Stockholders' Equity And Stock-Based Compensation (Tables)

6 Months Ended

Apr. 01, 2022

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
December 15, 2018	241,100	158,700	75	%	December 2021

(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, 2021	4,577	$	59.18
Grants	300	91.46
Exercises	(520)	51.51
Forfeitures and cancellations	(104)	74.54
Options outstanding at April 1, 2022	4,253	62.00		5.79	$	79,555
Options vested and expected to vest at April 1, 2022	4,080	61.40		5.71	79,331
Options exercisable at April 1, 2022	3,072	55.80		4.86	72,465

(1)Aggregate intrinsic value is based on the closing stock price of our Class A common stock on April 1, 2022 of $79.09 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 24, 2021	3,335	$	77.46
Granted	1,558	88.02
Vested	(1,058)	71.73
Forfeitures	(198)	79.41
Non-vested at April 1, 2022	3,637	$	83.55

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 Year-To-Date Ended
	April 1, 2022		March 26, 2021
Expected term (in years)	4.78		4.88
Risk-free interest rate	1.2	%	0.4	%
Expected stock price volatility	28.6	%	28.7	%
Dividend yield	1.1	%	1.1	%

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
	April 1, 2022		March 26, 2021		April 1, 2022		March 26, 2021
Compensation expense
Stock options	$	2,313	$	3,224	$	5,618	$	7,710
Restricted stock units	23,686		19,853		51,406		40,246
Employee stock purchase plan	1,700		1,336		3,331		2,770
Total stock-based compensation	27,699		24,413		60,355		50,726
Estimated benefit from income taxes	(4,412)		(3,859)		(9,531)		(8,071)
Total stock-based compensation, net of tax	$	23,287	$	20,554	$	50,824	$	42,655

Expense - By Income Statement Line Item Classification

	Fiscal Quarter Ended				Fiscal Year-To-Date Ended
	April 1, 2022		March 26, 2021		April 1, 2022		March 26, 2021
Compensation expense
Cost of products and services	$	402	$	489	$	992	$	1,123
Research and development	9,155		7,190		19,257		15,123
Sales and marketing	9,791		9,110		$	22,039	$	18,906
General and administrative	8,351		7,624		18,067		15,574
Total stock-based compensation expense	27,699		24,413		60,355		50,726
Estimated benefit from income taxes	(4,412)		(3,859)		(9,531)		(8,071)
Total stock-based compensation, net of tax	$	23,287	$	20,554	$	50,824	$	42,655

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 April 1, 2022 (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
Fiscal 2021: July 2021	350,000
Fiscal 2022: February 2022	250,000
Total	$	2,600,000

Schedule of Stock Repurchase Activity

The following table provides information regarding share repurchase activity under the program during fiscal 2022:

Quarterly Repurchase Activity	Shares Repurchased	Cost (1)		Average Price Paid Per Share (2)
		(in thousands)
Q1 - Quarter ended December 31, 2021	408,508	$	35,573	$	87.08
Q2 - Quarter ended April 1, 2022	1,116,032	84,913		76.08
Total	1,524,540	$	120,486

(1)Cost of share repurchases includes the price paid per share, and excludes commission costs.

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

Dividends Declared

The following table summarizes dividends declared under the program during fiscal 2022:

Fiscal Period	Announcement Date	Record Date	Payment Date	Cash Dividend Per Common Share		Dividend Payment
Q1 - Quarter ended December 31, 2021	February 3, 2022	February 16, 2022	February 23, 2022	$	0.25	$25.3 million
Q2 - Quarter ended April 1, 2022	May 5, 2022	May 17, 2022	May 25, 2022	$	0.25	$25.2 million	(1)

(1)The dividend payment amount for the dividend declared in the second quarter of fiscal 2022 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.