Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.4.0.3
Stock-Based Compensation
3 Months Ended
Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

Note 11. 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, 2016 (shares in thousands):

 

 

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

Options

 

 

Exercise Price

 

 

Remaining

 

 

 

Outstanding

 

 

Outstanding

 

 

Contractual Life

 

Outstanding at January 1, 2016

 

 

12,795

 

 

$

5.89

 

 

 

7.82

 

Granted

 

 

2,524

 

 

 

5.42

 

 

 

 

 

Exercised

 

 

(219

)

 

 

2.35

 

 

 

 

 

Cancelled / forfeited

 

 

(255

)

 

 

8.55

 

 

 

 

 

Outstanding at March 31, 2016

 

 

14,845

 

 

$

5.82

 

 

 

8.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options vested and exercisable at

   March 31, 2016

 

 

6,789

 

 

$

4.16

 

 

 

6.77

 

 

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, 2016 (shares in thousands):

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average Grant

 

 

 

 

 

 

 

Date Fair

 

 

 

Shares

 

 

Value

 

Unvested balance at January 1, 2016

 

 

1,506

 

 

$

10.44

 

Granted

 

 

1,359

 

 

 

5.38

 

Issued

 

 

(78

)

 

 

9.59

 

Cancelled / forfeited

 

 

(51

)

 

 

9.41

 

Unvested balance at March 31, 2016

 

 

2,736

 

 

$

7.95

 

 

Employee Stock Purchase Plan

In July 31, 2015, the board of directors approved the 2015 Employee Stock Purchase Plan (“ESPP”). Eligible employees are offered shares bi-annually through two six month offering periods, which begin on the first trading day on or after May 15 and November 15 of each year. The first offering period began on November 16, 2015. 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 2,000 shares per employee per offering 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,

 

 

 

2016

 

 

2015

 

Cost of operating leases and incentives

 

$

207

 

 

$

49

 

Cost of solar energy systems and product sales

 

 

81

 

 

 

77

 

Sales and marketing

 

 

1,618

 

 

 

427

 

Research and development

 

 

97

 

 

 

62

 

General and administration

 

 

1,806

 

 

 

2,605

 

Total

 

$

3,809

 

 

$

3,220