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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Stock-based compensation expense | Stock-based compensation expense included in the consolidated statements of operations was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Cost of revenue | $ | 830 |  |  | $ | 742 |  |  | $ | 1,577 |  |  | $ | 1,394 |
Sales and marketing | 5,375 |  |  | 4,215 |  |  | 9,871 |  |  | 7,581 |
Research and development | 3,893 |  |  | 2,441 |  |  | 6,841 |  |  | 4,471 |
General and administrative | 5,568 |  |  | 3,975 |  |  | 10,412 |  |  | 7,246 |
Total stock-based compensation expense | $ | 15,666 |  |  | $ | 11,373 |  |  | $ | 28,701 |  |  | $ | 20,692 |
Summary of restricted stock and restricted stock units | A summary of our restricted stock and restricted stock units activity is presented below:
| Restricted Stock |  | Restricted Stock Units
(in thousands, except for per share data) | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2019 | 495 |  |  | $ | 4.25 |  |  | 2,894 |  |  | $ | 26.34 |
Granted | — |  |  | — |  |  | 3,372 |  |  | 27.86 |
Vested | (198 | ) |  | 4.25 |  |  | (569 | ) |  | 29.04 |
Forfeited | — |  |  | — |  |  | (261 | ) |  | 25.71 |
Unvested balance at June 30, 2020 | 297 |  |  | 4.25 |  |  | 5,436 |  |  | 27.03 |
Stock option activity | A summary of our stock option activity is presented below:
(in thousands, except for exercise prices and years) | Number of Shares |  | Weighted Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2019 | 12,939 |  |  | $ | 8.38 |  |  | 7.1 |  | $ | 201,608 |
Granted | — |  |  | — |  |  |  |  |  |
Exercised | (1,594) |  |  | 6.89 |  |  |  |  | 33,416 |
Forfeited/canceled | (287) |  |  | 10.99 |  |  |  |  |  |
Outstanding at June 30, 2020 | 11,058 |  |  | 8.53 |  |  | 6.8 |  | 235,370 |
Exercisable at June 30, 2020 | 6,692 |  |  | 6.42 |  |  | 6.4 |  | 156,517 |
ESPP valuation assumptions | The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:
| Six Months Ended June 30,
| 2020 |  | 2019
Expected term (in years) | 0.5 — 2.0 |  | 0.5 — 2.0
Expected volatility | 41.6% — 47.9% |  | 35.4% — 44.6%
Risk-free interest rate | 0.8% — 0.9% |  | 2.5% — 2.6%
Expected dividend yield | — |  | —

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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