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Equity

9 Months Ended

Sep. 28, 2019

13.

Equity

Condensed Consolidated Statement of Changes in Equity

The changes in stockholders’ equity by component for the three and nine months ended September 28, 2019 and September 29, 2018, are as follows (in thousands):


	Three months ended September 28, 2019
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at June 29, 2019	$	185,489		$	(29,089	)	$	455		$	(68,508	)	$	88,347
Common stock issued under employee plans		749			—			—			—			749
Shares withheld for net share settlement of RSUs		(28	)		—			—			—			(28	)
Equity-based compensation expense		751			—			—			—			751
Net loss		—			—			—			(480	)		(480	)
Other comprehensive loss		—			—			(84	)		—			(84	)
Common stock repurchases		—			(69	)		—			—			(69	)

Balance at September 28, 2019	$	186,961		$	(29,158	)	$	371		$	(68,988	)	$	89,186


	Nine months ended September 28, 2019
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at December 29, 2018	$	183,227		$	(29,047	)	$	378		$	(64,934	)	$	89,624
Common stock issued under employee plans		1,770			—			—			—			1,770
Shares withheld for net share settlement of RSUs		(296	)		—			—			—			(296	)
Equity-based compensation expense		2,260			—			—			—			2,260
Net loss		—			—			—			(4,054	)		(4,054	)
Other comprehensive loss		—			—			(7	)		—			(7	)
Common stock repurchases		—			(111	)		—			—			(111	)

Balance at September 28, 2019	$	186,961		$	(29,158	)	$	371		$	(68,988	)	$	89,186


	Three months ended September 29, 2018
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at June 30, 2018	$	180,449		$	(28,489	)	$	444		$	(73,818	)	$	78,586
Common stock issued under employee plans		1,081			—			—			—			1,081
Shares withheld for net share settlement of RSUs		(5	)		—			—			—			(5	)
Equity-based compensation expense		852			—			—			—			852
Net loss		—			—			—			(1,099	)		(1,099	)
Other comprehensive loss		—			—			(73	)		—			(73	)

Balance at September 29, 2018	$	182,377		$	(28,489	)	$	371		$	(74,917	)	$	79,342


	Nine months ended September 29, 2018
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders’ Equity
Balance at December 30, 2017	$	177,543		$	(28,489	)	$	490		$	(66,881	)	$	82,663
Cumulative effect of accounting change		—			—			—			(1,634	)		(1,634	)
Common stock issued under employee plans		3,199			—			—			—			3,199
Shares withheld for net share settlement of RSUs		(819	)		—			—			—			(819	)
Equity-based compensation expense		2,454			—			—			—			2,454
Net loss		—			—			—			(6,402	)		(6,402	)
Other comprehensive loss		—			—			(119	)		—			(119	)

Balance at September 29, 2018	$	182,377		$	(28,489	)	$	371		$	(74,917	)	$	79,342

Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income by component for the three and nine months ended September 28, 2019 and September 29, 2018, are as follows.


	Three Months Ended								Nine Months Ended
	September 28, 2019
	Foreign currency			Unrealized holding gains on available-for-sale investments		Total			Foreign currency			Unrealized holding gains on available-for-sale investments			Total
	(In thousands)
Beginning balance	$	405		$	50	$	455		$	405		$	(27	)	$	378
Other comprehensive income (loss) before reclassification		(87	)		3		(84	)		(87	)		80			(7	)
Amounts reclassified from other comprehensive income (loss)		—			—		—			—			—			—

Net current-period other comprehensive loss		(87	)		3		(84	)		(87	)		80			(7	)

Ending balance	$	318		$	53	$	371		$	318		$	53		$	371


	Three Months Ended									Nine Months Ended
	September 29, 2018
	Foreign currency			Unrealized holding losses on available-for-sale investments			Total			Foreign currency			Unrealized holding losses on available-for-sale investments			Total
	(In thousands)
Beginning balance	$	495		$	(51	)	$	444		$	535		$	(45	)	$	490
Other comprehensive income (loss) before reclassification		(86	)		13			(73	)		(126	)		7			(119	)
Amounts reclassified from other comprehensive income (loss)		—			—			—			—			—			—

Net current-period other comprehensive loss		(86	)		13			(73	)		(126	)		7			(119	)

Ending balance	$	409		$	(38	)	$	371		$	409		$	(38	)	$	371

Stock Repurchase Program

On November 21, 2013, Intevac’s Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. On August 15, 2018, Intevac’s Board of Directors approved a $10.0 million increase to the original stock repurchase program for an aggregate authorized amount of $40.0 million. At September 28, 2019, $10.8 million remains available for future stock repurchases under the repurchase program.

The following table summarizes Intevac’s stock repurchases:


	Three Months Ended				Nine Months Ended
	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
	(In thousands, except per share amounts)
Shares of common stock repurchased		15		—		24		—
Cost of stock repurchased	$	69	$	—	$	111	$	—
Average price paid per share	$	4.65	$	—	$	4.67	$	—

Intevac records treasury stock purchases under the cost method using the

first-in,

first-out

(FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional

paid-in

capital. If Intevac reissues treasury stock at an amount below its acquisition cost and additional

paid-in

capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings.