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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of Stock Options, RSUs and MSUs
A summary of the general terms of stock options and RSUs at December 31, 2019 is as follows: 
Number of shares authorized for awards
10,806,231

Options and RSUs outstanding
2,971,002

Options and RSUs expected to vest
2,747,970

Options and RSUs available for grant
5,028,497
Stock Incentive Plans Activity
The following activity occurred under our stock incentive plans:

Number of Options

Weighted average exercise price

Intrinsic value
(in thousands)

Weighted average remaining contractual term (in years)
Stock options:







Outstanding at December 31, 2018
2,447,939

 
$
14.62

 

 

Granted
280,135

 
$
27.38

 

 

Forfeited
(265,490
)
 
$
17.10

 

 

Expired
(9,995
)
 
$
8.63

 

 

Exercised
(838,282
)
 
$
9.42

 

 

Outstanding at December 31, 2019
1,614,307

 
$
19.16

 
$
11,612

 
4.5
Exercisable at December 31, 2019
752,375

 
$
15.12

 
$
8,288

 
3.8
Vested and expected to vest after December 31, 2019
1,559,047

 
$
18.91

 
$
11,572

 
4.4

Number of Units

Weighted average grant date fair value

Intrinsic value
(in thousands)

Weighted average remaining contractual term (in years)
RSUs:







Outstanding at December 31, 2018
862,935

 
$
21.78

 

 

Granted
1,055,206

 
$
28.89

 

 

Forfeited
(193,368
)
 
$
23.86

 

 

Vested
(368,078
)
 
$
17.30

 

 

Outstanding at December 31, 2019
1,356,695

 
$
28.22

 
$
35,466

 
1.7
Expected to vest after December 31, 2019
1,188,923

 
$
28.17

 
$
31,078

 
1.6
Schedule of Supplemental Information
Supplemental information is presented below: 
 
Years Ended December 31,
 
2019
 
2018
 
2017
Stock options:
 
 
 
 
 
Weighted average grant date fair value per option granted
$
8.88

 
$
7.68

 
$
6.25

Total intrinsic value of options exercised (in thousands)
$
17,674

 
$
27,759

 
$
44,405

Total fair value of options vested (in thousands)
$
2,593

 
$
4,142

 
$
5,566

RSUs:
 
 
 
 
 
Weighted average grant date fair value per unit granted
$
28.89

 
$
26.89

 
$
18.39

Total intrinsic value of units vested (in thousands)
$
10,679

 
$
16,452

 
$
14,642

Total fair value of units vested (in thousands)
$
6,368

 
$
6,069

 
$
6,469
Stock-Based Compensation Expense
We account for stock-based compensation in accordance with ASC 718, Stock Compensation, which requires that compensation related to all share-based awards (including stock options, RSUs, and ESPP shares) be recognized in the consolidated financial statements. Amounts recognized for stock-based compensation expense on the consolidated statements of comprehensive income are as follows (in thousands):
 
Years Ended December 31,
 
2019
 
2018
 
2017
Cost of revenue
$
4,082

 
$
1,467

 
$
774

Engineering and technology
715

 
766

 
984

Sales and marketing
346

 
2,424

 
2,376

General and administrative
11,157

 
8,596

 
7,519

Restructuring
—

 
—

 
1,148

Total
$
16,300

 
$
13,253

 
$
12,801
Stock Option Grants and Warrant
To estimate stock-based compensation expense, we used the Black-Scholes-Merton valuation method with the following assumptions for stock options granted:
 
Years Ended December 31,
 
2019
 
2018
 
2017
Risk-free interest rate
2.28% - 2.88%

 
1.82% - 2.54%

 
1.2% - 1.94%

Expected dividend yield
0
%
 
0
%
 
0
%
Expected volatility
38% - 42%

 
38% - 42%

 
39% - 45%

Expected life
3.6

 
3.6

 
3.8
Unrecognized Stock-Based Compensation Expense
As of December 31, 2019, total unrecognized stock-based compensation expense related to unvested stock awards was as follows:
 
Expense
(in thousands)
 
Weighted average period
over which to be recognized
(in years)
Stock options
$
1,544

 
1.1
RSUs
18,977

 
2.0
Total
$
20,521

 
1.9