Equity-Based Compensation (Tables)

12 Months Ended

Dec. 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 fiscal 2019 and 2018 was as follows (in thousands):

	2019		2018
Equity-based compensation by type of award:
Stock options	$	819	$	775
RSUs		1,657		1,251
Employee stock purchase plan		749		1,281
Total equity-based compensation	$	3,225	$	3,307

Summary of Stock Option Activity

A summary of the stock option activity is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Options outstanding at December 29, 2018		2,070,749		$	6.76		3.78	$	339,821
Options granted		372,500		$	5.46
Options cancelled and forfeited		(171,268	)	$	7.82
Options exercised		(175,371	)	$	4.55
Options outstanding at December 28, 2019		2,096,610		$	6.63		3.75	$	2,048,964
Options exercisable at December 28, 2019		1,294,681		$	6.73		2.65	$	1,097,036

Employee Stock Options Weighted-Average Assumptions

The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

	2019			2018
Stock Purchase Rights:
Weighted-average fair value of grants per share	$	1.73		$	2.24
Expected volatility		45.81	%		47.64	%
Risk free interest rate		2.28	%		2.01	%
Expected term of purchase rights (in years)		0.91			1.33
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		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Non-vested RSUs at December 29, 2018		462,409		$	6.92		1.47	$	2,362,910
Granted		319,743		$	5.59
Vested		(198,065	)	$	7.08
Cancelled		(30,732	)	$	5.96
Non-vested RSUs at December 28, 2019		553,355		$	6.15		1.30	$	3,713,012

Employee Stock Purchase Rights Weighted-Average Assumptions

The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

	2019			2018
Stock Purchase Rights:
Weighted-average fair value of grants per share	$	1.73		$	2.24
Expected volatility		45.81	%		47.64	%
Risk free interest rate		2.28	%		2.01	%
Expected term of purchase rights (in years)		0.91			1.33
Dividend yield		None			None

Employee Stock Purchase Plan Activity

The ESPP activity during fiscal 2019 and 2018 is as follows:

	2019		2018
	(in thousands, except per share amounts)
Shares purchased		370		411
Weighted-average purchase price per share	$	3.96	$	3.98
Aggregate intrinsic value of purchase rights exercised	$	513	$	750

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:

	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