Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.19.3.a.u2
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [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, 2019 and 2018 (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, 2017
 
16,268

 
$
5.70

 
7.41
 
$
14,832

Granted
 
1,529

 
8.63

 
 
 
 
Exercised
 
(3,271
)
 
5.23

 
 
 
 
Cancelled
 
(936
)
 
6.63

 

 
 
Outstanding at December 31, 2018
 
13,590

 
6.07

 
6.63
 
66,462

Granted
 
1,362

 
15.44

 
 
 
 
Exercised
 
(3,625
)
 
5.48

 
 
 
 
Cancelled
 
(543
)
 
7.62

 
 
 
 
Outstanding at December 31, 2019
 
10,784

 
$
7.38

 
6.52
 
$
71,745

Options vested and exercisable at December 31, 2019
 
7,245

 
$
6.18

 
5.72
 
$
55,426

Options vested and expected to vest at December 31, 2019
 
10,784

 
$
7.38

 
6.52
 
$
71,745


Estimated fair value of stock options
The Company estimated the fair value of stock options with the following assumptions:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Risk-free interest rate
 
1.70% - 2.59%

 
2.72% - 2.92%

 
1.88% - 2.22%

Volatility
 
52.9% - 55.07%

 
44.87% - 54.61%

 
45.95% - 50.52%

Expected term (in years)
 
6.10 - 6.12

 
6.09 - 6.11

 
5.94 - 6.08

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, 2019 and 2018 (shares in thousands):
 
 
Shares
 
Weighted
Average Grant
Date Fair
Value
Unvested balance at December 31, 2017
 
5,330

 
$
5.82

Granted
 
2,019

 
8.75

Issued
 
(1,720
)
 
6.36

Cancelled / forfeited
 
(1,447
)
 
5.75

Unvested balance at December 31, 2018
 
4,182

 
7.05

Granted
 
2,258

 
15.25

Issued
 
(1,104
)
 
6.83

Cancelled / forfeited
 
(1,393
)
 
8.14

Unvested balance at December 31, 2019
 
3,943

 
$
11.42


Summary of stock-based compensation expense
The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands): 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Cost of customer agreements and incentives
 
$
2,434

 
$
2,568

 
$
2,299

Cost of solar energy systems and product sales
 
844

 
718

 
609

Sales and marketing
 
5,162

 
7,191

 
5,196

Research and development
 
1,439

 
1,253

 
836

General and administration
 
16,427

 
16,126

 
13,102

Total
 
$
26,306

 
$
27,856

 
$
22,042