Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

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Stockholders' Equity
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Convertible Preferred Stock
The Company did not have any convertible preferred stock issued and outstanding as of December 31, 2019 and 2018.
The Company did not declare or pay any dividends in 2019, 2018 or 2017.
Common Stock
The Company has reserved sufficient shares of common stock for issuance upon the exercise of stock options and the exercise of warrants. Common stockholders are entitled to dividends if and when declared by the board of directors, subject to the prior rights of the preferred stockholders. As of December 31, 2019, no common stock dividends had been declared by the board of directors.
The Company has reserved shares of common stock for issuance as follows (in thousands):
 
 
December 31,
 
 
2019
 
2018
Stock plans
 
 
 
 
Shares available for grant
 
 
 
 
2015 Equity Incentive Plan
 
14,828

 
11,986

2015 Employee Stock Purchase Plan
 
6,522

 
5,202

Options outstanding
 
10,784

 
13,590

Restricted stock units outstanding
 
3,943

 
4,182

Total
 
36,077

 
34,960


Stock Repurchase Program
In November 2019, the Company's board of directors approved a stock repurchase program authorizing the Company to repurchase up to $50.0 million of its common stock from time to time over the next three years. Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company considers appropriate and in accordance with applicable regulations of the Securities and Exchange Commission. The timing of repurchases and the number of shares repurchased will depend on a variety of factors including price, regulatory requirements, and other market conditions. The Company may limit, amend, suspend, or terminate the stock repurchase program at any time without prior notice. Any shares repurchased under the program will be returned to the status of authorized, but unissued shares of common stock. As of December 31, 2019, the Company had repurchased 368,996 shares for approximately $5.0 million.