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Stockholders' Equity | 9 Months Ended
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Sep. 29, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 11 — Stockholders’ Equity Stock-Based Compensation The cost that has been charged against income for stock-based compensation is set forth below (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 29, 2023 |  |  | September 30, 2022 |  |  | September 29, 2023 |  |  | September 30, 2022 |
Employee stock options |  | $ | 3,517 |  |  | $ | 2,865 |  |  | $ | 9,973 |  |  | $ | 7,649 |
Restricted stock |  |  | 201 |  |  |  | 67 |  |  |  | 347 |  |  |  | 618 |
Restricted stock units |  |  | 2,214 |  |  |  | 1,249 |  |  |  | 5,963 |  |  |  | 3,242 |
Performance stock units |  |  | 2,449 |  |  |  | 1,240 |  |  |  | 5,958 |  |  |  | 2,932 |
Nonemployee stock options |  |  | 465 |  |  |  | 306 |  |  |  | 1,093 |  |  |  | 934 |
Total stock-based compensation expense |  | $ | 8,846 |  |  | $ | 5,727 |  |  | $ | 23,334 |  |  | $ | 15,375 |
The Company recorded stock-based compensation costs in the following categories (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 29, 2023 |  |  | September 30, 2022 |  |  | September 29, 2023 |  |  | September 30, 2022 |
Cost of sales |  | $ | 223 |  |  | $ | 233 |  |  | $ | 595 |  |  | $ | 409 |
General and administrative |  |  | 4,049 |  |  |  | 2,584 |  |  |  | 11,107 |  |  |  | 7,171 |
Selling and marketing |  |  | 2,561 |  |  |  | 1,335 |  |  |  | 5,910 |  |  |  | 3,548 |
Research and development |  |  | 2,013 |  |  |  | 1,575 |  |  |  | 5,722 |  |  |  | 4,247 |
Total stock-based compensation expense, net |  |  | 8,846 |  |  |  | 5,727 |  |  |  | 23,334 |  |  |  | 15,375 |
Amounts capitalized as part of inventory |  |  | 534 |  |  |  | 361 |  |  |  | 1,431 |  |  |  | 1,379 |
Total stock-based compensation expense, gross |  | $ | 9,380 |  |  | $ | 6,088 |  |  | $ | 24,765 |  |  | $ | 16,754 |
Note 11 — Stockholders’ Equity (Continued) Stock-Based Compensation (Continued) As of September 29, 2023, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands):
|  | September 29, 2023 |
Stock options |  | $ | 23,888 |
Restricted stock, RSUs and PSUs |  |  | 24,690 |
Total unrecognized stock-based compensation cost |  | $ | 48,578 |
The cost is expected to be recognized over a weighted-average period of approximately two years. Incentive Plan The Amended and Restated Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted only stock options, restricted stock, unrestricted share grants, restricted stock units (“RSUs”) and performance stock units (“PSUs”). Options under the Plan are granted at fair market value on the date of grant, become exercisable generally over a three-year period, or as determined by the Board of Directors, and expire over periods not exceeding 10 years from the date of grant. Certain option and share awards provide for accelerated vesting if there is a change in control and pre-established financial metrics are met (as defined in the Plan). Grants of restricted stock outstanding under the Plan generally vest over periods of one to three years. Grants of RSUs and PSUs outstanding under the Plan generally vest based on service, performance, or a combination of both. On June 15, 2023, stockholders approved a proposal to increase the number of shares under the plan by 2,170,000 shares, for a total of 20,205,000 shares. As of September 29, 2023, there were 2,784,909 shares available for grant under the Plan. Assumptions The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of options granted is derived from the historical exercises and post-vesting cancellations and represents the period of time that options granted are expected to be outstanding. The Company has calculated a 7% estimated forfeiture rate based on historical forfeiture experience. The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 29, 2023 |  |  | September 30, 2022 |  |  | September 29, 2023 |  |  | September 30, 2022 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 60 | % |  |  | 54 | % |  |  | 60 | % |  |  | 54 | %
Risk-free interest rate |  |  | 4.18 | % |  |  | 2.91 | % |  |  | 3.91 | % |  |  | 1.88 | %
Expected term (in years) |  |  | 5.05 |  |  |  | 5.10 |  |  |  | 5.05 |  |  |  | 5.10 |
Note 11 — Stockholders’ Equity (Continued) Stock Options A summary of stock option activity under the Plan for nine months ended September 29, 2023 is presented below:
|  | Stock Options (in 000’s) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in 000’s) |
Outstanding at December 30, 2022 |  |  | 2,469 |  |  | $ | 39.63 |  |  |  |  |  |  |
Granted |  |  | 622 |  |  |  | 55.84 |  |  |  |  |  |  |
Exercised |  |  | (500 | ) |  |  | 18.54 |  |  |  |  |  |  |
Forfeited or expired |  |  | (38 | ) |  |  | 72.49 |  |  |  |  |  |  |
Outstanding at September 29, 2023 |  |  | 2,553 |  |  | $ | 47.22 |  |  |  | 6.77 |  |  | $ | 19,641 |
Exercisable at September 29, 2023 |  |  | 1,663 |  |  | $ | 39.11 |  |  |  | 5.52 |  |  | $ | 19,641 |
Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSUs and PSUs activity under the Plan for the nine months ended September 29, 2023 is presented below (shares in thousands):
|  | Restricted Stock |  |  | RSUs |  |  | PSUs |
Unvested at December 30, 2022 |  |  | 4 |  |  |  | 192 |  |  |  | 118 |
Granted |  |  | 12 |  |  |  | 269 |  |  |  | 182 |
Vested |  |  | (4 | ) |  |  | (94 | ) |  |  | (36 | )
Forfeited or expired |  |  | — |  |  |  | (6 | ) |  |  | (13 | )
Unvested at September 29, 2023 |  |  | 12 |  |  |  | 361 |  |  |  | 251 |

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