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STOCKHOLDERS’ EQUITY | 6 Months Ended
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Jun. 28, 2024
Equity [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Share-based Compensation Plans The following table sets forth the detailed allocation of the share-based compensation expense which was included in the Company’s condensed consolidated statements of operations:
| Three Months Ended |  | Six Months Ended
(in thousands) | June 28, 2024 |  | June 30, 2023 |  | June 28, 2024 |  | June 30, 2023
Cost of revenue | $ | 273 |  |  | $ | 439 |  |  | $ | 796 |  |  | $ | 1,289 |
Research and development expense | 1,523 |  |  | 1,731 |  |  | 3,478 |  |  | 3,830 |
Selling, general and administrative expense | 5,158 |  |  | 3,889 |  |  | 9,603 |  |  | 8,364 |
Total | $ | 6,954 |  |  | $ | 6,059 |  |  | $ | 13,877 |  |  | $ | 13,483 |
Restricted Stock Units:
(in thousands, except per share amounts) | Number of Shares |  | Weighted Average Grant-Date Fair Value Per Share
Balance at December 31, 2023 | 3,242 |  |  | $ | 12.42 |
Granted | 2,046 |  |  | 13.12
Vested | (1,577) |  |  | 11.91
Forfeited | (732) |  |  | 14.08
Balance at June 28, 2024 | 2,979 |  |  | $ | 12.77 |
The Company’s stock benefit plans include the 2002 Employee Stock Purchase Plan (“ESPP”) and current active stock plans adopted in 1995 and 2002 (“1995 Stock Plan” and “2002 Director Plan”, respectively). Refer to Note 12, “Employee Benefit Plans” of Notes to Consolidated Financial Statements in the 2023 Form 10-K for details pertaining to each plan. At the Company’s 2024 annual meeting, the Company’s stockholders approved amendments to the 1995 Stock Plan and the 2002 ESPP, increasing the number of shares of common stock reserved for issuance by 5,000,000 shares and 400,000 shares, respectively. As of June 28, 2024, an aggregate of 7,009,404 shares of common stock were reserved for issuance under the 1995 Stock Plan, of which 3,691,826 shares remained available for future grants. As of June 28, 2024, an aggregate of 588,191 shares of common stock were reserved for issuance under the 2002 Director Plan, of which 387,581 shares remained ava ilable for future grants. Share Repurchase Program In February 2022, the Board of Directors of the Company (“Board”) authorized the Company to repurchase up to $100 million of the Company’s outstanding shares of common stock through February 2025. The Company is authorized to repurchase, from time-to-time, shares of its outstanding common stock through open market purchases and 10b5-1 trading plans, in accordance with applicable rules and regulations, at such time and such prices as management may decide. The program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time. The actual timing and amount of repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. During the six months ended June 28, 2024, the company repurchased and retired approximately 2.4 million shares of the Company’s common stock for an aggregate amount of $30.0 million. As of June 28, 2024, approximately $64.8 million of the share repurchase authorization remained available for repurchases under this program.

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