Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity and Share-Based Compensation

v3.20.1
Stockholders' Equity and Share-Based Compensation
3 Months Ended
Mar. 28, 2020
Stockholders' Equity and Share-Based Compensation  
Stockholders' Equity and Share-Based Compensation

Note 3 – Stockholders’ Equity and Share-Based Compensation

Options and Restricted Stock Units

The Company had the following common stock option activity during the thirteen weeks ended March 28, 2020:

·

Granted options to purchase 1,973 common shares.

·

Exercise of 523 options to purchase common shares.

·

Forfeiture of 15 options to purchase common shares.

·

Expiration of 700 options to purchase common shares.

The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirteen weeks ended March 28, 2020, and details regarding the awards outstanding and exercisable at March 28, 2020 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

Weighted

 

Remaining

 

 

 

 

 

 

 

Average

 

Contractual

 

Aggregate

 

    

Shares

    

Exercise Price

    

Term (in years)

    

Intrinsic Value

Vested and expected to vest at December 28, 2019

 

1,654

 

$

 

 

 

 

 

Awarded

 

3,411

 

$

 

 

 

 

 

Vested

 

(1,845)

 

$

 

 

 

 

 

Forfeited

 

(5)

 

$

 

 

 

 

 

Awards outstanding, March 28, 2020

 

3,215

 

$

 

1.49

 

$

5,819

Vested and expected to vest at March 28, 2020

 

3,215

 

$

 

1.49

 

$

5,819

 

During the thirteen weeks ended March 28, 2020,  27 RSUs that vested were time-based and 1,762 were performance-based. In addition,  56 shares were released to a departing employee and 3 shares were issued as partial payment for director’s fee as elected by a current Board member. For the RSUs awarded, the number of shares issued on the date of vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. For those employees who elect not to receive shares net of the minimum statutory withholding requirements, the appropriate taxes are paid directly by the employee. During the thirteen weeks ended March 28, 2020, we withheld 36 shares to satisfy $84 of employees’ tax obligations. Although shares withheld are not issued, they are treated as a common stock repurchase in our consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting.

For the thirteen weeks ended March 28, 2020, we recorded compensation costs related to stock options and RSUs of $2,819. For the thirteen weeks ended March 30, 2019 we recorded compensation costs related to stock options and RSUs of $554. As of March 28, 2020, there was unrecognized compensation expense related to stock options and RSUs of $9,871 that will be expensed through March 2024.