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Stock-Based Compensation Plans
9 Months Ended
Jan. 01, 2022
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 1, 2022January 2, 2021January 1, 2022January 2, 2021
Stock-based compensation included in:
Cost of revenues$3,829 $3,465 $11,236 $9,149 
Research and development45,323 40,228 129,057 106,707 
Selling, general and administrative24,290 22,638 70,478 59,297 
$73,442 $66,331 $210,771 $175,153 

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 1, 2022, 9.5 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 28, 20206,780 $80.53 
Granted3,885 $106.36 
Vested(2,558)$71.07 
Cancelled(680)$85.26 
April 3, 20217,427 $96.45 
Granted2,637 $136.83 
Vested(2,737)$88.72 
Cancelled(333)$108.34 
January 1, 20226,994 $114.15 
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. The per share weighted-average fair value of RSUs granted during the third quarter of fiscal 2022 was $184.70, ($143.18 for the third quarter of fiscal 2021), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: 

Three Months EndedNine Months Ended
January 1, 2022January 2, 2021January 1, 2022January 2, 2021
Risk-free interest rate1.0 %0.2 %0.6 %0.2 %
Dividend yield0.8 %— %— %1.2 %

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 2022 and 2021, the Company withheld $97.8 million and $58.0 million worth of RSU awards, respectively, to satisfy the employees’ tax obligations.

During the third quarter and the first nine months of fiscal 2022, the Company realized excess tax benefits of $6.7 million and $36.8 million, respectively, primarily from RSU vesting. During the third quarter and the first nine months of fiscal 2021, the excess tax benefits were $2.3 million and $15.0 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 (ESPP)

Under the Company’s ESPP, shares are generally only issued during the second and fourth quarters of each fiscal year. In the third quarter of fiscal 2022, the Company issued 188 thousand shares for $14.6 million in anticipation of the Merger completion and plan termination. Employees purchased a total of 447 thousand shares for $34.4 million during the second and third quarters of fiscal 2022 and 283 thousand shares for $19.8 million during the second quarter of fiscal 2021. The per-share weighted-average fair value of stock purchase rights granted under the ESPP during the second and third quarters of fiscal 2022 as well as the second quarter of fiscal 2021 was $47.42 and $31.40, respectively. The fair values of stock purchase plan rights granted in the second and third quarters of fiscal 2022 as well as the second quarter of fiscal 2021 were estimated using the Black-Scholes option pricing model at the date of grant using the following assumptions:

20222021
Expected life of options (years)1.251.25
Expected stock price volatility0.400.38
Risk-free interest rate0.1 %0.1 %
Dividend yield— %1.4 %
The next scheduled purchase under the ESPP is in the fourth quarter of fiscal 2022. As of January 1, 2022, 11.4 million shares were available for future issuance under the Company's ESPP.