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Note 7 - Stock-based Compensation

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 7 — Stock-Based Compensation

Stock-based compensation expense included in the Company's consolidated financial statements for the three months ended April 3, 2022 and April 4, 2021 was as follows (in thousands):

		Three Months Ended
		April 3, 2022				April 4, 2021
Cost of revenue		$	56			$	36
Research and development			85				157
Selling, general and administrative			242				175
Total		$	383			$	368

During the three months ended April 3, 2022, there was no stock-based compensation expense reversal related to the cancellation of certain unvested performance-based RSUs. During the three months ended April 4, 2021, the Company reversed stock-based compensation expense related to the cancellation of certain unvested performance-based RSUs.

No stock-based compensation was capitalized during any period presented above.

Stock-Based Compensation Award Activity

The following table summarizes the activity in the shares available for grant under the 2019 Plan during the three months ended April 3, 2022 (in thousands):

		Shares Available for Grants
Balance at January 2, 2022			594
RSUs granted			(61	)
RSUs forfeited or expired			10
Balance at April 3, 2022			543

Stock Options

The following table summarizes stock options outstanding and stock option activity under the 2009 Plan and the 2019 Plan, and the related weighted average exercise price, for the three months ended April 3, 2022:

						Weighted				Weighted
						Average				Average				Aggregate
		*Number of*				*Exercise*				*Remaining*				*Intrinsic*
		*Shares*				*Price*				*Term*				*Value*
		(in thousands)								(in years)				(in thousands)
Balance outstanding at January 2, 2022			93			$	27.49				3.19			$	—
Balance outstanding at April 3, 2022			93			$	27.49				2.93			$	—
Exercisable at April 3, 2022			93			$	27.49				2.93			$	—
Vested and expected to vest at April 3, 2022			93			$	27.49				2.93			$	—

No stock options were granted, exercised, forfeited or expired during the three months ended April 3, 2022 and April 4, 2021.

Total stock-based compensation related to stock options was approximately $0 for the three months ended April 3, 2022 and April 4, 2021. As of April 3, 2022, the fair value of unvested stock options, net of forfeitures, was $0.

Restricted Stock Units

The Company grants restricted stock units (“RSUs”) and performance restricted stock units ("PRSUs") to employees and directors with various vesting terms. RSUs entitle the holder to receive, at no cost, one common share for each RSU as it vests. In general, the Company's policy is to withhold shares in settlement of employee tax withholding obligations upon the vesting of RSUs. The stock-based compensation expense related to RSUs and PRSUs was approximately $0.4 million and $0.3 million for the three months ended April 3, 2022 and April 4, 2021, respectively.

As of April 3, 2022 and April 4, 2021, there was approximately $1.3 million and $0.4 million, respectively, in unrecognized compensation expense related to RSUs. The remaining unrecognized stock-based compensation expense as of April 3, 2022 is expected to be recorded over a weighted average period of 1.66 years.

A summary of activity for the Company's RSUs and PRSUs for the three months ended April 3, 2022 is as follows:

		*RSUs & PRSUs Outstanding*
						*Weighted*
						*Average*
		*Number of*				*Grant Date*
		*Shares*				*Fair Value*
		(in thousands)
Nonvested at January 2, 2022			568			$	5.86
Granted			61				5.30
Vested			(189	)			6.04
Forfeited			(10	)			5.85
Nonvested at April 3, 2022			430			$	5.71

Employee Stock Purchase Plan

Total stock-based compensation related to the Company's ESPP was approximately $23 thousand and $30 thousand for the three months ended April 3, 2022 and April 4, 2021, respectively.