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Stock-based compensation
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
Employee stock-based compensation cost recognized in the consolidated statements of income/(loss) and comprehensive income/(loss) was as follows:
Three months ended
March 31,
20222021
(in thousands)
Cost of revenue$249 $111 
Engineering, research, and development864 554 
Sales and marketing671 791 
General and administrative6,877 4,215 
Total stock-based compensation$8,661 $5,671 
Stock Options
2018 Plan
Stock option activity under the Company’s 2018 Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic ValueWeighted Average Contractual Term
(in years)
Options outstanding as of December 31, 2021
1,916,101 $3.54 $65,971 6.97
Options exercised(62,396)$3.54 
Options forfeited(12,398)$3.54 
Options outstanding as of March 31, 2022
1,841,307 $3.54 $19,407 6.82
Options vested and exercisable as of March 31, 2022
1,729,216 $3.54 $18,226 6.78
The total unrecognized compensation expenses related to 2018 Plan options as of March 31, 2022 was $0.1 million to be expensed on a straight-line basis over 1.44 years.
2020 Plan
As of March 31, 2022, 9.6 million shares were available for grant under 2020 Incentive Stock Plan ("2020 Plan").
Stock option activity under the Company’s 2020 Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value, in thousandsWeighted Average Contractual Term
(in years)
Options outstanding as of December 31, 2021
2,224,687 $12.86 $55,856 8.53
Options granted358,800 $12.15 
Options exercised(9,308)$7.70 
Options forfeited(83,345)$17.00 
Options outstanding as of March 31, 2022
2,490,834 $12.64 $8,888 8.56
Options vested and exercisable as of March 31, 2022
705,387 $8.61 $3,895 7.93
The Company elected the policy to account for forfeitures as these occur. The total unrecognized compensation expenses related to 2020 Stock Plan options as of March 31, 2022 was $9.4 million to be expensed on a straight-line basis over the remaining 2.90 years.
Restricted Stock Units
RSUs granted do not participate in earnings, dividends, and do not have voting rights until vested.
The following table summarizes activity of the Company’s RSUs for the three months ended March 31, 2022:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of December 31, 2021
1,493,915 $8.82 
Awards granted13,290 $13.87 
Awards vested and released(156,525)$8.19 
Unvested awards as of March 31, 2022
1,350,680 $8.94 
During the three months ended March 31, 2022 the Company net withheld and returned to the 2020 Plan pool 0.1 million shares to cover $1.0 million tax obligations for RSU releases during first quarter of 2022. The total unrecognized compensation expenses related to 2020 Stock Plan RSUs as of March 31, 2022 was $11.3 million to be expensed on a straight-line basis over 1.97 years.
Performance Stock Units
The following table summarizes activity of the Company's PSUs for the three months ended March 31, 2022:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of December 31, 2021
112,085 $15.69 
Awards granted518,938 $39.41 
Awards vested and released(112,085)$15.69 
Unvested awards as of March 31, 2022
518,938 $39.41 
During the three months ended March 31, 2022 the Company net withheld 0.1 million shares to cover the $0.8 million tax obligations related to the release of remaining 2021 PSU on February 25, 2022. The total estimated unrecognized compensation expenses related to 2020 Stock Plan PSUs as of March 31, 2022 was $24.0 million to be expensed on over 0.92 years based on projected 148% performance goal achievement.