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.

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 Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP):


	Years Ended
(In thousands)	April 3, 2021		March 28, 2020		March 30, 2019
Stock-based compensation included in:
Cost of revenues	$	12,765	$	10,035	$	8,820
Research and development	150,271		114,976		86,428
Selling, general and administrative	83,194		61,540		52,694
Restructuring charges and Executive transition costs	—		172		—
Stock-based compensation effect on income before taxes	246,230		186,723		147,942
Income tax effect	(50,802)		(38,013)		(29,361)
Net stock-based compensation effect on net income	$	195,428	$	148,710	$	118,581

The Company adjusts stock-based compensation on a quarterly basis for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate for all expense amortization was recognized in the period the forfeiture estimate was changed and was not material for all periods presented.

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.

As of April 3, 2021 and March 28, 2020, the ending inventory balances included $3.0 million and $3.0 million of capitalized stock-based compensation. During fiscal 2021, 2020 and 2019, the tax benefit realized for the tax deduction from restricted stock units (RSUs) and other awards totaled $59.7 million, $72.7 million and $44.4 million, respectively. The tax deduction includes amounts credited to income tax expense.

The fair values of ESPP were estimated as of the grant date using the Black-Scholes option pricing model. The Company's expected stock price volatility assumption is estimated using implied volatility of the Company's traded options. The expected life of options granted is based on the historical exercise activity as well as the expected disposition of all options outstanding. The expected life of options granted also considers the actual contractual term.

The weighted-average fair value per share of stock purchase rights granted under the ESPP during fiscal 2021, 2020 and 2019 were $42.05, $31.97 and $26.57, respectively. These fair values per share were estimated at the date of grant using the following weighted-average assumptions:


	Employee Stock Purchase Plan
	Fiscal 2021		Fiscal 2020		Fiscal 2019
Expected life of options (years)	1.3		1.3		1.3
Expected stock price volatility	0.46		0.35		0.33
Risk-free interest rate	0.1	%	1.7	%	2.5	%
Dividend yield	0.7	%	1.5	%	1.7	%

The estimated fair values of RSU awards 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. The per share weighted-average fair value of RSUs granted during fiscal 2021, 2020 and 2019 were $106.36, $109.53 and $66.94, respectively. The weighted average fair value of RSUs granted in fiscal 2021, 2020 and 2019 were calculated based on estimates at the date of grant using the following weighted-average assumptions:

As of April 3, 2021, total unrecognized stock-based compensation costs related to ESPP was $19.9 million. The total unrecognized stock-based compensation cost for ESPP is expected to be recognized over a weighted-average period of 0.7 years.

As of April 3, 2021, 11.8 million shares are available for future grants under the 2007 Equity Incentive Plan (2007 Equity Plan). The contractual term for stock awards granted under the 2007 Equity Plan is seven years from the grant date. Stock awards granted to existing and newly hired employees generally vest over a four-year period from the date of grant.


(Shares in thousands)						Shares Available for Grant
March 31, 2018						11,342
Additional shares reserved						3,000

RSUs granted						(3,559)
RSUs cancelled						536
March 30, 2019						11,319
Additional shares reserved						6,000

RSUs granted						(2,756)
RSUs cancelled						487
March 28, 2020						15,050
Additional shares reserved						—

RSUs granted						(3,885)
RSUs cancelled						680
April 3, 2021						11,845

The types of awards allowed under the 2007 Equity Plan include incentive stock options, non-qualified stock options, RSUs, restricted stock and stock appreciation rights. To date, the Company has issued a mix of non-qualified stock options and RSUs under the 2007 Equity Plan.

The total pre-tax intrinsic value of options exercised during fiscal 2021 and 2020 was immaterial. This intrinsic value represents the difference between the exercise price and the fair market value of the Company's common stock on the date of exercise.


	RSUs Outstanding
(Shares and intrinsic value in thousands)	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (1)
March 31, 2018	6,989	$51.39
Granted	3,559	$66.94
Vested (2)	(2,681)	$49.05
Cancelled	(536)	$55.09
March 30, 2019	7,331	$59.54
Granted	2,756	$109.53
Vested (2)	(2,820)	$55.24
Cancelled	(487)	$75.09
March 28, 2020	6,780	$80.53
Granted	3,885	$106.36
Vested (2)	(2,558)	$71.07
Cancelled	(680)	$85.26
April 3, 2021	7,427	$96.45	2.38	$	966,233

Expected to vest as of April 3, 2021	6,066	$96.76	2.38	$	787,637

(1)Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on April 3, 2021 of $129.85, multiplied by the number of RSUs outstanding or expected to vest as of April 3, 2021.

RSUs with a fair value of $181.8 million vested during fiscal 2021. As of April 3, 2021, total unrecognized stock-based compensation costs related to non-vested RSUs was $487.7 million. The total unrecognized stock-based compensation cost for RSUs is expected to be recognized over a weighted-average period of 2.6 years.

Under the Company's ESPP, qualified employees can obtain a 24-month purchase right to purchase the Company's common stock at the end of each six-month exercise period. Participation is limited to 15% of the employee's annual earnings up to a maximum of $21 thousand in a calendar year. Approximately 84% of all eligible employees participated in the ESPP. The purchase price of the stock is 85% of the lower of the fair market value at the beginning of the 24-month offering period or at the end of each six-month exercise period. Employees purchased 762 thousand shares for $55.6 million in fiscal 2021, 719 thousand shares for $53.0 million in fiscal 2020, and 1.0 million shares for $48.3 million in fiscal 2019. The next scheduled purchase under the ESPP is in the second quarter of fiscal 2022. As of April 3, 2021, 11.9 million shares were available for future issuance.