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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock-Based Compensation Expense The following table summarizes total stock-based compensation expense (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  | 2021 | 2022
Operations and support |  |  |  | $ | 11,412 |  | $ | 11,695 |
Product development |  |  |  | 143,715 |  | 117,876 |
Sales and marketing |  |  |  | 25,901 |  | 21,207 |
General and administrative |  |  |  | 48,457 |  | 44,114 |
Restructuring charges |  |  |  | (11) |  | 31 |
Stock-based compensation expense |  |  |  | $ | 229,474 |  | $ | 194,923 |
Stock Option and Restricted Stock Unit Activity The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the range of assumptions in the following table:
|  |  | Three Months Ended March 31,
|  |  |  | 2021 | 2022
Expected dividend yield |  |  |  | — |  | — |
Volatility |  |  |  | 44.9% | 48.6%
Expected term (years) |  |  |  | 8.0 | 6.1
Risk-free interest rate |  |  |  | 1.5% | 2.2%
A summary of option and RSU activity under the Plans was as follows (in thousands, except per share amounts):
|  |  | Outstanding Stock Options |  | Outstanding Restricted Stock Units
| Shares Available for Grant |  | Number of Shares | Weighted- Average Exercise Price |  | Number of Shares | Weighted- Average Grant Date Fair Value
As of December 31, 2021 | 81,365 |  |  | 24,122 |  | $ | 19.69 |  |  | 36,789 |  | $ | 61.22 |
Granted | (6,237) |  |  | 635 |  | 167.00 |  |  | 5,602 |  | 166.92 |
Increase in shares available for grant | 31,676 |  |  | — |  | — |  |  | — |  | — |
Shares withheld for taxes | 1,284 |  |  | — |  | — |  |  | (1,284) |  | 73.39 |
Exercised/Vested | — |  |  | (784) |  | 14.86 |  |  | (2,116) |  | 74.10 |
Canceled | 845 |  |  | (172) |  | 73.91 |  |  | (673) |  | 78.54 |
As of March 31, 2022 | 108,933 |  |  | 23,801 |  | 23.39 |  |  | 38,318 |  | 75.25 |
| Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (years) | Aggregate Intrinsic Value
Options outstanding as of March 31, 2022 | 23,801 |  | $ | 23.39 |  | 3.56 | $ | 3,542,265 |
Options exercisable as of March 31, 2022 | 20,560 |  | 14.13 |  | 2.75 | 3,243,856 |
Restricted Stock Awards The Company has granted restricted stock awards to certain continuing employees, primarily in connection with acquisitions. Vesting of this stock is primarily dependent on a service-based vesting condition that generally becomes satisfied over a period of four years. The Company has the right to repurchase or cancel shares for which the vesting condition is not satisfied. The following table summarizes the activity related to the Company’s restricted stock awards (in thousands, except for per share amounts):
| Number of Shares | Weighted-Average Grant-Date Fair Value Per Share
Unvested restricted stock awards as of December 31, 2021 | 632 |  | $ | 62.32 |
Issued | — |  | — |
Vested | (21) |  | 62.41 |
Unvested restricted stock awards as of March 31, 2022 | 611 |  | 62.32 |
2020 Employee Stock Purchase Plan (“ESPP”) In December 2020, the Company’s board of directors adopted the ESPP. The maximum number of shares of Class A common stock authorized for sale under the ESPP is equal to the sum of (i) 4,000,000 shares of Class A common stock and (ii) an annual increase on the first day of each year beginning in 2022 and ending in 2030, equal to the lesser of (a) 1% of shares of Class A common stock (on an as converted basis) on the last day immediately preceding year and (b) such number of shares of common stock as determined by the board of directors; provided, however, that no more than 89,785,394 shares may be issued under the ESPP. The Company estimates the fair value of shares to be issued under the ESPP based on a combination of options valued using the Black-Scholes option-pricing model. For the three months ended March 31, 2021 and 2022, the Company recorded stock-based compensation expense related to the ESPP of $32.3 million and $5.4 million, respectively. During the three months ended March 31, 2021 and 2022, there were no purchases of shares under the ESPP.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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