Stockholders’ Deficit

Stock-Based Compensation

Total stock-based compensation expense has been classified as follows in the accompanying condensed consolidated statements of operations (in thousands):



	Three Months Ended May 31,
	2016		2015
Cost of revenue	$	298	$	211
Research and development	2,464		1,835
Sales and marketing	1,848		1,550
General and administrative	3,327		2,948
	$	7,937	$	6,544

Our 2012 Equity Incentive Plan (the "2012 Plan") authorizes the granting of stock options, stock appreciation rights, restricted stock and restricted stock units ("RSUs") to employees, directors and contractors. Options granted are exercisable for periods not to exceed 10 years. Options and RSUs granted typically vest over four years contingent upon employment or service with us on the vesting date.

As of May 31, 2016, net of forecasted forfeitures, there was $15.6 million of unrecognized compensation cost related to outstanding stock options, expected to be recognized over a weighted-average period of 2.45 years and $53.2 million of unrecognized compensation cost related to unvested RSUs, expected to be recognized over a weighted-average period of 3.03 years. To the extent the actual forfeiture rate is different from what management has anticipated, stock-based compensation expense related to these equity awards will be different from management’s expectations.

Our 2015 Employee Stock Purchase Plan (the "ESPP") allows eligible employee participants to purchase shares of our common stock at a discount through payroll deductions. The ESPP consists of offering periods that are 6 months in length and employees may purchase shares in each period at 85% of the lower of the Company’s fair market value on the first trading day of each offering period or on the purchase date. The ESPP will continue until the earlier to occur of (i) the termination of the ESPP by our board of directors, or (ii) June 15, 2035. As of May 31, 2016, we had reserved 750,000 shares of our common stock for issuance under the ESPP and 715,230 shares remain available for future issuance.

Stock Repurchase Program

In September 2015, our board of directors authorized a stock repurchase program to repurchase shares of our common stock for an aggregate purchase price not to exceed $50.0 million through September 30, 2017. The stock repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares. Stock will be purchased from time to time, in the open market or through private transactions, subject to market condition, in compliance with applicable state and federal securities laws. The timing and amount of repurchases, if any, will depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities.

The following table summarizes our common stock repurchases for the period presented (in thousands, except per share data):



	Three Months Ended May 31, 2016
Total number of shares repurchased	18
Dollar amount of shares repurchased	$	280
Average price paid per share	$	15.91
Remaining amount authorized as of May 31, 2016	$	30,504

For additional information, see "Part II — Other Information, Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds" of this Quarterly Report on Form 10-Q.