Stock-Based Employee Compensation (Tables)

9 Months Ended

Jan. 03, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Compensation Expense

The following table summarizes stock-based compensation expense by line items appearing in the Company’s Condensed Consolidated Statement of Operations:

	Three Months Ended				Nine Months Ended
(in thousands)	January 3, 2016		December 28, 2014		January 3, 2016			December 28, 2014
Cost of revenue	$	666	$	592	$	1,993		$	1,347
Research and development	4,433		2,562		11,608			7,547
Selling, general and administrative	4,363		2,724		12,309			7,875
Discontinued operations	—		20		(32		)	(207		)
Total stock-based compensation expense	$	9,462	$	5,898	$	25,878		$	16,562

Stock Option Activity

The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category:

	Nine Months Ended January 3, 2016
(shares in thousands)	Shares		Price
Beginning stock options outstanding	3,680		$	7.71
Granted	428		21.96
Exercised (1)	(1,222	)	6.82
Canceled	(40	)	6.94
Ending stock options outstanding	2,846		$	10.25
Ending stock options exercisable	1,733		$	7.50

(1) Upon exercise, the Company issues new shares of common stock.

Nonvested Restricted Stock Units Activity

The following table summarizes the Company's restricted stock unit activity and related weighted-average exercise prices for each category for the nine months ended January 3, 2016:

	Nine Months Ended January 3, 2016
(shares in thousands)	Shares		Weighted-average grant date fair value per share
Beginning RSUs outstanding	3,457		$	10.58
Granted	1,640		21.95
Released	(1,091	)	9.76
Forfeited	(311	)	12.59
Ending RSUs outstanding	3,695		$	15.70

Nonvested Performance-based Units Activity

The following table summarizes the Company's performance stock unit activity and related weighted-average exercise prices for each category for the nine months ended January 3, 2016:

	Nine Months Ended January 3, 2016
(shares in thousands)	Shares		Weighted-average grant date fair value per share
Beginning PSUs outstanding	517		$	8.06
Granted	73		8.51
Released	(182	)	8.17
Forfeited	(178	)	8.47
Ending PSUs outstanding	230		$	7.80

Fair Value Assumptions

The following weighted average assumptions were used to calculate the fair value of the market-based equity award using a Monte Carlo simulation model:

	June 15, 2015			June 15, 2014
Estimated fair value	$	33.08		$	21.00
Expected volatility	41.22		%	34.60		%
Expected term (in years)	1.80			1.80
Risk-free interest rate	0.65		%	0.38		%
Dividend yield	—		%	—		%

Employee Stock Purchase Plan Activity

Activity under the Company's ESPP for the nine months ended January 3, 2016 is summarized in the following table:

(in thousands, except per share amounts)
Number of shares issued	486
Average issuance price	$	16.85
Number of shares available at January 3, 2016	3,893