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Stock-Based Compensation Plans
 9 Months Ended
Jan. 02, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans Stock-Based Compensation Plans
The Company’s equity incentive plans are broad-based, long-term retention programs that cover employees, consultants and non-employee directors of the Company. These plans are intended to attract and retain talented employees, consultants and non-employee directors and to provide such persons with a proprietary interest in the Company.

Stock-Based Compensation
The following table summarizes stock-based compensation expense related to stock awards granted under the Company’s equity incentive plans and rights to acquire stock granted under the Company’s Employee Stock Purchase Plan (ESPP):
Three Months EndedNine Months Ended
(In thousands)January 2, 2021December 28, 2019January 2, 2021December 28, 2019
Stock-based compensation included in:
Cost of revenues$3,465 $2,961 $9,149 $8,386 
Research and development40,228 31,543 106,707 86,119 
Selling, general and administrative22,638 15,653 59,297 48,227 
$66,331 $50,157 $175,153 $142,732 

In order to retain its current workforce and maintain continuous business operations during the pending period of the Merger, the Company implemented an employee retention bonus program in December 2020 for certain employees consisting of both cash bonuses and RSUs. The cash bonuses are payable in separate installments through the later of December 2021 or the closing of the Merger, and the RSUs will vest in equal annual installments over three years, with payment and vesting contingent upon a participant employee's continuing employment with the Company. The retention bonus program resulted in the issuance of 721 thousand RSUs. The stock-based compensation expense with respect to the retention bonus program was immaterial for the third quarter of fiscal 2021.

Employee Stock Option Plans

The types of awards allowed under the 2007 Equity Incentive Plan (2007 Equity Plan) include incentive stock options, non-qualified stock options, restricted stock units (RSUs), restricted stock and stock appreciation rights. As of January 2, 2021, 11.9 million shares remained available for grant under the 2007 Equity Plan.

RSU Awards

A summary of the Company’s RSU activity and related information is as follows:
 
 RSUs Outstanding
(Shares in thousands)Number of SharesWeighted-Average Grant-Date Fair Value Per Share
March 30, 20197,331 $59.54 
Granted2,756 $109.53 
Vested(2,820)$55.24 
Cancelled(487)$75.09 
March 28, 20206,780 $80.53 
Granted3,785 $105.48 
Vested(2,387)$70.61 
Cancelled(594)$83.77 
January 2, 20217,584 $95.46 
The estimated fair values of RSUs were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. For the RSUs granted during the fiscal quarter ended January 2, 2021, the Company does not expect to declare a dividend due to the required dividend suspension in connection with the Merger. The per share weighted-average fair value of RSUs granted during the third quarter of fiscal 2021 was $143.18 ($89.57 for the third quarter of fiscal 2020), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: 
Three Months EndedNine Months Ended
January 2, 2021December 28, 2019January 2, 2021December 28, 2019
Risk-free interest rate0.2 %1.6 %0.2 %1.8 %
Dividend yield— %1.6 %1.2 %1.3 %

For the majority of RSUs granted, the number of shares of common stock issued on the date the RSU awards vest is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of the Company's employees. During the first nine months of fiscal 2021 and 2020, the Company withheld $58.0 million and $75.4 million worth of RSU awards, respectively, to satisfy the employees’ tax obligations.

During the third quarter and the first nine months of fiscal 2021, the Company realized excess tax benefits of $2.3 million and $15.0 million, respectively, primarily from RSU vesting. During the third quarter and the first nine months of fiscal 2020, the excess tax benefits were $1.3 million and $35.6 million, respectively, primarily from RSU vesting. These tax benefits were recorded in the condensed consolidated statements of income as a component of the provision for income taxes.

Employee Stock Purchase Plan

Under the Company’s ESPP, shares are only issued during the second and fourth quarters of each fiscal year. Employees purchased 283 thousand shares for $19.8 million during the second quarter of fiscal 2021 and 241 thousand shares for $19.7 million during the second quarter of fiscal 2020. The per-share weighted-average fair value of stock purchase rights granted under the ESPP during the second quarter of fiscal 2021 and 2020 was $31.40 and $33.79, respectively. The fair values of stock purchase plan rights granted in the second quarter of fiscal 2021 and 2020 were estimated using the Black-Scholes option pricing model at the date of grant using the following assumptions:

20212020
Expected life of options (years)1.251.25
Expected stock price volatility0.380.37
Risk-free interest rate0.1 %1.9 %
Dividend yield1.4 %1.3 %
The next scheduled purchase under the ESPP is in the fourth quarter of fiscal 2021. As of January 2, 2021, 12.4 million shares were available for future issuance under the Company's ESPP.