Equity-Based Compensation (Tables)

6 Months Ended

Jun. 27, 2020

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 six months ended June 27, 2020 and June 29, 2019 was as follows:

	Three Months Ended				Six Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	149	$	191	$	364	$	398
RSUs		450		352		816		642
Employee stock purchase plan		57		210		148		469
Total equity-based compensation	$	656	$	753	$	1,328	$	1,509

Summary of Stock Option Activity

Option activity as of June 27, 2020 and changes during the six months ended June 27, 2020 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at December 28, 2019		2,096,610		$	6.63
Options granted		6,000		$	4.88
Options cancelled and forfeited		(13,742	)	$	5.80
Options exercised		(51,097	)	$	4.69
Options outstanding at June 27, 2020		2,037,771		$	6.68
Options exercisable at June 27, 2020		1,541,989		$	6.78

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					Six Months Ended
	June 27, 2020		June 29, 2019			June 27, 2020			June 29, 2019
Stock Options:
Weighted-average fair value of grants per share		—	$	2.05		$	1.82		$	2.06
Expected volatility		—		43.19	%		46.06	%		43.20	%
Risk-free interest rate		—		1.86	%		0.44	%		1.88	%
Expected term of options (in years)		—		4.6			4.39			4.6
Dividend yield		None		None			None			None

	Six Months Ended
	June 27, 2020			June 29, 2019
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	1.66		$	1.89
Expected volatility		36.69	%		50.00	%
Risk-free interest rate		1.56	%		2.53	%
Expected term of purchase rights (in years)		0.5			1.0
Dividend yield		None			None

Summary of Restricted Stock Units Activity

RSU activity as of June 27, 2020 and changes during the six months ended June 27, 2020 were as follows:

	Shares			Weighted- Average Grant Date Fair Value
Non-vested RSUs at December 28, 2019		553,355		$	6.15
Granted		584,289		$	4.72
Vested		(212,848	)	$	6.54
Cancelled and forfeited		(6,304	)	$	6.13
Non-vested RSUs at June 27, 2020		918,492		$	5.15

Employee Stock Purchase Rights Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions:

	Three Months Ended
	June 27, 2020
Weighted-average fair value of grants per share	$	3.16
Expected volatility		46.7	%
Risk-free interest rate		0.25	%
Dividend yield		None

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 PSOs using the following weighted-average assumptions:

	Three Months Ended
	June 29, 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)		4.6
Dividend yield		None