Equity-Based Compensation (Tables)

3 Months Ended

Mar. 30, 2019

Effect of Recording Equity-Based Compensation

The effect of recording equity-based compensation for the three-month periods ended March 30, 2019 and March 31, 2018 was as follows:

	Three Months Ended
	March 30, 2019		March 31, 2018
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	206	$	134
RSUs		291		406
Employee stock purchase plan		259		277
Total equity-based compensation	$	756	$	817

Summary of Stock Option Activity

Option activity as of March 30, 2019 and changes during the three months ended March 30, 2019 were as follows:

	Shares			Weighted Average Exercise Price
Options outstanding at December 29, 2018		2,070,749		$	6.76
Options granted		13,125		$	6.08
Options cancelled and forfeited		(8,992	)	$	7.43
Options exercised		(72,122	)	$	4.22
Options outstanding at March 30, 2019		2,002,760		$	6.84
Options exercisable at March 30, 2019		1,300,175		$	6.72

Employee Stock Options Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions:

	Three Months Ended
	March 30, 2019			March 31, 2018
Stock Options:
Weighted-average fair value of grants per share	$	2.28		$	2.30
Expected volatility		43.40	%		41.97	%
Risk free interest rate		2.21	%		2.48	%
Expected term of options (in years)		4.32			4.23
Dividend yield		None			None
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	1.89		$	2.36
Expected volatility		50.00	%		46.60	%
Risk free interest rate		2.53	%		1.82	%
Expected term of purchase rights (in years)		1.0			1.25
Dividend yield		None			None

Summary of Restricted Stock Units Activity

A summary of the RSU activity is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at December 29, 2018		462,409		$	6.92
Granted		8,563		$	6.11
Vested		(11,924	)	$	6.92
Cancelled and forfeited		(8,737	)	$	6.38
Non-vested RSUs at March 30, 2019		450,311		$	6.91