Equity-Based Compensation (Tables)

6 Months Ended

Jul. 03, 2021

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 and six months ended July 3, 2021 and June 27, 2020 was as follows:

	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	57	$	149	$	132	$	364
RSUs		656		450		1,200		816
Employee stock purchase plan		306		57		655		148
Total equity-based compensation	$	1,019	$	656	$	1,987	$	1,328

Summary of Stock Option Activity

Option activity as of July 3, 2021 and changes during the six months ended July 3, 2021 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at January 2, 2021		1,814,467		$	6.66
Options granted		—		$	—
Options cancelled and forfeited		(205,324	)	$	6.72
Options exercised		(65,462	)	$	5.89
Options outstanding at July 3, 2021		1,543,681		$	6.57
Options exercisable at July 3, 2021		1,317,356		$	6.78

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:

	Six Months Ended
	June 27, 2020
Stock Options:
Weighted-average fair value of grants per share		$1.82
Expected volatility		46.06%
Risk-free interest rate		0.44%
Expected term of options (in years)		4.39
Dividend yield		None

	Six Months Ended
	July 3, 2021		June 27, 2020
ESPP Purchase Rights:
Weighted-average fair value of grants per share		$2.69		$1.66
Expected volatility		58.56%		36.69%
Risk-free interest rate		0.08%		1.56%
Expected term of purchase rights (in years)		1.0		0.5
Dividend yield		None		None

Summary of Restricted Stock Units Activity

RSU activity as of July 3, 2021 and changes during the six months ended July 3, 2021 were as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at January 2, 2021		901,634		$	5.30
Granted		538,022		$	6.29
Vested		(293,824	)	$	6.08
Cancelled and forfeited		(44,775	)	$	3.96
Non-vested RSUs at July 3, 2021		1,101,057		$	5.63

Employee Stock Purchase Rights Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions:

	Three Months Ended
	July 3, 2021
Weighted-average fair value of grants per share	$7.65
Expected volatility	56.26%
Risk-free interest rate	0.15%
Dividend yield	None

Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions:

	Three Months Ended
	June 27, 2020
Weighted-average fair value of grants per share	$	3.16
Expected volatility		46.7	%
Risk-free interest rate		0.25	%
Dividend yield		None