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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation
Since 2012, Eos has issued stock options to employees and certain service providers under the 2012 Eos Equity Incentive Plan (“2012 Plan”). In addition to stock options, the 2012 Plan provides for the issuance of other forms of stock-based compensation, including profit interests, unit appreciation rights and restricted units. Subsequent to the closing of the Merger, the Company approved the 2020 Equity Incentive Plan (the “2020 Incentive Plan”) and reserved 6,000,000 shares of common stock for issuance thereunder. In 2021, the Company reserved additional 498,021 shares for the 2020 Incentive Plan. The 2020 Incentive Plan became effective immediately upon the Closing of the Merger and all equity granted under the 2012 Plan were converted into equivalent equity under the 2020 Incentive Plan. As of June 30, 2021 and December 31, 2020, the Company has stock options and restricted units issued under the 2020 Incentive Plan.
Stock-based compensation expense included in condensed consolidated statement of operations was as follows:
 For the three months ended June 30For the six months ended June 30
 2021202020212020
Stock options$1,025 $37 $2,547 $56 
Restricted units$2,170 $— $3,126 $— 
Total$3,195 $37 $5,673 $56 
The following table summarizes stock option activity during the six months ended June 30, 2021:
 UnitsWeighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(years)
Options Outstanding at December 31, 20202,143,636 $9.19 9.5
Granted49,535 $17.16 
Cancelled/Forfeited(6,434)$11.15 
Exercised(87,177)$8.67 
Options Outstanding at June 30, 20212,099,560 $9.39 9.1
Options Exercisable at June 30, 2021830,857 $10.01 8.3
A summary of Restricted Units (RU) activity during the six months ended June 30, 2021 under our 2020 Incentive Plan is as follows:
 UnitsWeighted-Average
Grant-Data Fair Value
RU Outstanding at January 1, 202142,318$13.46 
Granted2,012,600$17.52 
RU Outstanding at June 30, 20212,054,918 $17.43 
As of June 30, 2021 and December 31, 2020, 2,537,090 and 4,094,770 shares remain for future issuance, respectively. Options vest generally over three to five years and have a term of five to ten years. During the six months ended June 30, 2021 and 2020, the Company granted stock options with both service and performance conditions. Stock compensation is recognized on a straight-line basis over the requisite service period of the award, which is generally the award vesting term. For awards with performance conditions, compensation expense is recognized using an accelerated attribution method over the vesting period. The performance conditions primarily relate to the completion of project milestones, achievement of operational certifications, and the Company’s closing of financing rounds. As of June 30, 2021, within the total options outstanding, there were 74,929 performance-based stock options, all of which are expected to vest in the next five years.
As of June 30, 2021, unrecognized stock compensation expenses amount to $37,383 and include $32,597 attributable to RUs and $4,786 attributable to stock options. The weighted average remaining vesting period for the RUs and stock options was 2.7 years and 1.5 years as of June 30, 2021, respectively.
The weighted average assumptions used to determine the fair value of options granted in the six months ended June 30, 2021 and 2020 are as follows:
 20212020
Volatility57.31 %50.00 %
Risk free interest rate1.09 %0.49 %
Expected life (years)6.136.25
Dividend yield0 %0 %
The RUs issued were valued at the stock prices of the Company on the grant date.
The weighted average grant date fair value of all options granted was $9.08 and $2.08 per option for the six months ended June 30, 2021 and 2020.