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Stockholders' Equity, Stock Plans and Stock-based Compensation Expense (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Option, Activity
Activity under the 2004 Plan and 2019 Equity Incentive Plan is summarized as follows:
Options Outstanding
Shares
Available
For Grant
Number of
Shares
Weighted-
Average
Exercise
Price
Weighted-Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic
Value
(in millions ) (1)
Balances as of December 31, 20181,141,305 507,705 $20.52 3.52$2.00 
Additional shares reserved(2)
700,000 
Options exercised— (160,798)$10.03 
Options cancelled (expired or forfeited)51,208 (51,208)$24.61 
Stock awards granted(1,538,128)— — 
Stock awards cancelled (expired or forfeited)407,320 — — 
Balances as of December 31, 2019761,705 295,699 $25.52 3.19$3.04 
Additional shares reserved(2)
600,000 
Options granted(71,088)71,088 $14.85 
Options exercised— (73,227)$12.91 
Options cancelled (expired or forfeited)76,553 (76,553)$36.65 
Stock awards granted(804,949)— — 
Stock awards cancelled (expired or forfeited)522,949 — — 
Balances as of December 31, 20201,085,170 217,007 $22.35 3.75$1.47 
Additional shares reserved(2)
450,000 
Options granted(172,139)172,139 $30.71 
Options exercised— (71,798)$22.02 
Options cancelled (expired or forfeited)30,173 (30,173)$37.14 
Stock awards granted(744,949)— — 
Stock awards cancelled (expired or forfeited)299,092 — — 
Balances as of December 31, 2021947,347 287,175 $25.89 4.92$4.46 
Exercisable as of December 31, 202183,855 $24.14 2.86$1.47 
Vested and expected to vest as of December 31, 2021287,175 $25.89 4.92$4.46 
(1)Based on the closing stock price of $41.32 of the Company’s stock on December 31, 2021, $24.11 on December 31, 2020, $35.81 on December 31, 2019 and $17.02 on December 31, 2018.
(2)Approved by the board of directors and stockholders in 2021, 2020 and 2019.
Share-based Payment Arrangement, Option, Exercise Price Range The options outstanding and exercisable at December 31, 2021 were in the following exercise price ranges:
Exercise Prices
Number OutstandingContractual Life
(in years)
Number
Exercisable
$10.79 $14.04 25,480 1.9725,480 
$14.1060,000 3.5916,000 
$15.322,396 0.562,396 
$18.551,000 2.071,000 
$18.9311,088 8.833,234 
$25.706,000 2.596,000 
$29.2893,844 6.32— 
$32.8757,622 6.12— 
$39.3025,000 2.8325,000 
$47.404,745 2.964,745 
$10.79 $47.40 287,175 4.9283,855 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Information with respect to RSUs and PSUs activity is as follows (in thousands):
Number of
Shares
Weighted-Average
Grant-
Date Fair
Value
Aggregate
Fair Value(1)
(in thousands)
Aggregate
Intrinsic Value(2)
(in thousands)
Outstanding at December 31, 2018474,291 $38.44 $8,072 
Granted963,814 $18.68 
Vested(3)
(172,281)$33.66 $6,169 
(4)
Forfeited(161,022)$37.91 
Outstanding at December 31, 20191,104,802 $22.10 $37,442 
Granted667,694 $20.66 
Vested(3)
(684,491)$17.82 $12,036 
(5)
Forfeited(308,248)$23.24 
Outstanding at December 31, 2020779,757 $23.96 $18,800 
Granted744,949 $40.16 
Vested(3)
(254,946)$22.94 $8,287 
(6)
Forfeited(236,856)$27.33 
Outstanding at December 31, 20211,032,904 $35.00 $42,680 
(1)Represents the value of the Company’s stock on the date that the restricted stock units and performance stock units vest.
(2)Based on the closing stock price of the Company’s stock of $41.32 on December 31, 2021, $24.11 on December 31, 2020, $35.81 on December 31, 2019, and $17.02 on December 31, 2018.
(3)The number of restricted stock units vested includes shares that the Company withheld on behalf of the employees to satisfy the statutory tax withholding requirements.
(4)On the grant date, the fair value for these vested awards was $5.9 million.
(5)On the grant date, the fair value for these vested awards was $12.2 million.
(6)On the grant date, the fair value for these vested awards was $5.8 million.
Share-based Payment Arrangement, Cost by Plan
Stock-based compensation expense for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands):
Year Ended December 31,
202120202019
Stock options$782 $370 $622 
RSUs5,305 8,849 4,786 
PSUs6,591 666 3,948 
ESPP494 224 476 
Total stock-based compensation expense$13,172 $10,109 $9,832 
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total stock-based compensation expense recognized during the year ended December 31, 2021, 2020 and 2019 was recorded in the Consolidated Statement of Operations as follows (in thousands):
Year Ended December 31,
202120202019
Cost of revenue$1,408 $1,665 $1,572 
Sales and marketing3,160 3,385 4,510 
Research and development2,784 1,669 1,536 
General and administrative5,820 3,390 2,214 
Total stock-based compensation expense$13,172 $10,109 $9,832 
Valuation Assumptions and Fair Value of Stock Options and ESPP Grants The weighted average estimated fair values of the employee stock options and rights granted under the employee stock purchase plan and the weighted average assumptions used to calculate the grant date fair values, are as follows:
Stock OptionsStock Purchase Plan (ESPP)
202120202019202120202019
Expected term (in years)(1)
3.974.843.650.500.500.50
Risk-free interest rate(2)
0.48 %0.15 %1.64 %0.14 %0.11 %2.49 %
Volatility(3)
66 %63 %54 %36 %76 %70 %
Dividend yield(4)
— %— %— %— %— %— %
Weighted average estimated fair value at grant date$15.09 $7.63 $14.83 $9.64 $6.13 $9.60 
(1)The expected term represents the period during which the Company’s stock-based awards are expected to be outstanding. The estimated term is based on historical experience of similar awards, giving consideration to the contractual terms of the awards, vesting requirements and expectation of future employee behavior, including post-vesting terminations. The expected term of groups of employees that have similar historical exercise patterns has been considered separately for valuation purposes.
(2)The risk-free interest rate is based on U.S. Treasury debt securities with maturities close to the expected term of the option or ESPP participation right as of the date of grant.
(3)Estimated volatility is based on historical volatility. The Company estimates volatility based on the Company’s historical volatility of its stock price. 
(4)The Company has not paid dividends since its inception.