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Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
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Dec. 31, 2011
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| Summary of Significant Accounting Policies [Abstract] |
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| Components of available for sale securities |
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December 31, 2011 |
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January 1, 2011 |
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Cost |
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Fair Market Value |
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Cost |
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Fair Market Value |
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(In thousands) |
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Corporate bond
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$ |
15,654 |
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$ |
15,309 |
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$ |
11,465 |
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$ |
11,424 |
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U.S. Government bond
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2,500 |
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2,502 |
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2,498 |
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2,504 |
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Total short term investments
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$ |
18,154 |
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$ |
17,811 |
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$ |
13,963 |
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$ |
13,928 |
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| Activity related to allowance for doubtful accounts |
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Fiscal Year Ended |
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December 31, 2011 |
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January 1, 2011 |
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January 2, 2010 |
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(In thousands) |
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Balance at beginning of period
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$ |
88 |
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$ |
90 |
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$ |
65 |
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Provision
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— |
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— |
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32 |
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Deduction(*)
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(1 |
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(2 |
) |
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(7 |
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Balance at end of period
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$ |
87 |
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$ |
88 |
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$ |
90 |
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| Activity related to Inventory reserve |
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Fiscal Year Ended |
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December 31, 2011 |
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January 1, 2011 |
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January 2, 2010 |
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(In thousands) |
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Balance at beginning of period
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$ |
2,836 |
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$ |
3,713 |
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$ |
2,770 |
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Provision
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411 |
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677 |
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2,117 |
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Deduction(*)
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(679 |
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(1,554 |
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(1,174 |
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Balance at end of period
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$ |
2,568 |
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$ |
2,836 |
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$ |
3,713 |
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(*) |
Deductions related to inventory reserve accounts represent amounts written off against the reserve. |
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| Property and Equipment |
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Estimated Useful Life |
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Computer and research equipment
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3 years |
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Furniture
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5 |
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Machinery
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2-5 |
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Tooling
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2-5 |
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Business applications software
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5-7 |
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Capital leases and leasehold improvements
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Term of lease |
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December 31, 2011 |
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January 1, 2011 |
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(In thousands) |
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Computer and equipment
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$ |
17,616 |
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$ |
16,852 |
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Furniture
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2,732 |
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2,484 |
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Machinery
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3,375 |
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1,981 |
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Tooling
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7,303 |
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5,213 |
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Leasehold improvements
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15,459 |
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13,532 |
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Software purchased for internal use
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8,338 |
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5,771 |
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54,823 |
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45,833 |
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Less: accumulated depreciation
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25,794 |
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20,213 |
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$ |
29,029 |
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$ |
25,620 |
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| Basic and Diluted Net Income Per Share |
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Fiscal Year Ended |
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December 31, 2011 |
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January 1, 2011 |
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January 2, 2010 |
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Net income
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$ |
40,191 |
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$ |
25,514 |
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$ |
3,330 |
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Weighted-average shares outstanding
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26,712 |
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25,394 |
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24,998 |
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Dilutive effect of employee stock options and restricted shares
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1,212 |
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1,074 |
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642 |
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Diluted weighted average shares outstanding
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27,924 |
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26,468 |
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25,640 |
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Basic income per share
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$ |
1.50 |
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$ |
1.00 |
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$ |
0.13 |
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Diluted income per share
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$ |
1.44 |
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$ |
0.96 |
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$ |
0.13 |
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| Fair Value Assets Measured on Recurring Basis |
The Company’s assets measured at fair
value on a recurring basis at December 31, 2011, were as follows:
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Fair Value Measurements as of December 31, 2011 |
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Description
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Level 1 |
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Level 2 |
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Level 3 |
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(In thousands) |
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Assets:
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Money Market Funds
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$ |
117,196 |
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$ |
— |
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$ |
— |
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U.S. Government bonds
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— |
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2,502 |
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— |
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Corporate bonds
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— |
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15,309 |
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— |
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Total assets measured at fair value
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$ |
117,196 |
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$ |
17,811 |
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$ |
— |
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The Company’s assets measured at fair
value on a recurring basis at January 1, 2011, were as follows:
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Fair Value Measurements as of January 1, 2011 |
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Description
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Level 1 |
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Level 2 |
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Level 3 |
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(In thousands) |
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Assets:
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Money Market Funds
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$ |
5,090 |
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$ |
— |
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$ |
— |
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U.S. Government bonds
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— |
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2,504 |
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— |
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Corporate bonds
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— |
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11,424 |
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— |
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Total assets measured at fair value
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$ |
5,090 |
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$ |
13,928 |
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$ |
— |
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