Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.8.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of stock option activity
The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the years ended December 31, 2017 and 2016 (shares and aggregate intrinsic value in thousands):
 
 
Number of Options
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining
Contractual Life
 
Aggregate
Intrinsic
Value
Outstanding at December 31, 2015
 
12,795

 
$
5.89

 
7.82
 
$
75,797

Granted
 
3,674

 
5.73

 
 
 
 
Exercised
 
(1,852
)
 
2.94

 
 
 
 
Cancelled
 
(1,720
)
 
8.37

 

 
 
Outstanding at December 31, 2016
 
12,897

 
5.94

 
7.49
 
$
9,625

Granted
 
5,266

 
5.17

 
 
 
 
Exercised
 
(687
)
 
2.96

 
 
 
 
Cancelled
 
(1,208
)
 
7.62

 
 
 
 
Outstanding at December 31, 2017
 
16,268

 
$
5.70

 
7.41
 
$
14,832

Options vested and exercisable at December 31, 2017
 
8,169

 
$
5.56

 
6.05
 
$
9,987

Options vested and expected to vest at December 31, 2017
 
14,833

 
$
5.68

 
7.02
 
$
13,971

Estimated fair value of stock options
The Company estimated the fair value of stock options with the following assumptions:
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Risk-free interest rate
 
1.88% - 2.22%

 
1.18% - 2.23%

 
1.55% - 1.95%

Volatility
 
45.95% - 50.52%

 
36.00% - 49.64%

 
36.30% - 39.63%

Expected term (in years)
 
5.94 - 6.08

 
5.00 - 6.26

 
5.50 - 6.23

Expected dividend yield
 
0.00
%
 
0.00
%
 
0.00
%
Summary of activity for all RSUs
The following table summarizes the activity for all RSUs under all of the Company’s equity incentive plans for the years ended December 31, 2017 and 2016 (shares in thousands):
 
 
Shares
 
Weighted
Average Grant
Date Fair
Value
Unvested balance at December 31, 2015
 
1,506

 
$
10.44

Granted
 
3,363

 
5.82

Issued
 
(422
)
 
9.55

Cancelled / forfeited
 
(341
)
 
6.80

Unvested balance at December 31, 2016
 
4,106

 
6.87

Granted
 
3,540

 
5.30

Issued
 
(1,115
)
 
7.36

Cancelled / forfeited
 
(1,201
)
 
5.81

Unvested balance at December 31, 2017
 
5,330

 
$
5.82

Summary of stock-based compensation expense
The Company recognized stock-based compensation expense, including the compensation expense resulting from the sales of common stock by employees and former employees in 2015 to existing investors and ESPP expenses, in the consolidated statements of operations as follows (in thousands): 
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Cost of operating leases and incentives
 
$
2,299

 
$
2,039

 
$
1,649

Cost of solar energy systems and product sales
 
609

 
409

 
236

Sales and marketing
 
5,196

 
7,831

 
5,242

Research and development
 
836

 
515

 
205

General and administration
 
13,102

 
7,929

 
8,491

Total
 
$
22,042

 
$
18,723

 
$
15,823