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Equity-Based Compensation
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Equity-Based Compensation
10. Equity-Based Compensation
The board of directors of the Company (the "Board") adopted the 2014 Incentive Award Plan ("2014 Plan") to grant cash and equity incentive awards to eligible participants in order to attract, motivate and retain talent. The 2014 Plan is administered by the Board with respect to awards to non-employee directors and by the compensation committee of the Board with respect to other participants and provides for the issuance of stock options, SARs, restricted stock, restricted stock units ("RSUs"), performance shares, stock payments, cash payments, dividend awards and other incentives. Prior to the adoption of the 2014 Plan, Wayfair LLC issued certain equity awards pursuant to the Wayfair LLC Amended and Restated Common Unit Plan (the "2010 Plan"), which was administered by the board of directors of Wayfair LLC. Awards issued under the 2010 Plan that remain outstanding currently represent Class A or Class B common stock of the Company.
8,603,066 shares of Class A common stock were initially available for issuance under awards granted pursuant to the 2014 Plan. The 2014 Plan also contains an evergreen provision whereby the shares available for future grant are increased on the first day of each calendar year beginning January 1, 2016 and ending on and including January 1, 2024. As of January 1, 2020, 5,111,305 shares of Class A common stock were available for future grant under the 2014 Plan. Shares or RSUs forfeited, withheld for minimum statutory tax obligations, and unexercised stock option lapses from the 2010 and 2014 Plans are available for future grant under the 2014 Plan.
The following table presents activity relating to stock options for the year ended December 31, 2019:
 
 
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual Term
(Years)
Outstanding at December 31, 2018
 
79,802

 
$
3.05

 
2.5
Options exercised
 
(35,996
)
 
$
3.11

 
 
Options expired
 
(200
)
 
$
3.42

 
 
Outstanding and exercisable at December 31, 2019
 
43,606

 
$
3.00

 
1.5

Intrinsic value of stock options exercised was $4.8 million and $4.3 million for the years ended December 31, 2019 and 2018, respectively. Aggregate intrinsic value of stock options outstanding and currently exercisable is $3.8 million as of December 31, 2019. All stock options were fully vested at December 31, 2019.
The following table presents activity relating to restricted common stock for the year ended December 31, 2019:
 
 
Shares
 
Weighted-Average Grant Date
Fair Value
Unvested at December 31, 2018
 
20,000

 
$
44.34

Restricted stock vested
 
(20,000
)
 
$
44.34

Unvested as of December 31, 2019
 
—

 
$
—


The intrinsic value of restricted common stock vested was $1.8 million for the years ended December 31, 2019 and 2018, respectively.
The following table presents activity relating to RSUs for the year ended December 31, 2019:
 
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2018
 
7,970,959

 
$
72.43

RSUs granted
 
4,420,948

 
$
120.29

RSUs vested
 
(2,835,165
)
 
$
74.47

RSUs forfeited/canceled
 
(1,444,006
)
 
$
84.51

Outstanding as of December 31, 2019
 
8,112,736

 
$
95.69


The intrinsic value of RSUs vested was $358.6 million and $262.4 million for the years ended December 31, 2019 and 2018, respectively. Aggregate intrinsic value of RSUs unvested is $733.1 million as of December 31, 2019. Unrecognized equity-based compensation expense related to RSUs expected to vest over time is $705.5 million with a weighted average remaining vesting term of 1.4 years as of December 31, 2019.