Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 11. 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, 2016 (shares in thousands):

						Weighted
				Weighted		Average
	Number			Average		Remaining
	of Options			Exercise Price		Contractual Life
Outstanding at January 1, 2016		12,795		$	5.89		7.82
Granted		3,207			5.69
Exercised		(1,332	)		2.91
Cancelled / forfeited		(1,315	)		8.42
Outstanding at September 30, 2016		13,355		$	5.90		7.66
Options vested and exercisable at September 30, 2016		6,927		$	4.94		6.60

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, 2016 (shares in thousands):

				Weighted
				Average
	Number			Grant Date
	of Awards			Fair Value
Unvested balance at January 1, 2016		1,506		$	10.44
Granted		2,290			6.08
Issued		(341	)		9.62
Cancelled / forfeited		(243	)		7.03
Unvested balance at September 30, 2016		3,212		$	7.46

Employee Stock Purchase Plan

In July 2015, the board of directors approved the 2015 Employee Stock Purchase Plan (“ESPP”). Eligible employees are offered shares bi-annually through two six month offering periods, which begin on the first trading day on or after May 15 and November 15 of each year. The first offering period began on November 16, 2015. 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 2,000 shares per employee per offering 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,
	2016		2015		2016		2015
Cost of operating leases and incentives	$	711	$	545	$	1,550	$	842
Cost of solar energy systems and product sales		86		61		284		173
Sales and marketing		2,484		1,656		5,992		3,292
Research and development		115		1		361		127
General and administration		1,983		1,743		5,839		5,993
Total	$	5,379	$	4,006	$	14,026	$	10,427