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Stock Based Compensation | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Stock Based Compensation | Stock-Based Compensation The Company applies the fair value recognition provisions of ASC Topic 718: Stock Compensation. Stock-based compensation expense, net of forfeitures of $64.0 thousand and $27.0 thousand for the three months ended June 30, 2021 and 2020, respectively, and stock-based compensation expense, net of forfeitures of $107.0 thousand and $32.0 thousand for six months ended June 30, 2021 and 2020, respectively, was recorded in the following line items in the condensed consolidated statements of operations for the three and six months ended June 30:
| Three months ended June 30, |  | Six months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of sales - contracts | $ | 116 |  |  | $ | 101 |  |  | $ | 184 |  |  | $ | 199 |
Selling, general and administrative | 4,135 |  |  | 1,022 |  |  | 5,387 |  |  | 2,013 |
Total stock-based compensation expense | $ | 4,251 |  |  | $ | 1,123 |  |  | $ | 5,571 |  |  | $ | 2,212 |
At June 30, 2021, the aggregate unrecognized compensation expense related to unvested equity awards was $39.2 million, which is expected to be recognized as compensation expense in fiscal years 2021 through 2024. A summary of stock option activity for the six months ended June 30, 2021 is below:
(in thousands, except for exercise price) | Options outstanding |  | Weighted average exercise price
Outstanding at January 1, 2021 | 957 |  |  | $ | 14.29 |
Granted | 563 |  |  | 7.79 |
Exercised | (54) |  |  | 10.70 |
Canceled/forfeited | (63) |  |  | 13.64 |
Outstanding at June 30, 2021 | 1,403 |  |  | $ | 11.83 |
The fair value of options at the date of the grant was estimated using the Black-Scholes model with the following assumptions for the six months ended June 30, 2021:
Weighted average expected term | 3.1 years
Weighted average risk-free interest rate | 0.4 | %
Weighted average expected volatility | 56.5 | %
Expected dividend yield | None
Estimated fair value (per share) | $ | 60.47
A summary of unvested restricted stock activity for the six months ended June 30, 2021 is below:
(in thousands, except for award value) | Restricted Stock Awards |  | Weighted average award value
Outstanding at January 1, 2021 | 61 |  |  | $ | 25.62 |
Granted | 2 |  |  | 22.36 |
Vested | (34) |  |  | 24.81 |
Canceled/forfeited | (1) |  |  | 20.94 |
Outstanding at June 30, 2021 | 28 |  |  | $ | 26.51 |
A summary of unvested restricted stock units (“RSU”) activity for the six months ended June 30, 2021 is below:
(in thousands, except for award value) | RSU Awards |  | Weighted average award value
Outstanding at January 1, 2021 | 427 |  |  | $ | 15.46 |
Granted | 149 |  |  | 67.24 |
Vested | (115) |  |  | 17.08 |
Canceled/forfeited | (4) |  |  | 66.82 |
Outstanding at June 30, 2021 | 457 |  |  | $ | 31.39 |

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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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