Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 7—Stock-Based Compensation

Stock-Based Compensation Expense

Stock-based compensation expense recorded in the condensed consolidated statements of income was as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Platform operations	$	2,358	$	1,331	$	3,820	$	2,387
Sales and marketing		6,319		4,831		11,633		8,058
Technology and development		7,844		6,497		16,434		11,433
General and administrative		7,413		8,398		15,012		15,048
Total	$	23,934	$	21,057	$	46,899	$	36,926

Stock Options

The following summarizes stock option activity:

	Shares Under Option (in thousands)			Weighted- Average Exercise Price
Outstanding as of December 31, 2019		4,064		$	70.74
Granted		278			294.01
Exercised		(970	)		43.04
Cancelled		(95	)		115.45
Outstanding as of June 30, 2020		3,277		$	96.59
Exercisable as of June 30, 2020		1,444		$	44.77

On January 1, 2020, the number of shares authorized for grant under the Company’s 2016 Incentive Award Plan was increased by 1.8 million shares in accordance with plan provisions.

Restricted Stock

The following summarizes restricted stock activity:

	Shares (in thousands)			Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2019		457		$	120.65
Granted		315			295.54
Vested		(73	)		96.89
Forfeited		(32	)		153.87
Unvested as of June 30, 2020		667		$	204.20

Employee Stock Purchase Plan (“ESPP”)

Stock-based compensation expense related to the ESPP totaled $6.3 million and $6.4 million for the three months ended June 30, 2020 and 2019, respectively. Stock-based compensation expense related to the ESPP totaled $14.1 million and $10.4 million for the six months ended June 30, 2020 and 2019, respectively.

On January 1, 2020, the number of shares available for issuance under the Company’s ESPP was increased by 0.5 million shares in accordance with plan provisions.