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Stock-Based Compensation (Tables)
12 Months Ended
Jan. 02, 2021
Stock-Based Compensation  
Summary of assumptions used to estimate fair values for ESPP

The fair values estimated from the Black-Scholes option-pricing model for ESPP shares granted were calculated using the following assumptions:

Year Ended

 

January 2,

December 28,

December 29,

Employee Stock Purchase Plan

    

2021

    

2019

    

2018

Expected volatility

67

%  

37

%  

30

%  

Risk-free interest rate %

0.15

%  

1.6

%  

2.4

%  

Expected term (in months)

9

9

9

Dividend yield

Summary of assumptions used to estimate fair values for MSUs

The fair values estimated from the Monte Carlo simulation for MSUs were calculated using the following assumptions:

Year Ended

 

January 2,

December 28,

December 29,

MSUs

    

2021

    

2019

    

2018

 

Expected volatility

 

36

%  

31

%  

29

%

Risk-free interest rate %

 

1.3

%

2.4

%  

2.4

%

Expected term (in years)

 

2.9

2.9

2.9

Dividend yield

 

Summary of stock-based compensation activity, options

A summary of stock-based compensation activity with respect to fiscal 2020 follows:

Weighted-

Weighted-Average

Aggregate

Average

Remaining

Intrinsic

Shares

Exercise

Contractual Term

Value

Stock Options

    

(000s)

    

Price

    

(In Years)

    

(000s)

Outstanding at December 28, 2019

 

137

$

39.47

Outstanding at January 2, 2021

 

127

$

39.16

 

5.11

$

11,232

Vested at January 2, 2021 and expected to vest

 

127

$

39.16

 

5.11

$

11,232

Exercisable at January 2, 2021

 

127

$

39.16

 

5.11

$

11,232

Summary of stock-based compensation activity, RSAs and RSUs

    

Weighted-

Weighted-Average

Aggregate

Average

Remaining

Intrinsic

Shares

Purchase

Vesting Term

Value

RSAs and RSUs

    

(000s)

    

Price

    

(In Years)

    

(000s)

Outstanding at December 28, 2019

 

1,084

$

Granted

 

610

$

Vested or issued

 

(546)

$

Cancelled or forfeited

 

(42)

$

Outstanding at January 2, 2021

 

1,106

$

 

1.06

$

140,801

Outstanding at January 2, 2021 and expected to vest

 

1,026

$

 

1.06

$

130,635

Summary of stock-based compensation activity, PSUs and MSUs

Weighted-

    

Weighted-Average

Aggregate

Average

Remaining

Intrinsic

Shares

Purchase

Vesting Term

Value

PSUs and MSUs

    

(000s)

    

Price

    

(In Years)

    

(000s)

Outstanding at December 28, 2019

 

262

 

$

Granted

 

82

$

Earned or issued

 

(83)

$

Cancelled or forfeited

 

(28)

$

Outstanding at January 2, 2021

 

233

$

 

1.14

 

$

29,703

Outstanding at January 2, 2021 and expected to vest

 

215

 

$

 

1.14

 

$

27,390

Summary of weighted average fair value at the date of grant

The following summarizes the Company’s weighted average fair value at the date of grant:

Year Ended

January 2,

December 28,

December 29,

    

2021

    

2019

    

2018

Per grant of RSAs and RSUs

$

100.27

    

$

89.35

    

$

93.75

Per grant of PSUs and MSUs

$

98.58

    

$

85.79

    

$

97.53

Summary of stock-based payment and stock option values

The following summarizes the Company’s stock-based payment and stock option values (in thousands):

Year Ended

January 2,

December 28,

December 29,

    

2021

    

2019

    

2018

Intrinsic value of stock options exercised

$

558

$

$

1,952

Intrinsic value of RSUs that vested

$

48,534

$

57,693

$

68,012

Grant date fair value of RSUs that vested

$

37,477

$

40,434

$

37,720

Intrinsic value of PSUs and MSUs that vested

$

8,545

$

3,649

$

3,562

Grant date fair value of PSUs and MSUs that vested

$

6,302

$

1,461

$

1,788

Schedule of stock-based compensation costs recognized in the Condensed Consolidated Statements of Income

The following table presents details of stock-based compensation costs recognized in the Consolidated Statements of Income (in thousands):

Year Ended

January 2,

December 28,

December 29,

    

2021

    

2019

    

2018

Cost of revenues

$

1,477

$

1,316

$

1,238

Research and development

 

29,212

 

26,187

 

23,867

Selling, general and administrative

 

29,402

 

27,296

 

24,972

 

60,091

 

54,799

 

50,077

Income tax benefit

 

3,616

 

2,476

 

8,890

$

56,475

$

52,323

$

41,187

Summary of shares reserved of common stock for future issuance

As of January 2, 2021, the Company had reserved shares of common stock for future issuance as follows (in thousands):

2009 Stock Incentive Plan

    

1,223

2009 Employee Stock Purchase Plan

 

600

Total shares reserved

 

1,823