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Stockholders' Equity and Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 24, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Employee stock purchase plan assumptions

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 24, 2016

 

 

September 26, 2015

 

 

September 24, 2016

 

 

September 26, 2015

 

Employee Stock Purchase Plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected life

 

0.5 years

 

 

0.5 years

 

 

0.5 years

 

 

0.5 years

 

Volatility

 

 

38.2%

 

 

 

36.7%

 

 

 

38.7

%

 

 

36.9%

 

Risk free interest rate

 

 

0.37%

 

 

 

0.13%

 

 

 

0.44

%

 

 

0.12%

 

Dividends

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 
Stock option plans activity

A summary of activity of stock options during the nine months ended September 24, 2016 is as follows:

 

 

 

Number of

Shares

Outstanding

(Options)

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term (Years)

 

 

Aggregate

Intrinsic

Value

(in Thousands)

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 26, 2015

 

 

1,051,867

 

 

$

14.60

 

 

 

2.46

 

 

$

1,916

 

Exercised

 

 

(352,996

)

 

$

13.33

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(166,849

)

 

$

15.79

 

 

 

 

 

 

 

 

 

Outstanding at September 24, 2016

 

 

532,022

 

 

$

15.06

 

 

 

2.32

 

 

$

3,849

 

Exercisable at September 24, 2016

 

 

480,462

 

 

$

14.91

 

 

 

2.15

 

 

$

3,546

 

 
Summary of activity for RSUs

A summary of activity for RSUs is as follows:

 

Summary of activity for RSUs

 

Number

of RSUs

 

 

Weighted

Average Fair

Value

 

Outstanding RSUs as of December 26, 2015

 

 

713,243

 

 

$

15.99

 

Granted

 

 

455,907

 

 

$

17.15

 

Released

 

 

(286,260

)

 

$

16.11

 

Cancelled

 

 

(45,852

)

 

$

16.00

 

Outstanding RSUs as of September 24, 2016

 

 

837,038

 

 

$

15.58

 

 
Summary of activity for PSUs

A summary of activity for PSUs is as follows:

Summary of activity for PSUs

 

Number

of PSUs

 

 

Weighted

Average Fair

Value

 

Outstanding PSUs as of December 26, 2015

 

 

60,000

 

 

$

18.35

 

Granted

 

 

67,500

 

 

$

8.52

 

Released

 

 

(13,333

)

 

$

18.04

 

Cancelled

 

 

(6,667

)

 

$

18.04

 

Outstanding PSUs as of September 24, 2016

 

 

107,500

 

 

$

12.24

 

 
PSUs valuation assumptions

The assumptions for the valuation of PSUs are summarized as follows:

 

 

 

2016 Award

 

 

2015 Award

 

Grant Date Fair Value Per Share

 

$

8.52

 

 

$

18.35

 

Weighted-average assumptions/inputs:

 

 

 

 

 

 

 

 

Expected Dividend

 

 

—

 

 

 

—

 

Range of risk-free interest rates

 

 

0.92%

 

 

0.25%-1.1%

 

Range of expected volatilities for peer group

 

22%-93%

 

 

23%-65%

 

 
Stock-based compensation expense for all share-based payment awards

Stock-based compensation expense for all share-based payment awards made to the Company’s employees and directors pursuant to the employee stock option and employee stock purchase plans by function were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 24, 2016

 

 

September 26, 2015

 

 

September 24, 2016

 

 

September 26, 2015

 

Cost of products

 

$

116

 

 

$

96

 

 

$

273

 

 

$

229

 

Cost of service

 

 

138

 

 

 

104

 

 

 

355

 

 

 

195

 

Research and development

 

 

387

 

 

 

300

 

 

 

985

 

 

 

796

 

Selling

 

 

537

 

 

 

511

 

 

 

1,492

 

 

 

1,403

 

General and administrative

 

 

822

 

 

 

671

 

 

 

2,327

 

 

 

2,041

 

Total stock-based compensation expense related to employee

   stock options and employee stock purchases

 

$

2,000

 

 

$

1,682

 

 

$

5,432

 

 

$

4,664