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Share-Based Awards | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Share-Based Awards | Share-Based Awards Option Awards The following table summarizes option award activity for the six months ended June 30, 2021:
| Number of Shares Subject to Existing Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021 | 20,051,051 |  |  | $ | 42.68 |  |  | 7.22 |  | $ | 1,751,105 |
Granted | 8,438,476 |  |  | 133.48 |  |  |  |  |
Exercised | (1,991,460) |  |  | 38.00 |  |  |  |  |
Forfeited or cancelled | (602,382) |  |  | 64.27 |  |  |  |  |
Outstanding at June 30, 2021 | 25,895,685 |  |  | 72.12 |  |  | 7.76 |  | 1,405,360 |
Vested and exercisable at June 30, 2021 | 10,615,442 |  |  | 44.43 |  |  | 6.16 |  | 832,504 |
The fair value of options granted is estimated at the date of grant using the Black-Scholes-Merton option-pricing model, assuming no dividends and with the following assumptions for the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Expected volatility | 56% |  | 51% |  | 52%-56% |  | 45%-51%
Expected dividend yield | — |  | — |  | — |  | —
Risk-free interest rate | 0.74% |  | 0.33% |  | 0.57%-0.90% |  | 0.33%-0.93%
Weighted-average expected life | 4.50 years |  | 5.00 years |  | 4.50-5.75 years |  | 5.00-5.50 years
Weighted-average fair value of options granted | $53.16 |  | $20.21 |  | $59.58 |  | $20.69
As of June 30, 2021, there was a total of $586.9 million in unrecognized compensation cost related to unvested stock options. Restricted Stock Units The following table summarizes activity for restricted stock units for the six months ended June 30, 2021:
| Restricted Stock Units |  | Weighted- Average Grant- Date Fair Value
Unvested outstanding at January 1, 2021 | 7,316,557 |  |  | $ | 48.14 |
Granted | 1,155,375 |  |  | 134.02 |
Vested | (1,592,564) |  |  | 47.76 |
Forfeited | (404,654) |  |  | 55.93 |
Unvested outstanding at June 30, 2021 | 6,474,714 |  |  | 63.08 |
As of June 30, 2021, there was a total of $382.8 million in unrecognized compensation cost related to unvested restricted stock units. Share-Based Compensation Expense The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of revenue | $ | 2,972 |  |  | $ | 1,364 |  |  | $ | 5,660 |  |  | $ | 2,766 |
Sales and marketing | 13,350 |  |  | 9,116 |  |  | 23,237 |  |  | 16,109 |
Technology and development | 34,951 |  |  | 21,421 |  |  | 61,042 |  |  | 40,109 |
General and administrative | 37,122 |  |  | 20,450 |  |  | 62,129 |  |  | 37,162 |
Total | $ | 88,395 |  |  | $ | 52,351 |  |  | $ | 152,068 |  |  | $ | 96,146 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: 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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