Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.20.2
Stock-Based Compensation
9 Months Ended
Sep. 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 nine months ended September 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 1,556  12.85 
Exercised (4,187) 6.95 
Cancelled (382) 9.16 
Outstanding at September 30, 2020 7,771  $ 8.61  6.74 $ 532,004 
Options vested and exercisable at September 30, 2020 4,545  $ 6.33  5.41 $ 321,566 
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 nine months ended September 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 3,304  14.10 
Issued (2,509) 11.81 
Cancelled / forfeited (528) 11.01 
Unvested balance at September 30, 2020 4,210  $ 13.35 
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 September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Cost of customer agreements and incentives $ 922  $ 594  $ 3,798  $ 1,849 
Cost of solar energy systems and product sales
205  209  1,148  566 
Sales and marketing 1,890  1,352  7,189  3,782 
Research and development 317  404  1,858  1,149 
General and administration 4,883  4,295  23,551  12,074 
Total $ 8,217  $ 6,854  $ 37,544  $ 19,420