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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Under the evergreen provision in our 2018 Equity Incentive Plan ("2018 Plan"), in January 2020 we reserved an additional 4,929,361 shares of our common stock for issuance. At June 30, 2020, there were 17,500,941 shares available for grant under the 2018 Plan. 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 |
At June 30, 2020, the unrecognized stock-based compensation expense related to unvested restricted stock units was $127.9 million, which is expected to be recognized over an estimated remaining weighted average period of 3.2 years. At June 30, 2020, the unrecognized stock-based compensation expense related to outstanding stock options was $17.0 million, which is expected to be recognized over an estimated remaining weighted average period of 1.7 years. At June 30, 2020, the unrecognized stock-based compensation expense related to unvested awards of restricted stock was $0.8 million, which is expected to be recognized over an estimated remaining period of 0.5 years. 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 Options 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 |
At June 30, 2020, there were 11.1 million stock options that were vested and expected to vest. 2018 Employee Stock Purchase Plan Under the evergreen provision in our 2018 Employee Stock Purchase Plan ("2018 ESPP"), in January 2020 we reserved an additional 1,478,808 shares of our common stock for issuance. At June 30, 2020, there were 5,721,517 shares reserved for issuance under the 2018 ESPP. In the six months ended June 30, 2020, employees purchased 377,378 shares of our common stock at a weighted average price of $19.36 per share, resulting in $7.3 million of cash proceeds. At June 30, 2020, there was $5.0 million of employee contributions to the 2018 ESPP included in accrued compensation. The unrecognized stock-based compensation expense related to our 2018 ESPP was $6.5 million, which is expected to be recognized over the remaining weighted average period of 0.7 years. 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 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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