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Common Shares and Share-Based Compensation (Tables)
 9 Months Ended
Oct. 02, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share-Based Compensation Expense Recorded in the Consolidated Statements of Operations

The table below summarizes share-based compensation expense recorded in the consolidated statements of operations (in thousands):

 

Three Months Ended

 

 

Nine Months Ended

 

 

October 2,

 

 

September 27,

 

 

October 2,

 

 

September 27,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Selling, general and administrative

$

4,265

 

 

$

1,926

 

 

$

10,225

 

 

$

6,546

 

Research and development and engineering

 

1,150

 

 

 

171

 

 

 

2,204

 

 

 

466

 

Cost of revenue

 

1,589

 

 

 

146

 

 

 

3,185

 

 

 

336

 

Restructuring, acquisition, and related costs

 

221

 

 

 

—

 

 

 

458

 

 

 

—

 

Total share-based compensation expense

$

7,225

 

 

$

2,243

 

 

$

16,072

 

 

$

7,348

 
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The fair value of the TSR-PSUs at the date of grant was estimated using the Monte Carlo valuation model with the following assumptions:

 

 

Nine Months Ended October 2, 2020

 

Grant-date stock price

$

96.28

 

Expected volatility

 

34.25

%

Risk-free interest rate

 

1.35

%

Expected annual dividend yield

 

—

 

Fair value

$

126.65

 
Amended and Restated 2010 Incentive Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Restricted Stock Units and Deferred Stock Units Issued and Outstanding

The table below summarizes activities relating to RSUs and DSUs issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the nine months ended October 2, 2020:

 

 

Shares

(In thousands)

 

 

Weighted

Average Grant

Date Fair Value

 

Unvested at December 31, 2019

 

453

 

 

$

39.74

 

Granted

 

291

 

 

$

84.20

 

Vested

 

(107

)

 

$

51.50

 

Forfeited

 

(7

)

 

$

76.54

 

Unvested at October 2, 2020

 

630

 

 

$

58.05

 

Expected to vest as of October 2, 2020

 

602

 

 

 

 

 
Performance-Based Awards Issued and Outstanding

The table below summarizes the activities relating to the performance-based awards issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the nine months ended October 2, 2020:

 

 

Shares (1)

(In thousands)

 

 

Weighted

Average Grant

Date Fair Value

 

Unvested at December 31, 2019

 

152

 

 

$

57.09

 

Granted

 

50

 

 

$

111.47

 

Performance adjustment (2)

 

60

 

 

$

28.80

 

Vested

 

(120

)

 

$

28.80

 

Forfeited

 

(1

)

 

$

111.50

 

Unvested at October 2, 2020

 

141

 

 

$

88.99

 

Expected to vest as of October 2, 2020

 

153

 

 

 

 

 

 

 

(1)

The unvested PSUs are shown in this table at target, except for the number of shares vested, which reflects the number of shares earned and expected to vest. As of October 2, 2020, the maximum number of PSUs available to be earned was approximately 283 thousand shares.

 

 

(2)

The amount shown represents performance adjustment for performance-based awards granted on February 28, 2017. These units vested at 200% during the nine months ended October 2, 2020 based on the achievement of cumulative Non-GAAP EPS and applicable relative TSR performance conditions during the performance period of fiscal years 2017 through 2019.