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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2022
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 six months ended June 30, 2022 (shares and aggregate intrinsic value in thousands):
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate Intrinsic Value
Outstanding at December 31, 20216,257 $13.60 6.19$140,326 
Granted884 27.78 
Exercised(547)9.14 
Canceled(222)29.35 
Outstanding at June 30, 20226,372 $15.40 6.17$71,562 
Options vested and exercisable at June 30, 20224,378 $9.86 4.94$64,507 
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 six months ended June 30, 2022 (shares in thousands):
Number of AwardsWeighted Average Grant Date Fair Value
Unvested balance at December 31, 20214,485 $42.73 
Granted3,696 26.18 
Issued(2,117)40.59 
Canceled / forfeited(715)39.04 
Unvested balance at June 30, 20225,349 $32.32 
Warrants for Strategic Partners
The Company has issued warrants for up to 846,943 shares of its common stock to certain strategic partners (calculated using the respective quarter of grant's closing stock price). The exercise price of each warrant is $0.01 per share, and 309,226 warrants were exercised during the six months ended June 30, 2022. There were no warrants exercised during the six months ended June 30, 2021. The Company recognized stock-based compensation expense of $1.1 million and $1.0 million during the three months ended June 30, 2022 and 2021, respectively, and $2.1 million and $2.0 million during the six months ended June 30, 2022 and 2021, respectively, under performance and time-based warrants.
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 June 30,Six Months Ended June 30,
2022202120222021
Cost of customer agreements and incentives$2,169 $1,992 $5,356 $4,224 
Cost of solar energy systems and product sales
1,682 1,045 5,014 2,349 
Sales and marketing13,490 23,227 37,624 50,333 
Research and development743 803 1,696 1,479 
General and administration8,569 16,396 16,182 63,107 
Total$26,653 $43,463 $65,872 $121,492 
During the three and six months ended June 30, 2022, stock-based compensation expense capitalized to solar energy systems, net in the Company’s consolidated balance sheet was $2.5 million and $7.4 million, respectively.