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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
 
The Company has stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”) outstanding under the 2004 Stock Incentive Plan (the “2004 Plan”), the 2010 Long-Term Incentive Plan (the “2010 Plan”) and the Envestnet, Inc. 2019 Acquisition Equity Incentive Plan (the “2019 Equity Plan”).

As of June 30, 2020, the maximum number of common shares available for future issuance under the Company’s plans is 1,372,807.  
 
Stock-based compensation expense under the Company’s plans was as follows:
 Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Stock-based compensation expense$13,006  $13,434  $26,771  $26,298  
Tax effect on stock-based compensation expense(3,317) (3,504) (6,826) (6,859) 
Net effect on income$9,689  $9,930  $19,945  $19,439  
 
The tax effect on stock-based compensation expense above was calculated using a blended statutory rate of 25.5% and 26.1% for the three and six months ended June 30, 2020 and 2019, respectively.

Stock Options
 
The following weighted average assumptions were used to value options granted during the periods indicated:
 Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Grant date fair value of options$—  $—  $—  $21.55  
Volatility— %— %— %40.0 %
Risk-free interest rate— %— %— %2.5 %
Dividend yield— %— %— %— %
Expected term (in years)0.00.00.06.5
 
The following table summarizes option activity under the Company’s plans:
   Weighted-Average 
  Weighted-Remaining 
  AverageContractual LifeAggregate
 OptionsExercise Price(Years)Intrinsic Value
Outstanding as of December 31, 20191,150,586  $25.66  3.4$50,590  
Granted—  —  
Exercised(542,449) 16.97   
Forfeited(7,213) 48.70   
Outstanding as of June 30, 2020600,924  33.23  4.024,225  
Options exercisable560,745  $32.10  3.7$23,238  
 
Exercise prices of stock options outstanding as of June 30, 2020 range from $9.00 to $55.29. At June 30, 2020, there was $468 of unrecognized stock-based compensation expense related to unvested stock options, which the Company expects to recognize over a weighted-average period of 1.6 years.
 
Restricted Stock Units and Restricted Stock Awards
 
Periodically, the Company grants restricted stock units and awards and performance-based stock units and awards to employees. Performance-based stock units and awards vest upon the achievement of certain pre-established business and financial metrics as well as a subsequent service condition. The business and financial metrics governing the vesting of these performance-based stock units and awards provide thresholds that dictate the number of shares to vest upon each evaluation date, which range from 50% to 150%. If these metrics are achieved, as defined in the individual grant terms, these shares would cliff vest three years from the grant date.

The following is a summary of the activity for unvested restricted stock units and performance stock units granted under the Company’s plans:
RSUsPSUs
 Number of
Shares		Weighted-
Average Grant
Date Fair Value
per Share		Number of
Shares		Weighted-
Average Grant
Date Fair Value
per Share
Outstanding as of December 31, 20191,318,870  $58.88  254,118  $67.96  
Granted951,428  74.52  67,793  81.42  
Vested(533,088) 56.77  —  —  
Forfeited(103,133) 59.89  (33,010) 64.70  
Outstanding as of June 30, 20201,634,077  68.61  288,901  71.49  

At June 30, 2020, there was $99,676 of unrecognized stock-based compensation expense related to unvested restricted stock units and awards, which the Company expects to recognize over a weighted-average period of 2.2 years. At June 30, 2020, there was $9,578 of unrecognized stock-based compensation expense related to unvested performance-based restricted stock units and awards, which the Company expects to recognize over a weighted-average period of 2.1 years.