In fiscal years 2022, 2021 and 2020, the Company recorded stock-based compensation expense of $18.5 million, $19.6 million and $16.7 million. In fiscal years 2022, 2021 and 2020, the Company recognized tax benefits related to stock-based compensation of $0.8 million, $2.6 million and $1.6 million, which are reflected in the Company’s benefit from (provision for) income taxes.

In November 2009, the Company’s board of directors adopted the 2010 Equity Incentive Plan (the “2010 Incentive Plan”) and the Company’s stockholders approved the 2010 Incentive Plan in January 2010. The 2010 Incentive Plan became effective upon the completion of the IPO of the Company’s common stock in February 2010. Awards granted after January 2008 but before the adoption of the 2010 Incentive Plan continue to be governed by the terms of the 2008 Equity Incentive Plan. All outstanding stock awards granted before January 2008 continue to be governed by the terms of the Company’s amended and restated 1999 Equity Incentive Plan.

The 2010 Incentive Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NQSOs”), restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance-based stock awards and other forms of equity compensation, as well as for the grant of performance cash awards. The Company may issue ISOs only to its employees. NQSOs and all other awards may be granted to employees, including officers, nonemployee directors and consultants.

Prior to fiscal year 2016, the Company granted service-based RSUs. In fiscal year 2016, the Company also began granting market-based RSUs that requires the Company’s stock price achieve a specified price above the grant date stock price before it can be eligible for service vesting conditions. In fiscal year 2019, the Company began granting to employees performance-based RSUs that vest variably subject to the achievement of performance targets, consisting of both revenue growth and adjusted EBITDA targets. The Company evaluates the portion of the awards that are probable to vest quarterly until the performance criteria are met. To date, the Company has issued ISOs, NQSOs, service-based RSUs, market-based RSUs, and performance-based RSUs under the 2010 Incentive Plan. ISOs and NQSOs are generally granted to employees with an exercise price equal to the market price of the Company’s common stock at the date of grant. Stock options granted to employees generally have a contractual term of seven years and vest over four years of continuous service, with 25 percent of the stock options vesting on the one-year anniversary of the date of grant and the remaining 75 percent vesting in equal monthly installments over the three year period thereafter. RSUs generally vest over four years of continuous service, with 25 percent of the RSUs vesting on the one-year anniversary of the date of grant and 6.25 percent vesting quarterly thereafter for the next 12 quarters, subject to any performance or stock price targets.

An aggregate of 23,125,612 shares of the Company’s common stock were reserved for issuance under the 2010 Incentive Plan as of June 30, 2022, and this amount will be increased by any outstanding stock awards that expire or terminate for any reason prior to

their exercise or settlement. The number of shares of the Company’s common stock reserved for issuance was increased annually through July 1, 2019 by up to five percent of the total number of shares of the Company’s common stock outstanding on the last day of the preceding fiscal year. The maximum number of shares that may be issued under the 2010 Incentive Plan is 30,000,000. There were 13,286,740 shares available for issuance under the 2010 Incentive Plan as of June 30, 2022.

In November 2009, the Company’s board of directors adopted the 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”) and the stockholders approved the Directors’ Plan in January 2010. The Directors’ Plan became effective upon the completion of the Company’s IPO. The Directors’ Plan provides for the automatic grant of NQSOs and RSUs to non-employee directors and also provides for the discretionary grant of NQSOs and RSUs. Stock options granted to new non-employee directors vest in equal monthly installments over four years and annual stock option grants to existing directors vest in equal monthly installments over one year. Prior to fiscal year 2015, initial service-based RSU grants vested quarterly over a period of four years and annual service-based RSU grants vested quarterly over a period of one year. Beginning in fiscal year 2015, initial service-based RSU grants vest daily over a period of four years and annual service-based RSU grants vest daily over a period of one year.

An aggregate of 4,598,838 shares of the Company’s common stock were reserved for issuance under the Directors’ Plan as of June 30, 2022. This amount was increased annually through July 1, 2019, by the sum of 200,000 shares and the aggregate number of shares of the Company’s common stock subject to awards granted under the Directors’ Plan during the immediately preceding fiscal year. There were 2,160,500 shares available for issuance under the Directors’ Plan as of June 30, 2022.

The Company uses the Black-Scholes option-pricing model to fair value its stock options. Options are granted with an exercise price equal to the fair value of the common stock at the date of grant. The Company calculates the weighted-average expected life of options using the simplified method pursuant to the accounting guidance for share-based payments as its historical exercise experience does not provide a reasonable basis upon which to estimate expected term. The Company estimates the expected volatility of its common stock based on its historical volatility over the expected term of the stock option. The Company has no history or expectation of paying dividends on its common stock. The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected term of the stock option.

The weighted-average Black-Scholes model assumptions and the weighted-average grant date fair value of stock options in fiscal years 2022, 2021 and 2020 were as follows:

	Fiscal Year Ended June 30,
	2022			2021			2020
Expected term (in years)		4.4			4.5			4.3
Expected volatility		58	%		61	%		58	%
Expected dividend yield		—			—			—
Risk-free interest rate		1.0	%		0.6	%		1.4	%
Grant date fair value	$	8.12		$	7.85		$	5.30

The following table summarizes the stock option award activity under the plans in fiscal years 2022 and 2021:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2020		1,596,853		$	5.25		3.18	$	8,892
Granted		106,186			16.28
Exercised		(758,447	)		5.64
Forfeited		(17,051	)		9.28
Expired		(9,448	)		8.89
Outstanding at June 30, 2021		918,093		$	6.10		2.89	$	11,578
Granted		58,420			17.38
Exercised		(412,941	)		4.48
Forfeited		(9,134	)		11.36
Expired		(6,819	)		13.78
Outstanding at June 30, 2022		547,619		$	8.33		2.76	$	2,110
Vested and expected-to-vest at June 30, 2022 ⁽¹⁾		538,186		$	8.17		2.71	$	2,109
Vested and exercisable at June 30, 2022		440,250		$	6.19		2.06	$	2,106

The following table summarizes outstanding and exercisable stock options by range of exercise price as of June 30, 2022:

	Options Outstanding						Options Exercisable
Range or Exercise Prices	Number of Shares		Weighted Average Remaining Contractual Term		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$3.40 - $3.40		50,000		1.59	$	3.40		50,000	$	3.40
$3.63 - $3.63		137,125		1.08	$	3.63		137,125	$	3.63
$4.01 - $4.01		103,675		2.06	$	4.01		103,128	$	4.01
$5.80 - $7.20		66,666		0.70	$	6.06		66,666	$	6.06
$9.69 - $11.71		61,586		5.17	$	11.49		33,734	$	11.35
$11.98 - $17.16		25,329		3.76	$	13.74		20,554	$	13.71
$18.32 - $18.32		50,000		6.07	$	18.32		11,458	$	18.32
$18.35 - $18.35		1,890		3.01	$	18.35		1,654	$	18.35
$20.73 - $20.73		50,000		5.83	$	20.73		14,583	$	20.73
$24.46 - $24.46		1,348		5.61	$	24.46		1,348	$	24.46
$3.40 - $24.46		547,619		2.76	$	8.33		440,250	$	6.19

The following table summarizes the total intrinsic value, the cash received and the actual tax benefit of all options exercised in fiscal years 2022, 2021 and 2020 (in thousands):

	Fiscal Year Ended June 30,
	2022		2021		2020
Intrinsic value	$	4,262	$	9,408	$	6,145
Cash received		1,850		4,279		4,480
Tax benefit		725		1,569		894

As of June 30, 2022, there was $0.8 million of total unrecognized compensation expense related to unvested stock options which are expected to be recognized over a weighted-average period of 2.7 years.

The following table summarizes the service-based RSU activity under the plans in fiscal years 2022 and 2021:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2020		1,842,378		$	12.37		1.11	$	18,794
Granted		1,026,425			13.28
Vested		(872,952	)		11.83
Forfeited		(118,211	)		14.14
Outstanding at June 30, 2021		1,877,640		$	12.97		1.26	$	34,039
Granted		1,134,351			16.05
Vested		(751,246	)		13.34
Forfeited		(370,264	)		14.68
Outstanding at June 30, 2022		1,890,481		$	14.33		1.32	$	19,018

As of June 30, 2022, there was $18.9 million of total unrecognized compensation expense related to service-based RSUs.

The following table summarizes the market-based RSU activity under the 2010 Incentive Plan in fiscal years 2022 and 2021:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2020		27,346		$	5.61		0.52	$	763
Granted		—			—
Vested		(20,507	)		4.60
Forfeited		(2,999	)		8.90
Outstanding at June 30, 2021		3,840		$	8.43		0.37	$	919
Granted		—			—
Vested		(3,783	)		8.45
Forfeited		(57	)		7.01
Outstanding at June 30, 2022		—		$	—		—	$	—

As of June 30, 2022, there was no unrecognized compensation expense remaining related to market-based RSUs.

The following table summarizes the performance-based RSU activity under the 2010 Incentive Plan in fiscal years 2022 and 2021:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2020		1,097,642		$	12.37		1.30	$	11,481
Granted		704,485			18.58
Vested		(418,464	)		13.37
Forfeited		(125,325	)		13.89
Outstanding at June 30, 2021		1,258,338		$	16.10		1.19	$	23,380
Granted		754,572			10.06
Vested		(539,108	)		16.15
Forfeited		(249,825	)		13.74
Outstanding at June 30, 2022		1,223,977		$	13.32		1.12	$	12,313

As of June 30, 2022, there was $4.5 million of total unrecognized compensation expense related to performance-based RSUs.

At the time of vesting, a portion of RSUs are withheld by the Company to provide for federal and state tax withholding obligations resulting from the release of the RSUs.

In October 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), with 2,164,999 shares of common stock reserved for future issuance under the plan. The 2021 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation. The 2021 ESPP provides for consecutive offering periods that will typically have a duration of approximately 24 months in length, and each offering period is comprised of four purchase periods of approximately six months in length.

On each purchase date, eligible employees may purchase the Company’s common stock at a price per share equal to 85% of the lesser of (1) the fair market value of the common stock on the first trading day of each offering period, or (2) the fair market value of the common stock on the purchase date. A participant may purchase up to a maximum of 2,500 shares of the common stock during each purchase period, subject to a maximum of $25,000 worth of shares of the common stock in each calendar year (as determined under applicable tax rules). If the fair market value of the common stock on any purchase date is lower than it was on the first trading day of that offering period, participants will be automatically withdrawn from the current offering period and be immediately re-enrolled in a new offering period.

As of June 30, 2022, the Company has not issued any shares of common stock under the 2021 ESPP.

ESPP employee payroll contributions accrued as of June 30, 2022 were $0.9 million, and are included within accrued liabilities on the Company’s consolidated balance sheet. Payroll contributions accrued as of June 30, 2022 will be used to purchase shares at the end of the current ESPP purchase period ending on August 24, 2022.

The fair value of the purchase rights for the ESPP are estimated on the date of grant using the Black-Scholes model with the following assumptions: