Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

In 2019, the Company’s stockholders approved the 2019 Omnibus Incentive Plan (the “2019 Plan”). The 2019 Plan authorizes up to 2.5 million shares of the Company’s stock for awards of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance share units, performance units, cash-based awards or other stock-based awards. The number of shares of common stock for which awards may be issued may not exceed 2.5 million shares, subject to the authority of the Company’s Board of Directors to adjust this amount in the event of a consolidation, reorganization, stock dividend, recapitalization or similar transaction affecting the Company’s common stock. The 2019 Plan serves as a successor of the Company’s prior equity incentive plans. Outstanding awards under the prior plans continue to be outstanding and subject to their terms and conditions. As of September 30, 2020, approximately 1.9 million shares of the Company’s common stock remained available for grants under the 2019 Plan.

Stock Options

A summary of the stock option awards granted under the prior plan is shown below:


	Shares Subject to Options Outstanding
Nine Months Ended September 30, 2020	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (1)
Outstanding at beginning of the period	3,025,587	$	9.83
Exercised	(286,443)	6.88
Outstanding and exercisable at end of the period	2,739,144	$	10.14	2.6	$	64,672

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing price of the Company’s common stock of $33.75, as reported on the Nasdaq Global Market on September 30, 2020.

No options were granted, forfeited or expired during the nine months ended September 30, 2020. The total intrinsic value of the options exercised for the three months ended September 30, 2020, and 2019, was $1,121 and $1,035, respectively. The total intrinsic value of the options exercised for the nine months ended September 30, 2020, and 2019, was $4,880 and $2,310, respectively. The total fair value of stock options vested for the three months ended September 30, 2020, and 2019, was $451 and $76, respectively. The total fair value of stock options vested for the nine months ended September 30, 2020, and 2019, was $784 and $175, respectively.

Restricted Stock Units

A summary of the RSUs is shown below:


	RSUs
Nine Months Ended September 30, 2020	Number of RSUs	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period	1,033,631	$	23.98
Granted	561,497	21.46
Vested	(457,718)	23.70

Non-vested at end of the period	1,137,410	$	22.85

The weighted-average grant date fair value of RSUs granted for the nine months ended September 30, 2020, and 2019, was $21.46 and $25.58, respectively. The total fair value of the RSUs vested for the three months ended September 30, 2020, and 2019, was $395 and $1,513, respectively. The total fair value of the RSUs vested for the nine months ended September 30, 2020, and 2019, was $10,850 and $8,932, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense, included in general and administrative expenses, for all stock-based compensation plans was $3,158 and $2,785 for the three months ended September 30, 2020, and 2019, respectively, and $9,336 and $8,277 for the nine months ended September 30, 2020, and 2019, respectively.

As of September 30, 2020, the Company had approximately $18,920 of unrecognized stock-based compensation expense related to RSUs awards. This unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.4 years based on vesting under the award service conditions.