Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.20.2
Stock-Based Compensation
6 Months Ended
Jun. 30, 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 six months ended June 30, 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 1,483    11.20   
Exercised (1,396)   6.18   
Cancelled (380)   9.16   
Outstanding at June 30, 2020 10,491    $ 8.01    6.67 $ 122,842   
Options vested and exercisable at June 30, 2020 6,933    $ 6.57    5.63 $ 91,150   
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 six months ended June 30, 2020 (shares in thousands):
Number of Awards Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2019 3,943    $ 11.42   
Granted 3,138    11.99   
Issued (2,128)   11.98   
Cancelled / forfeited (403)   10.70   
Unvested balance at June 30, 2020 4,550    $ 11.61   
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 June 30, Six Months Ended June 30,
2020 2019 2020 2019
Cost of customer agreements and incentives $ 930    $ 624    $ 2,876    $ 1,255   
Cost of solar energy systems and product sales
270    190    943    358   
Sales and marketing 1,821    1,303    5,299    2,431   
Research and development 466    408    1,541    744   
General and administration 6,895    4,258    18,668    7,778   
Total $ 10,382    $ 6,783    $ 29,327    $ 12,566