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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024 (shares and aggregate intrinsic value in thousands):
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate Intrinsic Value
Outstanding at December 31, 20234,243 $17.19 4.85$31,762 
Granted— — 
Exercised(163)5.95 
Canceled(12)29.48 
Outstanding at March 31, 20244,068 $17.60 4.76$12,817 
Options vested and exercisable at March 31, 20243,544 $15.31 4.31$12,817 
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 three months ended March 31, 2024 (shares in thousands):
Number of AwardsWeighted Average Grant Date Fair Value
Unvested balance at December 31, 20238,449 $22.16 
Granted2,615 16.62 
Issued(1,164)23.38 
Canceled / forfeited(362)20.94 
Unvested balance at March 31, 20249,538 $20.18 
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 13,939 warrants were exercised during the three months ended March 31, 2024. There were 15,939 warrants exercised during the three months ended March 31, 2023. The Company recognized stock-based compensation expense of nil and $1.1 million during the three months ended March 31, 2024 and 2023, respectively, under performance and time-based warrants.
Employee Stock Purchase Plan

Under the Company’s 2015 Employee Stock Purchase Plan (“ESPP”), as amended, eligible employees are offered shares bi-annually through a 24-month offering period with 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 (i) on the first trading date of each offering period or (ii) on the exercise date. Employees may deduct up to 15% of payroll, with a cap of $25,000 of fair market value of the Company’s common stock in any calendar year and 10,000 shares of the Company’s common stock 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 March 31,
20242023
Cost of customer agreements and incentives$1,946 $1,841 
Cost of solar energy systems and product sales
554 1,768 
Sales and marketing15,175 14,877 
Research and development2,612 442 
General and administration8,582 9,338 
Total$28,869 $28,266 
During the three months ended March 31, 2024 and 2023, stock-based compensation expense capitalized to solar energy systems, net in the Company’s consolidated balance sheets was $2.7 million and $2.3 million, respectively.