XML 49 R29.htm IDEA: XBRL DOCUMENT v3.19.3
Equity-Based Compensation (Tables)
 9 Months Ended
Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Effect of Recording Equity-Based Compensation
The effect of recording equity-based compensation for the three and nine months ended September 28, 2019 and September 29, 2018 was as follows:
 
   
Three Months Ended
   
Nine Months Ended
 
   
September 28,
2019
   
September 29,
2018
   
September 28,
2019
   
September 29,
2018
 
   
(In thousands)
 
Equity-based compensation by type of award:
                    
Stock options
  $213   $213   $610   $563 
RSUs
   375    309    1,018    945 
ESPP awards
   163    330    632    946 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total equity-based compensation
  $751   $852   $2,260   $2,454 
   
 
 
   
 
 
   
 
 
   
 
 
 
Summary of Stock Option Activity Option activity as of September 28, 2019 and changes during the nine months ended September 28, 2019 were as follows:
 
   
Shares
  
Weighted-Average

Exercise Price
 
Options outstanding at December 29, 2018
   2,070,749  $6.76 
Options granted
   354,000  $5.43 
Options cancelled and forfeited
   (130,892)  $7.52 
Options exercised
   (72,122)  $4.22 
   
 
 
     
Options outstanding at September 28, 2019
   2,221,735  $6.58 
   
 
 
     
Options exercisable at September 28, 2019
   1,414,115  $6.67 
Employee Stock Options Weighted-Average Assumptions
Intevac estimated the weighted-average fair value of stock options and employee stock purchase rights using the following weighted-average assumptions:
 
   
Three Months Ended
  
Nine Months Ended
 
   
September 28,
2019
  
September 29,
2018
  
September 28,
2019
  
September 29,
2018
 
Stock Options:
                 
Weighted-average fair value of grants per share
  $1.84  $1.81  $2.05  $1.98 
Expected volatility
   43.87%   44.10%   43.22%   43.83% 
Risk-free interest rate
   1.57%   2.87%   1.86%   2.58% 
Expected term of options (in years)
   4.32   3.90   4.56   4.41 
Dividend yield
   None   None   None   None 
 
   
Three Months Ended
  
Nine Months Ended
 
   
September 28,
2019
  
September 29,
2018
  
September 28,
2019
  
September 29,
2018
 
Stock Purchase Rights:
                 
Weighted-average fair value of grants per share
  $1.45  $1.87  $1.73  $2.24 
Expected volatility
   38.27%   50.64%   45.81%   47.64% 
Risk-free interest rate
   1.85%   2.58%   2.28%   2.01% 
Expected term of purchase rights (in years)
   0.75   1.58   0.91   1.33 
Dividend yield
   None   None   None   None 
Summary of Restricted Stock Units Activity
RSU activity as of September 28, 2019 and changes during the nine months ended September 28, 2019 were as follows:
 
   
Shares
  
Weighted-Average

Grant Date

Fair Value
 
Non-vested
RSUs at December 29, 2018
   462,409  $6.92 
Granted
   256,703  $5.62 
Vested
   (136,366)  $7.88 
Cancelled and forfeited
   (21,482)  $6.23 
   
 
 
     
Non-vested
RSUs at September 28, 2019
   561,264  $6.12 
   
 
 
     
Performance Stock Options (PSO's)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Employee Stock Options Weighted-Average Assumptions
Intevac estimated the weighted-average fair value of PSO’s using the following weighted-average assumptions:
 
   
Nine Months Ended

September 28, 2019
 
Weighted-average fair value of grants per share
  $1.75 
Expected volatility
   43.43% 
Risk free interest rate
   1.96% 
Expected term (in years)
   4.60 
Dividend yield
   None