SHARE-BASED COMPENSATION

6 Months Ended

Sep. 27, 2019

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]

The Company's primary plan used for granting equity compensation awards is the 2017 Equity Incentive Plan (the "2017 Plan").

The following table summarizes the Company’s share-based compensation expense:



	Three-Month Periods Ended				Six-Month Periods Ended
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
	(In thousands)
Cost of sales	$	4,212	$	4,767	$	7,152	$	10,171
Selling, general and administrative expenses	14,678		14,314		26,965		29,863
Total share-based compensation expense	$	18,890	$	19,081	$	34,117	$	40,034

Total unrecognized compensation expense related to share options under all plans was $1.2 million and will be recognized over a weighted-average remaining vesting period of 1.5 years. As of September 27, 2019, the number of options outstanding

and exercisable under all plans was 0.6 million and 0.5 million, respectively, at a weighted-average exercise price of $4.28 per share and $5.49 per share, respectively.

During the six-month period ended September 27, 2019, the Company granted 8.1 million unvested restricted share unit ("RSU") awards. Of this amount, approximately 6.3 million are plain-vanilla unvested RSU awards that vest over four years, with no performance or market conditions, and with an average grant date price of $9.19 per award. Further, approximately 1.8 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions. The average grant date fair value of these awards contingent on certain market conditions was estimated to be $11.92 per award and was calculated using a Monte Carlo simulation. The number of shares contingent on market conditions that ultimately will vest will range from zero up to a maximum of 3.6 million based on a measurement of the percentile rank of the Company’s total shareholder return over a certain specified period against the Standard and Poor’s (“S&P”) 500 Composite Index, and will cliff vest after a period of three years, to the extent such market conditions have been met.

As of September 27, 2019, approximately 17.6 million unvested RSU awards under all plans were outstanding, of which vesting for a targeted amount of 3.5 million awards is contingent primarily on meeting certain market conditions. The number of shares that will ultimately be issued can range from zero to 7.0 million based on the achievement levels of the respective conditions. During the six-month period ended September 27, 2019, no shares vested in connection with the awards with market conditions granted in fiscal year 2017.

As of September 27, 2019, total unrecognized compensation expense related to unvested RSU awards under all plans was approximately $161.3 million, and will be recognized over a weighted-average remaining vesting period of 2.6 years.