Equity-Based Compensation (Tables)

3 Months Ended

Mar. 28, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Effect of Recording Equity-Based Compensation

The effect of recording equity-based compensation for the three-month periods ended March 28, 2020 and March 30, 2019 was as follows:

	Three Months Ended
	March 28, 2020		March 30, 2019
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	215	$	206
RSUs		366		291
Employee stock purchase plan		91		259
Total equity-based compensation	$	672	$	756

Summary of Stock Option Activity

Option activity as of March 28, 2020 and changes during the three months ended March 28, 2020 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at December 28, 2019		2,096,610		$	6.63
Options granted		6,000		$	4.88
Options cancelled and forfeited		(2,998	)	$	6.70
Options exercised		(41,214	)	$	4.74
Options outstanding at March 28, 2020		2,058,398		$	6.66
Options exercisable at March 28, 2020		1,304,343		$	6.77

Employee Stock Options Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions:

	Three Months Ended
	March 28, 2020			March 30, 2019
Stock Options:
Weighted-average fair value of grants per share	$	1.82		$	2.28
Expected volatility		46.06	%		43.40	%
Risk-free interest rate		0.44	%		2.21	%
Expected term of options (in years)		4.39			4.32
Dividend yield		None			None
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	1.66		$	1.89
Expected volatility		36.69	%		50.00	%
Risk-free interest rate		1.56	%		2.53	%
Expected term of purchase rights (in years)		0.5			1.0
Dividend yield		None			None

Summary of Restricted Stock Units Activity

A summary of the RSU activity is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at December 28, 2019		553,355		$	6.15
Granted		15,625		$	5.09
Vested		(15,611	)	$	6.33
Cancelled and forfeited		(248	)	$	6.94
Non-vested RSUs at March 28, 2020		553,121		$	6.11