In fiscal years 2020, 2019 and 2018, the Company recorded stock-based compensation expense of $16.7 million, $14.1 million and $10.2 million. In fiscal years 2020 and 2019, the Company recognized tax benefits related to stock-based compensation of $1.6 million and $5.2 million, which are reflected in the Company’s (provision for) benefit from income taxes. There were no tax benefits realized in fiscal year 2018 due to the Company’s full valuation allowance.

In November 2009, the Company’s board of directors adopted the 2010 Equity Incentive Plan (the “2010 Incentive Plan”) and the Company’s stockholders approved the 2010 Incentive Plan in January 2010. The 2010 Incentive Plan became effective upon the completion of the IPO of the Company’s common stock in February 2010. Awards granted after January 2008 but before the adoption of the 2010 Incentive Plan continue to be governed by the terms of the 2008 Equity Incentive Plan. All outstanding stock awards granted before January 2008 continue to be governed by the terms of the Company’s amended and restated 1999 Equity Incentive Plan.

The 2010 Incentive Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NQSOs”), restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance-based stock awards and other forms of equity compensation, as well as for the grant of performance cash awards. The Company may issue ISOs only to its employees. NQSOs and all other awards may be granted to employees, including officers, nonemployee directors and consultants.

Prior to fiscal year 2016, the Company granted service-based RSUs. In fiscal year 2016, the Company also began granting market-based RSUs that requires the Company’s stock price achieve a specified price above the grant date stock price before it can be eligible for service vesting conditions. In fiscal year 2019, the Company began granting to employees performance-based RSUs that vest variably subject to the achievement of performance targets, consisting of both revenue growth and adjusted EBITDA targets. The Company evaluates the portion of the awards that are probable to vest quarterly until the performance criteria are met. To date, the Company has issued ISOs, NQSOs, service-based RSUs, market-based RSUs, and performance-based RSUs under the 2010 Incentive Plan. ISOs and NQSOs are generally granted to employees with an exercise price equal to the market price of the Company’s common stock at the date of grant. Stock options granted to employees generally have a contractual term of seven years and vest over four years of continuous service, with 25 percent of the stock options vesting on the one-year anniversary of the date of grant and the remaining 75 percent vesting in equal monthly installments over the three year period thereafter. RSUs generally vest over four years of continuous service, with 25 percent of the RSUs vesting on the one-year anniversary of the date of grant and 6.25% vesting quarterly thereafter for the next 12 quarters, subject to any performance or stock price targets.

An aggregate of 23,125,612 shares of the Company’s common stock were reserved for issuance under the 2010 Incentive Plan as of June 30, 2020, and this amount will be increased by any outstanding stock awards that expire or terminate for any reason prior to their exercise or settlement. The number of shares of the Company’s common stock reserved for issuance was increased annually through July 1, 2019 by up to five percent of the total number of shares of the Company’s common stock outstanding on the last day of the preceding fiscal year. The maximum number of shares that may be issued under the 2010 Incentive Plan is 30,000,000. There were 15,841,496 shares available for issuance under the 2010 Incentive Plan as of June 30, 2020.

In November 2009, the Company’s board of directors adopted the 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”) and the stockholders approved the Directors’ Plan in January 2010. The Directors’ Plan became effective upon the completion of the Company’s IPO. The Directors’ Plan provides for the automatic grant of NQSOs and RSUs to non-employee directors and also provides for the discretionary grant of NQSOs and RSUs. Stock options granted to new non-employee directors vest in equal monthly installments over four years and annual stock option grants to existing directors vest in equal monthly installments over one year. Prior to fiscal year 2015, initial service-based RSU grants vested quarterly over a period of four years and annual service-based RSU grants vested quarterly over a period of one year. Beginning in fiscal year 2015, initial service-based RSU grants vest daily over a period of four years and annual service-based RSU grants vest daily over a period of one year.

An aggregate of 4,598,838 shares of the Company’s common stock were reserved for issuance under the Directors’ Plan as of June 30, 2020. This amount was increased annually through July 1, 2019, by the sum of 200,000 shares and the aggregate number of shares of the Company’s common stock subject to awards granted under the Directors’ Plan during the immediately preceding fiscal year. There were 2,481,050 shares available for issuance under the Directors’ Plan as of June 30, 2020.

The Company uses the Black-Scholes option-pricing model to fair value its stock options and Monte Carlo simulation model to fair value its market-based RSUs. Options are granted with an exercise price equal to the fair value of the common stock at the date of grant. The Company calculates the weighted-average expected life of options using the simplified method pursuant to the accounting guidance for share-based payments as its historical exercise experience does not provide a reasonable basis upon which to estimate expected term. The Company estimates the expected volatility of its common stock based on its historical volatility over the expected term of the stock option and market-based RSU. The Company has no history or expectation of paying dividends on its common stock. The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected term of the stock option and market-based RSU.

The weighted-average Black-Scholes model assumptions and the weighted-average grant date fair value of stock options in fiscal years 2020, 2019 and 2018 were as follows:

	Fiscal Year Ended June 30,
	2020			2019			2018
Expected term (in years)		4.3			4.4			4.6
Expected volatility		58	%		56	%		48	%
Expected dividend yield		—			—			—
Risk-free interest rate		1.4	%		2.5	%		1.9	%
Grant date fair value	$	5.30		$	6.86		$	2.09

There were no market-based RSU grants during fiscal years 2020 and 2019. The weighted-average Monte Carlo simulation model assumptions in fiscal year 2018 were as follows:

	Fiscal Year Ended
	June 30, 2018
Expected term (in years)		4.0
Expected volatility		50	%
Expected dividend yield		—
Risk-free interest rate		2.4	%
Grant date fair value	$	7.66

The following table summarizes the stock option award activity under the plans in fiscal years 2020 and 2019:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2018		3,513,963		$	5.65		4.18	$	24,989
Granted		81,029			14.52
Exercised		(1,147,124	)		6.71
Forfeited		(28,349	)		4.64
Expired		(7,797	)		11.17
Outstanding at June 30, 2019		2,411,722		$	5.44		3.64	$	25,123
Granted		39,010			11.42
Exercised		(777,854	)		5.76
Forfeited		(68,750	)		9.17
Expired		(7,275	)		10.01
Outstanding at June 30, 2020		1,596,853		$	5.25		3.18	$	8,892
Vested and expected-to-vest at June 30, 2020 ⁽¹⁾		1,582,998		$	5.23		3.17	$	8,841
Vested and exercisable at June 30, 2020		1,257,570		$	5.08		2.92	$	7,213

The following table summarizes outstanding and exercisable stock options by range of exercise price as of June 30, 2020:

	Options Outstanding						Options Exercisable
Range or Exercise Prices	Number of Shares		Weighted Average Remaining Contractual Term		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$3.40 - $3.40		50,000		3.59	$	3.40		41,666	$	3.40
$3.59 - $3.59		354,167		3.42	$	3.59		306,771	$	3.59
$3.63 - $3.63		326,149		3.08	$	3.63		303,544	$	3.63
$3.91 - $3.91		75,000		1.34	$	3.91		75,000	$	3.91
$4.01 - $4.01		313,770		3.95	$	4.01		155,956	$	4.01
$4.31 - $5.65		165,066		1.90	$	4.90		154,649	$	4.93
$5.80 - $9.55		160,419		3.08	$	7.69		116,668	$	7.16
$10.75 - $15.64		145,294		3.45	$	14.10		99,309	$	14.76
$15.72 - $15.72		2,389		5.87	$	15.72		2,389	$	15.72
$18.35 - $18.35		4,599		5.57	$	18.35		1,618	$	18.35
$3.40 - $18.35		1,596,853		3.18	$	5.25		1,257,570	$	5.08

The following table summarizes the total intrinsic value, the cash received and the actual tax benefit of all options exercised in fiscal years 2020, 2019 and 2018 (in thousands):

	Fiscal Year Ended June 30,
	2020		2019		2018
Intrinsic value	$	6,145	$	9,749	$	6,440
Cash received		4,480		7,702		11,115
Tax benefit		894		1,399		—

As of June 30, 2020, there was $0.8 million of total unrecognized compensation expense related to unvested stock options which are expected to be recognized over a weighted-average period of 1.2 years.

The following table summarizes the service-based RSU activity under the plans in fiscal years 2020 and 2019:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2018		2,667,527		$	4.33		0.86	$	33,878
Granted		1,042,354			13.96
Vested		(1,638,840	)		4.35
Forfeited		(69,035	)		8.68
Outstanding at June 30, 2019		2,002,006		$	9.06		1.10	$	31,732
Granted		959,740			15.57
Vested		(1,018,624	)		8.66
Forfeited		(146,366	)		12.86
Outstanding at June 30, 2020		1,796,756		$	12.37		1.11	$	18,794

As of June 30, 2020, there was $15.5 million of total unrecognized compensation expense related to service-based RSUs.

The following table summarizes the market-based RSU activity under the 2010 Incentive Plan in fiscal years 2020 and 2019:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2018		498,268		$	4.89		0.96	$	6,328
Granted		—			—
Vested		(273,941	)		4.86
Forfeited		(28,229	)		4.61
Outstanding at June 30, 2019		196,098		$	5.00		0.68	$	3,108
Granted		—			—
Vested		(107,743	)		4.48
Forfeited		(15,387	)		7.36
Outstanding at June 30, 2020		72,968		$	5.61		0.52	$	763

As of June 30, 2020, the total unrecognized compensation expense related to market-based RSUs was immaterial.

The following table summarizes the performance-based RSU activity under the 2010 Incentive Plan in fiscal years 2020 and 2019:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2018		—		$	—		—	$	—
Granted		742,547			15.85
Vested		—			—
Forfeited		(25,935	)		15.85
Outstanding at June 30, 2019		716,612		$	15.85		1.36	$	11,358
Granted		752,671			10.46
Vested		(290,929	)		16.25
Forfeited		(80,712	)		13.89
Outstanding at June 30, 2020		1,097,642		$	12.37		1.30	$	11,481

As of June 30, 2020, there was $4.8 million of total unrecognized compensation expense related to performance-based RSUs.

At the time of vesting, a portion of RSUs are withheld by the Company to provide for federal and state tax withholding obligations resulting from the release of the RSUs.