Employee Benefit Plan

12 Months Ended

May 03, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plan

Employee Benefit Plan

The Company maintains a defined contribution retirement plan under the provisions of Section 401(k) of the Internal Revenue Code which covers all eligible employees. Employees are eligible to participate in the plan on the first day of the calendar year quarter immediately following completion of eligibility requirements as required by the plan.

Under the plan, each participant may contribute up to 20% of his or her pre-tax gross compensation up to a statutory limit, which is $18,000, $17,500 and $17,500 for calendar year 2015, 2014 and 2013, respectively. All amounts contributed by participants and earnings on participant contributions are fully vested at all times. The Company may contribute an amount equal to one-half of the first 6% of each participant’s contribution. The Company may make the matching contribution in shares of Finisar common stock in lieu of cash. Contributions made in shares will be allocated to each participant’s account using the share price on the date the Company matching contribution is made to the plan.

The Company made a discretionary matching contribution of 122,979 shares for a total contribution of $2.4 million during the year ended May 3, 2015. The Company’s expenses related to this plan were $2.6 million, $2.2 million and $1.9 million for the fiscal years ended May 3, 2015, April 27, 2014 and April 28, 2013, respectively.