Stockholders' Equity And Stock-Based Compensation (Tables)

9 Months Ended

Jun. 25, 2021

Stockholders' Equity And Stock-Based Compensation [Abstract]

Summary Of Stock Options Issued To Officers, Directors, And Employees Under 2000 Stock Incentive Plan And 2005 Stock Plan

The following table summarizes information about PSOs granted to our executive officers that have vested:

Grant Date	Aggregate Shares Granted at Target Award	Aggregate Shares Exercisable at Vest Date (1)	Percentage Vested of Target Award		Vested Date
December 15, 2015	419,623	334,623	125	%	December 2018
December 15, 2016	276,199	240,539	95	%	December 2019
December 15, 2017	264,000	253,440	96	%	December 2020

(1)Aggregate shares exercisable at vest date does not include any shares that were cancelled before the vest date after they were granted.

The following table summarizes information about stock options issued under our 2020 Stock Plan:

	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value (1)
	(in thousands)			(in years)	(in thousands)
Options outstanding at September 25, 2020	6,599	$	53.30
Grants	283	92.08
Exercises	(1,581)	45.96
Forfeitures and cancellations	(9)	62.36
Options outstanding at June 25, 2021	5,292	57.55		5.83	$	223,989
Options vested and expected to vest at June 25, 2021	5,142	57.10		5.77	220,863
Options exercisable at June 25, 2021	3,553	$	51.42	4.95	$	172,800

(1)Aggregate intrinsic value is based on the closing stock price of our Class A common stock on June 25, 2021 of $100.06 and excludes the impact of options that were not in-the-money.

Summary Of Restricted Stock Units Issued To Officers, Directors And Employees Under 2005 Stock Incentive Plan

The following table summarizes information about RSUs issued under our 2020 Stock Plan:

	Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Non-vested at September 25, 2020	2,979	$	62.70
Granted	1,461	90.10
Vested	(1,062)	60.08
Forfeitures	(125)	67.12
Non-vested at June 25, 2021	3,253	$	75.69

Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions

The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:

	Fiscal Quarter Ended		Fiscal Year-To-Date Ended
	June 26, 2020		June 25, 2021		June 26, 2020
Expected term (in years)	4.91		4.88		4.91
Risk-free interest rate	0.4	%	0.4	%	1.7	%
Expected stock price volatility	29.4	%	28.7	%	24.0	%
Dividend yield	1.5	%	1.1	%	1.3	%

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following two tables separately present stock-based compensation expense both by award type and classification in our condensed consolidated statements of operations (in thousands):

Expense - By Award Type

	Fiscal Quarter Ended				Fiscal Year-To-Date Ended
	June 25, 2021		June 26, 2020		June 25, 2021		June 26, 2020
Compensation expense
Stock options	$	3,203	$	4,053	$	10,913	$	12,573
Restricted stock units	20,348		15,983		60,594		48,800
Employee stock purchase plan	1,285		1,249		4,055		3,477
Total stock-based compensation	24,836		21,285		75,562		64,850
Benefit from income taxes	(3,944)		(3,392)		(12,015)		(10,507)
Total stock-based compensation, net of tax	$	20,892	$	17,893	$	63,547	$	54,343

Expense - By Income Statement Line Item Classification

	Fiscal Quarter Ended				Fiscal Year-To-Date Ended
	June 25, 2021		June 26, 2020		June 25, 2021		June 26, 2020
Compensation expense
Cost of products and services	$	426	$	505	$	1,549	$	1,555
Research and development	7,296		6,202		22,419		19,368
Sales and marketing	9,286		7,892		$	28,192	$	23,768
General and administrative	7,828		6,686		23,402		20,159
Total stock-based compensation expense	24,836		21,285		75,562		64,850
Benefit from income taxes	(3,944)		(3,392)		(12,015)		(10,507)
Total stock-based compensation, net of tax	$	20,892	$	17,893	$	63,547	$	54,343

Schedule of Stock Repurchase Authorizations

The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of June 25, 2021 (in thousands):

Authorization Period	Authorization Amount
Fiscal 2010: November 2009	$	250,000
Fiscal 2010: July 2010	300,000
Fiscal 2011: July 2011	250,000
Fiscal 2012: February 2012	100,000
Fiscal 2015: October 2014	200,000
Fiscal 2017: January 2017	200,000
Fiscal 2018: July 2018	350,000
Fiscal 2019: July 2019	350,000
Total	$	2,000,000

Schedule of Stock Repurchase Activity

The following table provides information regarding share repurchase activity under the program during fiscal 2021:

Quarterly Repurchase Activity	Shares Repurchased	Cost in thousands (1)		Average Price Paid Per Share (2)
Q1 - Quarter ended December 25, 2020	450,399	$	39,985	$	88.78
Q2 - Quarter ended March 26, 2021	757,019	70,790		93.51
Q3 - Quarter ended June 25, 2021	404,232	38,989		96.45
Total	1,611,650	$	149,764

(1)Cost of share repurchases includes the price paid per share and applicable commissions.

(2)Average price paid per share excludes commission costs.

Dividends Declared

The following table summarizes dividends declared under the program during fiscal 2021:

Fiscal Period	Announcement Date	Record Date	Payment Date	Cash Dividend Per Common Share		Estimated Dividend Payment(1)
Fiscal 2021
Q1 - Quarter ended December 25, 2020	January 28, 2021	February 9, 2021	February 19, 2021	$	0.22	$22.4 million
Q2 - Quarter ended March 26, 2021	May 4, 2021	May 17, 2021	May 25, 2021	$	0.22	$22.3 million
Q3 - Quarter ended June 25, 2021	July 29, 2021	August 11, 2021	August 19, 2021	$	0.22	$22.3 million

(1)The dividend payment amount is estimated based on the number of shares of our Class A and Class B common stock that we estimate will be outstanding as of the Record Date.