Stock-Based Compensation Expense

6 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

10. Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 was as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
RSUs and options	$	2,122	$	2,527	$	3,188	$	3,397
Employee stock purchase plan		63		41		125		275
Total stock compensation expense	$	2,185	$	2,568	$	3,313	$	3,672

During 2020, the Company granted the following awards:

	Three Months Ended			Three Months Ended			Six Months Ended
	March 31, 2020			June 30, 2020			June 30, 2020
Employee awards:
RSUs		230,000	⁽¹⁾		2,109,228	⁽²⁾		2,339,228
Options		78,500	⁽³⁾		117,900	⁽⁴⁾		196,400
Non-employee director awards:
RSUs		42,067	⁽⁵⁾		772,685	⁽⁶⁾		814,752
Total awards:
RSUs		272,067			2,881,913			3,153,980
Options		78,500			117,900			196,400

(1)	RSUs had a weighted average grant date fair value of $1.25 per share and a primary vesting period of four years.

(2)	RSUs had a weighted average grant date fair value of $1.34 per share and a primary vesting period of four years.

(3)

Options had a weighted average exercise price of $1.25 per share and vest over a four year period. The weighted average grant date fair value was $0.93 per share, as determined using a Black-Scholes option pricing model, with the following key assumptions: risk-free interest rate of 0.79%; expected life of approximately 5.67 years; volatility of 93.83%, and dividend yield of zero.

(4)

Options had a weighted average exercise price of $1.34 per share and vest over a four year period. The weighted average grant date fair value was $0.99 per share, as determined using a Black-Scholes option pricing model, with the following key assumptions: risk-free interest rate of 0.39%; expected life of approximately 5.67 years; volatility of 93.83%, and dividend yield of zero.

(5)	RSUs had a weighted average grant date fair value of $1.17 per share and vested immediately upon grant, but the underlying shares of common stock will not be delivered until there is a separation of service, such as resignation, retirement or death.

(6)	RSUs had a weighted average grant date fair value of $1.34 per share and vested immediately upon grant, but the underlying shares of common stock will not be delivered until there is a separation of service, such as resignation, retirement or death.

As of June 30, 2020, there was $6.8 million of unrecognized compensation expense related to options and performance options and $3.2 million of unrecognized compensation expense related to RSUs. For the options that are subject to performance conditions, the Company evaluates the probability that the performance conditions will be met and estimates the service period for recognition of the associated expense.