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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options
The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the nine months ended September 30, 2021 (shares and aggregate intrinsic value in thousands):
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate Intrinsic Value
Outstanding at December 31, 20208,019 $10.35 6.87$473,371 
Granted388 50.88 
Exercised(1,832)8.67 
Cancelled(274)23.67 
Outstanding at September 30, 20216,301 $12.84 6.36$201,167 
Options vested and exercisable at September 30, 20214,146 $7.68 5.27$150,834 
Restricted Stock Units
The following table summarizes the activity for all restricted stock units (“RSUs”) under all of the Company’s equity incentive plans for the nine months ended September 30, 2021 (shares in thousands):
Number of AwardsWeighted Average Grant Date Fair Value
Unvested balance at December 31, 20207,103 $40.17 
Granted1,678 49.20 
Issued(3,212)43.23 
Cancelled / forfeited(594)33.42 
Unvested balance at September 30, 20214,975 $42.05 
Warrants for Strategic Partners
The Company has issued warrants for up to 689,681 shares of its common stock to certain strategic partners (calculated using the respective quarter of grant's closing stock price). The exercise price of the warrants is $0.01 per share, and no exercises occurred during the nine months ended September 30, 2021. During the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of $3.0 million and $8.1 million based on time and performance milestones achieved under such warrants during the respective timeframes.
Employee Stock Purchase Plan
Under the Company's 2015 Employee Stock Purchase Plan ("ESPP"), eligible employees are offered shares bi-annually through a 24-month offering period that encompasses four six-month purchase periods. Each purchase period begins on the first trading day on or after May 15 and November 15 of each year. Employees may purchase a limited number of shares of the Company’s common stock via regular payroll deductions at a discount of 15% of the lower of the fair market value of the Company’s common stock on the first trading date of each offering period or on the exercise date. Employees may deduct up to 15% of payroll, with a cap of $25,000 of fair market value of shares in any calendar year and 10,000 shares per employee per purchase period.
Stock-Based Compensation Expense
The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Cost of customer agreements and incentives$3,136 $922 $7,360 $3,798 
Cost of solar energy systems and product sales
1,588 205 3,937 1,148 
Sales and marketing23,856 1,890 74,189 7,189 
Research and development703 317 2,182 1,858 
General and administration9,979 4,883 73,086 23,551 
Total$39,262 $8,217 $160,754 $37,544 
During the three and nine months ended September 30, 2021, stock-based compensation expense capitalized to solar energy systems, net in the Company’s consolidated balance sheet was $2.7 million and $8.2 million, respectively.