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Stock Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock Compensation Stock Compensation
Restricted Stock Units (“RSUs”) Activity

A summary of unvested restricted stock unit activity for the nine months ended September 30, 2020 is as follows:

Number of
Shares		Weighted-
Average
Grant Date Fair Value
Balance as of December 31, 201911,615,884 $2.44 
Granted14,164,946 $0.91 
Vested (4,925,493)$1.98 
Forfeited and canceled
(4,224,836)$2.24 
Balance as of September 30, 202016,630,501 $1.32 
As of September 30, 2020, there was a total of $20.4 million in unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of approximately 2.7 years.

The Company granted approximately 0.9 million performance stock units ("PSUs") during the third quarter of 2019. During the third quarter of 2020, the performance targets related to these PSUs were fully achieved and approved by the Compensation and Talent Committee of the Company’s board of directors. For the three and nine months ended September 30, 2020, the Company recognized compensation expense of approximately $0.2 million and $0.9 million, respectively, related to these performance awards.

Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2020 is as follows: 
Options
Outstanding		Weighted-
Average
Exercise
Price		Aggregate
Intrinsic
Value (in thousands)
Balance as of December 31, 20197,207,733 $1.94 $412 
Granted1,927,111 $1.18 
Exercised(172,729)$1.03 
Forfeited and canceled(2,787,141)$1.71 
Balance as of September 30, 20206,174,974 $1.83 $227 

The total grant-date fair value of stock options granted during the nine months ended September 30, 2020 and 2019 was $1.5 million and $2.6 million, respectively.

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-valuation model with the following assumptions:

 Nine Months Ended September 30,
 20202019
Volatility
73% - 75%
57% - 58%
Expected life (in years)6.16.1
Risk-free interest rate
0.34% - 1.47%
1.62% - 2.57%
Dividend yield—%—%

As of September 30, 2020, the Company had $2.9 million in unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of approximately 3.2 years.    

Inducement Grants

On September 3, 2020, in connection with the appointment of a member of senior management, the Company granted the individual 760,870 inducement restricted stock units and an inducement stock option to purchase 1,178,000 shares of Class B common stock. These grants were issued outside the Company’s 2014 Equity Incentive Plan in accordance with NYSE Listed Company Rule 303A.08, and were approved by the Compensation and Talent Committee of the Company’s board of directors. The information related to these grants is included in the previous tables.
Employee Stock Purchase Plan
The Company used the following Black-Scholes assumptions in estimating the fair value of the shares under the 2014 Employee Stock Purchase Plan (the “ESPP”):
Nine Months Ended September 30, 2020
Volatility
71% - 103%
Expected life equals length of offering period (in years)0.5
Risk-free interest rate
0.13% - 0.95%
Dividend yield—%

Stock-based compensation expense related to the ESPP was immaterial for the three and nine months ended September 30, 2020, respectively. As of September 30, 2020, the unrecognized stock-based compensation expense related to the ESPP was also immaterial, and is expected to be recognized over the remaining term of the offering period.