Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

Stock-Based Compensation
3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options
The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the three months ended March 31, 2020 (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, 2019 10,784    $ 7.38    6.52 $ 71,745   
Granted 1,086    9.96   
Exercised (1,009)   5.88   
Cancelled (162)   9.00   
Outstanding at March 31, 2020 10,699    $ 7.75    6.80 $ 33,024   
Options vested and exercisable at March 31, 2020 6,922    $ 6.52    5.80 $ 26,557   
Restricted Stock Units
The following table summarizes the activity for all restricted stock units (“RSUs”) under all of the Company’s equity incentive plans for the three months ended March 31, 2020 (shares in thousands):
Number of Awards Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2019 3,943    $ 11.42   
Granted 1,747    10.30   
Issued (663)   10.88   
Cancelled / forfeited (184)   10.17   
Unvested balance at March 31, 2020 4,843    $ 11.14   
Additionally, RSU awards were granted during the three months ended March 31, 2020, which are excluded from the table above as the number of shares will not be calculated until May 2020. The approximate fair value of the awards, $12.1 million, is recorded in accrued expenses and other liabilities in the consolidated balance sheet.
Employee Stock Purchase Plan
Under the Company's 2015 Employee Stock Purchase Plan ("ESPP"), eligible employees are offered shares bi-annually through a 24-month offering period that encompasses four six-month purchase periods. Each purchase period begins on the first trading day on or after May 15 and November 15 of each year. Employees may purchase a limited number of shares of the Company’s common stock via regular payroll deductions at a discount of 15% of the lower of the fair market value of the Company’s common stock on the first trading date of each offering period or on the exercise date. Employees may deduct up to 15% of payroll, with a cap of $25,000 of fair market value of shares in any calendar year and 10,000 shares per employee per purchase period.
Stock-Based Compensation Expense
The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands):
Three Months Ended March 31,
2020 2019
Cost of customer agreements and incentives $ 1,946    $ 632   
Cost of solar energy systems and product sales
673    167   
Sales and marketing 3,478    1,128   
Research and development 1,075    336   
General and administration 11,773    3,520   
Total $ 18,945    $ 5,783