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Stock-Based Employee Compensation (Tables)

9 Months Ended

Dec. 28, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes stock-based compensation expense by category appearing in the Company’s Condensed Consolidated Statement of Operations:



	Three Months Ended				Nine Months Ended
(in thousands)	December 28, 2014		December 29, 2013		December 28, 2014			December 29, 2013
Cost of revenue	$	592	$	403	$	1,347		$	1,129
Research and development	2,562		1,514		7,547			4,211
Selling, general and administrative	2,724		1,252		7,875			4,969
Discontinued operations	20		199		(207		)	537
Total stock-based compensation expense	$	5,898	$	3,368	$	16,562		$	10,846

Stock Option Activity

The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category:



	Nine Months Ended December 28, 2014
(shares in thousands)	Shares		Price
Beginning stock options outstanding	5,602		$	7.21
Granted	407		12.03
Exercised (1)	(1,281	)	7.01
Canceled	(451	)	8.54
Ending stock options outstanding	4,277		$	7.59
Ending stock options exercisable	2,632		$	6.69


(1)	Upon exercise, the Company issues new shares of common stock.

Nonvested Restricted Stock Units Activity

The following table summarizes the Company's restricted stock unit activity for each category for the nine months ended December 28, 2014:



	Nine Months Ended December 28, 2014
(shares in thousands)	Shares		Weighted-average grant date fair value per share
Beginning RSUs outstanding	2,924		$	7.44
Granted	1,911		12.91
Released	(940	)	7.29
Forfeited	(385	)	8.71
Ending RSUs outstanding	3,510		$	10.32

Nonvested Performance-based Units Activity

The following table summarizes the Company's performance stock unit activity for each category for the nine months ended December 28, 2014:



	Nine Months Ended December 28, 2014
(shares in thousands)	Shares		Weighted-average grant date fair value per share
Beginning PSUs outstanding	804		$	7.79
Granted	101		9.91
Released	(220	)	8.11
Forfeited	(122	)	7.85
Ending PSUs outstanding	563		$	8.04

Fair Value Assumptions

The following weighted average assumptions were used to calculate the fair value of the market-based equity award using a Monte Carlo simulation model:



	June 15, 2014
Estimated fair value	$	21.00
Expected volatility	34.6		%
Expected term (in years)	1.80
Risk-free interest rate	0.38		%
Dividend yield	—		%

Employee Stock Purchase Plan Activity

Activity under the Company's ESPP for the nine months ended December 28, 2014 is summarized in the following table:



(in thousands, except per share amounts)
Number of shares issued	498
Average issuance price	$	11.76
Number of shares available at December 28, 2014	4,522

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details