranches with the target quantity for each tranche equal to one-third or one-fourth of the total MSU grant. The first tranche vests based on a one-year performance period; the second tranche vests based on a two-year performance period; the third tranche vests based on a three-year performance period; and the fourth tranche (in the case of four-year vesting) vests based on a four-year performance period. For MSU awards granted in fiscal 2021, performance is measured based on our achievement of a specified level of total stockholder return, or TSR, relative to the TSRs of each company in the Russell 2000 Index. The potential payout ranges from 0% to 200% of the target grant quantity based on our TSR performance relative to the TSRs of each company in the Russell 2000 Index. No payout will occur if our TSR performance falls below the 25th percentile of the TSRs of each company in the Russell 2000 Index, and a 200% payout will occur if our TSR performance exceeds the 75th percentile of the TSRs of each company in the Russell 2000 Index. Performance payouts between the 25 th and 75 th percentiles will be determined on a linear basis with performance at the 50 th percentile equal to 100% of target. For MSU awards granted in fiscal 2021, the first tranche and the second tranche can payout up to 200%, and the payout for the third tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the three-year performance period, less shares issued for the first tranche and the second tranche. For outstanding MSU awards granted prior to fiscal 2021, performance is measured based on our achievement of a specified level of TSR relative to the TSR of the S&P Semiconductor Select Industry Index, or SPSISC Index. The potential payout ranges from 0% to 200% of the target grant quantity and is adjusted on a two-to-one ratio based on our TSR performance relative to SPSISC Index TSR. For MSU awards granted prior to fiscal 2021 and vesting over three years, the payout for the first tranche and the second tranche will not exceed 100% and the payout for the third tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the three-year performance period, less shares issued for the first tranche and the second tranche. For MSUs vesting over four years, the payout for the first tranche, the second tranche and the third tranche will not exceed 100% and the payout for the fourth tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the four-year performance period, less shares issued for the first tranche, the second tranche and the third tranche. Delivery of shares earned, if any, will take place on the dates provided in the applicable MSU grant agreement, assuming the grantee is still an employee, consultant, or director of our company at the end of the applicable performance period. On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the recipient after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the MSU award. MSU activity, including MSUs granted, delivered, and forfeited in fiscal 2021, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2021 were as follows:
|  |  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  |  | Intrinsic |  |  | Average |
|  | MSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2020 |  |  | 391,532 |  |  |  |  |  |  | $ | 56.93 |
Granted |  |  | 101,009 |  |  |  |  |  |  |  | 105.83 |
Performance adjustment |  |  | 77,534 |  |  |  |  |  |  |  | — |
Delivered |  |  | (208,275 | ) |  |  |  |  |  |  | 56.93 |
Forfeited |  |  | (14,773 | ) |  |  |  |  |  |  | 54.71 |
Balance at June 2021 |  |  | 347,027 |  |  | $ | 51.2 |  |  |  | 82.18 |
As a result of the Synaptics TSR outperforming the Index TSR by 38.17 percentage points for the payout period ended in fiscal 2021, we delivered 176.34% of the targeted shares underlying the fiscal 2018 MSU grants. As a result of the Synaptics TSR outperforming the Index TSR by 35.61 percentage points for the payout period ended in fiscal 2021, we delivered the capped out amount of 100% of the targeted shares underlying the fiscal 2019 MSU grants as it was for tranche 2 which cannot exceed a 100% payout. As a result of the Synaptics TSR outperforming the Index TSR by 64.62 percentage points for the payout period ended in fiscal 2021, we delivered the capped out amount of 100% of the targeted shares underlying the fiscal 2020 MSU grants as it was for tranche 1 which cannot exceed a 100% payout. As a result of Synaptics’ TSR performing at the 76th percentile relative to the constituents of the Russell 2000 Index for the payout period ended in fiscal 2021, we delivered 200% of the targeted shares underlying the fiscal 2021 MSU grants. Of the shares delivered, 91,956 shares valued at $7.5 million were withheld to meet statutory minimum tax withholding requirements. The aggregate intrinsic value assumes a 100% payout factor and was determined using the closing price of our common stock on the last trading day of fiscal 2021, or June 25, 2021, of $147.58. The fair value of each MSU granted from our plans for fiscal 2021, 2020, and 2019 was estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions:
|  | 2021 |  |  | 2020 |  | 2019 |  |
Expected volatility of company |  |  | 53.62 | % |  | 45.46% - 52.55% |  |  | 50.58 | % |
Expected volatility of Index |  | 19.6% - 197.6% |  |  | 24.64% - 33.44% |  |  | 23.40 | % |
Correlation coefficient |  |  | 0.51 |  |  | 0.53 - 0.58 |  |  | 0.51 |  |
Expected life in years |  |  | 2.87 |  |  | 2.50 - 4.00 |  |  | 2.88 |  |
Risk-free interest rate |  |  | 0.17 | % |  | 0.26% - 1.52% |  |  | 2.92 | % |
Fair value per award |  | $131.34 - $175.15 |  |  | $55.52 - $100.38 |  | $27.70 - $85.52 |  |
We amortize the compensation expense over the three- or four-year performance and service period on a ratable basis. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $16.6 million as of the end of fiscal 2021, which will be recognized over a weighted average period of approximately 1.02 years. Performance Stock Units Our 2019 Incentive Plan and our 2010 Incentive Plan provide for the grant of PSU awards to our employees, consultants, and directors. A PSU is a promise to deliver shares of our common stock at a future date based on the achievement of performance-based requirements in accordance with the terms of the PSU grant agreement. We have granted PSUs to our executive officers and other management members under our 2010 Incentive Plan, our 2019 Incentive Plan and our 2019 Inducement Equity Plan, which are designed to vest in three tranches with the target quantity for each tranche equal to one-third of the total PSU grant. Generally, the grants have a specific one-year performance period and vesting occurs over three service periods with the final service period ending approximately three years from the grant date. Performance is measured based on the achievement of a specified level of certain performance criteria (for PSUs granted in fiscal 2021 it is based on a combination of our design win revenue, non-GAAP gross margin percentage and non-GAAP operating expenses and for the PSUs granted prior to fiscal 2021 it is based on non-GAAP earnings per share). The potential payout ranges from 0% to 200% of the target grant quantity and is adjusted on a linear basis with a payout triggering if our measurement results equals greater than 65% of the target with a maximum payout achieved at 135% of target. Delivery of shares earned, if any, will take place on the dates provided in the applicable PSU grant agreement, assuming the grantee is still an employee, consultant, or director of our company at the end of the applicable service period. On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the recipient after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the PSU award. During the fiscal year ended June 26, 2021, PSU activity, including PSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of PSUs as of June 26, 2021 was as follows:
|  |  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  |  | Intrinsic |  |  | Average |
|  | PSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2020 |  |  | 333,848 |  |  |  |  |  |  | $ | 41.61 |
Granted |  |  | 174,231 |  |  |  |  |  |  |  | 68.37 |
Performance adjustment |  |  | 84,111 |  |  |  |  |  |  |  | — |
Delivered |  |  | (201,835 | ) |  |  |  |  |  |  | 41.95 |
Forfeited |  |  | (72,963 | ) |  |  |  |  |  |  | 44.97 |
Balance at June 2021 |  |  | 317,392 |  |  | $ | 46.8 |  |  |  | 62.41 |
We value PSUs using the aggregate intrinsic value on the date of grant and amortize the compensation expense over the three-year service period on a ratable basis, dependent upon the probability of meeting the performance measures. Of the shares delivered, 82,240 shares valued at $6.3 million were withheld to meet statutory minimum tax withholding requirements. The unrecognized share-based compensation cost of our outstanding PSUs was approximately $13.4 million as of June 26, 2021, which will be recognized over a weighted average period of approximately 1.09 years. Phantom Stock Units The 2019 Incentive Plan authorizes the grant of phantom stock units to non-employee directors, officers and employees. We initially granted phantom stock units in October 2019. Phantom stock units are cash-settled and entitle the recipient to receive a cash payment equal to the value of a single share for each unit based on the average closing share price of our stock over the thirty calendar days prior to the vesting date. Grants of phantom stock units vest over three years, with an annual vesting date of October 31 each year subsequent to the grant date. We recognize compensation expense for phantom stock units on a straight-line basis for each tranche of each award based on the average closing price of our common stock over the thirty calendar days ended prior to each balance sheet date. The outstanding phantom stock units had a fair value of $140.17 per unit at June 26, 2021 and our accrued liability for such units was $18.4 million. Phantom stock activity was as follows:
|  |  |  |  |  | Aggregate |
|  | Phantom |  |  | Intrinsic |
|  | Stock Units |  |  | Value |
|  | Outstanding |  |  | (in millions) |
Balance as of June 2020 |  |  | 789,113 |  |  |  |  |
Paid |  |  | (242,692 | ) |  |  |  |
Forfeited |  |  | (143,963 | ) |  |  |  |
Balance as of June 2021 |  |  | 402,458 |  |  | $ | 59.4 |
Employee Stock Purchase Plan Our 2019 ESPP became effective October 29, 2019 which replaced our 2010 ESPP. The 2019 ESPP, and previously the 2010 ESPP, allows employees to designate up to 15% of their base compensation, subject to legal restrictions and limitations, to purchase shares of common stock at 85% of the lesser of the FMV at the beginning of the offering period or the exercise date. Under the 2019 ESPP, the offering period extends for up to one year and includes two exercise dates occurring at six-month intervals. Under the 2010 ESPP, the offering period extended for up to two years and included four exercise dates occurring at six-month intervals. Under the terms of our 2019 ESPP, and previously under our 2010 ESPP, if the FMV at an exercise date is less than the FMV at the beginning of the offering period, the current offering period will terminate and a new offering period will commence. Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases in fiscal 2021, 2020, and 2019 were as follows (in millions, except shares purchased and weighted average purchase price):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Shares purchased |  |  | 220,389 |  |  |  | 346,502 |  |  |  | 544,886 |
Weighted average purchase price |  | $ | 57.00 |  |  | $ | 30.50 |  |  | $ | 29.48 |
Cash received |  | $ | 12.6 |  |  | $ | 10.6 |  |  | $ | 16.1 |
Aggregate intrinsic value |  | $ | 10.3 |  |  | $ | 10.1 |  |  | $ | 2.8 |
The fair value of each award granted under our 2019 ESPP and our 2010 ESPP for fiscal 2021, 2020, and 2019 was estimated using the Black-Scholes option pricing model, assuming no expected dividends and the following range of assumptions:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Expected volatility |  | 43.8% - 57.0% |  |  | 43.8%-45.4% |  |  | 43.8%-44.2% |
Expected life in years |  | 0.5 - 1.0 |  |  | 0.25 - .75 |  |  | 0.5 - 1.5 |
Risk-free interest rate |  | 0.12% - 1.63% |  |  | 1.62% - 2.43% |  |  | 2.43%-2.68% |
Fair value per award |  | $ | 20.82 |  |  | $ | 15.48 |  |  | $ | 15.63 |
The expected volatility is based on either implied volatility for the expected lives of 0.5 years or a weighting of implied and historical volatility for expected lives greater than 0.5 years. The expected life is the period starting at the enrollment date until each purchase date remaining in the offering period at the date of enrollment in the plan. The risk-free interest rate is based on U.S. Treasury yields or yield curve in effect for each expected life. Unrecognized share-based compensation costs for awards granted under our 2019 ESPP at the end of fiscal 2021 were approximately $1.1 million that will be amortized over the next 2 months.

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