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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-based Compensation Expense

The following table summarizes stock-based compensation expense recognized for the periods presented:

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(in thousands)	2019				2018				2019				2018
Restricted stock awards	$	4,569			$	2,393			$	11,159			$	6,157
Stock option awards	2,557				2,337				7,766				6,853
Performance stock units	918				611				2,360				1,319
Other stock-based compensation expense(1)	66				—				66				—
Total stock-based compensation expense	$	8,110			$	5,341			$	21,351			$	14,329

⁽¹⁾  

Includes expenses related to the Company’s Employees Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019.

Schedule of Restricted Stock Activity

The following table provides information about restricted stock activity during the nine months ended September 30, 2019:

	Awards			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2018	1,535,945			$	17.88
Granted	3,906,196			6.70
Vested	(509,833	)		17.82
Forfeited	(45,217	)		12.96
Unvested balance as of September 30, 2019	4,887,091			8.99

Summary of Stock Option Valuation Inputs

The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock options awarded during the nine months ended September 30, 2019 and 2018:

	For the Nine Months Ended September 30,
	2019				2018
Weighted average grant date fair value per share	$	4.47			$	7.74
Expected term (in years)	6				6
Expected stock volatility	46		%		41		%
Dividend yield	—		%		—		%
Risk-free interest rate	2.3		%		2.6		%

Summary of Stock Option Activity

The following table provides information about stock option awards outstanding during the nine months ended September 30, 2019:

	Options			Weighted Average Exercise Price				Weighted Average Remaining Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2018	4,559,334			$	16.55
Granted	326,000			9.56
Exercised	—			—
Forfeited	(65,336	)		16.90
Expired	(15,998	)		17.88
Outstanding as of September 30, 2019	4,804,000			16.07				7.5		$	—
Exercisable as of September 30, 2019	2,654,623			16.14				7.2		$	—

Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions [Table Text Block]

The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the nine months ended September 30, 2019 and 2018:

	For the Nine Months Ended September 30,
	2019				2018
Weighted average grant-date fair value per share	$	6.68			$	22.35
Number of simulations	1,000,000				1,000,000
Expected stock volatility	52.3		%		40.2		%
Dividend yield	—		%		—		%
Risk-free interest rate	1.8		%		2.8		%

Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]

The following table provides information about performance stock units outstanding during the nine months ended September 30, 2019:

	Awards			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2018	386,459			$	21.94
Granted	486,213			6.68
Vested	—			—
Forfeited	—			—
Unvested balance as of September 30, 2019	872,672			13.44

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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