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Shareholder's Equity and Stock-Based Compensation
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Shareholder's Equity and Stock-Based Compensation

(9) Shareholder’s Equity and Stock-Based Compensation

The Company granted 319,397 awards to employees under the 2016 Incentive Award Plan during the six months ended June 30, 2020, consisting of 20,724 restricted stock awards (“RSA”) and 96,768 restricted stock units (“RSU”) vesting after four years, 2,500 RSU vesting after three years, and 199,405 fully-vested stock option awards. The Company granted an additional 23,148 stock option awards, vesting after one year, to non-employee directors under the 2016 Incentive Award Plan, during the six months ended June 30, 2020. The Company granted 510,986 awards to employees under the 2016 Incentive Award Plan during the six months ended June 30, 2019, consisting of 5,000 stock option awards and 167,310 RSU vesting after four years, 5,000 stock option awards vesting after one year, 311,676 fully-vested stock option awards and 22,000 stock option awards with vesting in twelve equal monthly installments beginning on March 31, 2019. The Company granted an additional 38,832 stock option awards, vesting after one year, to non-employee directors under the 2016 Incentive Award Plan, during the six months ended June 30, 2019.

 

Award Activity

The following table sets forth the Company’s stock option activity:

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

Stock Options

 

 

Exercise Price

 

 

Outstanding - beginning of period

 

 

3,030,071

 

 

$

34.50

 

 

Granted

 

 

222,553

 

 

$

105.48

 

 

Exercised

 

 

(114,967

)

 

$

17.19

 

 

Forfeited/Expired

 

 

(52,580

)

 

$

36.45

 

 

Outstanding - end of period

 

 

3,085,077

 

 

$

40.23

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable - end of period

 

 

1,570,049

 

 

$

49.40

 

 

 

The following table sets forth the Company’s RSA/RSU activity:

 

 

 

Six Months Ended

 

 

 

 

June 30, 2020

 

 

 

 

Shares/Units

 

 

Outstanding and unvested - beginning of period

 

 

569,770

 

 

Granted

 

 

119,992

 

 

Vested

 

 

-

 

 

Forfeited

 

 

(42,490

)

 

Outstanding and unvested - end of period

 

 

647,272

 

 

 

 

 

 

 

 

Cumulative vested shares - end of period

 

 

1,913,916

 

 

 

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock based compensation awards is summarized below (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Total direct costs

 

$

1,774

 

 

$

1,718

 

 

$

3,780

 

 

$

3,278

 

Selling, general and administrative

 

 

842

 

 

 

3,667

 

 

 

4,281

 

 

 

5,290

 

Total stock-based compensation expense

 

$

2,616

 

 

$

5,385

 

 

$

8,061

 

 

$

8,568