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Share-based Compensation | 3 Months Ended
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Mar. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation | Share-based Compensation During the three months ended March 31, 2022, the Company granted awards under the 2018 Omnibus Incentive Compensation Plan, previously named the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “2018 Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”). The Compensation Committee of the Board of Directors administers the plans. Under the 2018 Plan, a maximum of 8,897,084 shares of common stock may be issued upon the exercise of stock options, in the form of restricted stock, or in settlement of restricted stock units (“RSUs”) or other awards, including awards with alternative vesting schedules such as performance-based criteria. For the three months ended March 31, 2022 and 2021 the following table presents total share-based compensation expense in each functional line item on the unaudited condensed consolidated statements of operations (in thousands):
| Three Months Ended March 31, |  |  |  |
| 2022 |  |  |  |  | 2021 |  |  |  |  |  |
Cost of revenues | $ | 1,415 |  |  |  |  |  | $ | 1,578 |  |  |  |  |  |  |
Research and development | 4,070 |  |  |  |  |  | 3,228 |  |  |  |  |  |  |
Sales and marketing | 2,043 |  |  |  |  |  | 1,988 |  |  |  |  |  |  |
General and administrative | 3,671 |  |  |  |  |  | 2,304 |  |  |  |  |  |  |
Total | $ | 11,199 |  |  |  |  |  | $ | 9,098 |  |  |  |  |  |  |
During the quarter ended March 31, 2022, the Board of Directors of the Company approved and the Company granted restricted stock units to eligible employees under the 2018 Plan that were immediately vested, as fiscal 2021 annual bonus payments. The total charges recorded during the quarter ended March 31, 2022 were $8.8 million. Such bonus payments in fiscal 2021 were paid and recorded in the quarter ended March 31, 2021 and total charges related to such bonus payments were $7.0 million. Stock Options The Compensation Committee of the Board of Directors determines eligibility, vesting schedules and exercise prices for stock options granted. The Company generally uses the Black-Scholes option pricing model to estimate the fair value of its stock options. For performance stock awards subject to market-based vesting conditions, fair values are determined using the Monte-Carlo simulation model. Stock options generally have a term of ten years and vest over a three- to four-year period. The following table summarizes the Company’s stock option activity for the three months ended March 31, 2022:
Outstanding — December 31, 2021 | 8,085,793 |  |  |  |  |  |  |
Granted | 1,302,500 |  |  |  |  |  |  |
Exercised | (130,790) |  |  |  |  |  |  |
Canceled | (583,612) |  |  |  |  |  |  |
Outstanding — March 31, 2022 | 8,673,891 |  |  |  |  |  |  |
Exercisable — March 31, 2022 | 4,931,898 |  |  |  |  |  |  |
At March 31, 2022, total unrecognized compensation expense related to stock options was $11.1 million, which is expected to be recognized over a weighted-average period of 2.97 years. Restricted Stock Units Pursuant to the 2018 Plan and the 2015 Plan, the Company may issue RSUs that, upon satisfaction of vesting conditions, allow recipients to receive common stock. Issuances of such awards reduce common stock available under the 2018 Plan and 2015 Plan for stock incentive awards. The Company measures compensation cost associated with grants of RSUs at fair value, which is generally the closing price of the Company’s stock on the date of grant. RSUs generally vest over a three- to four-year period. The following table summarizes the Company’s RSU activity:
Non-vested — December 31, 2021 | 1,247,723 |
Granted | 2,139,100 |
Vested | (1,892,613) |
Forfeited | (50,700) |
Non-vested — March 31, 2022 | 1,443,510 |
At March 31, 2022, total unrecognized compensation expense related to RSUs was $5.9 million, which is expected to be recognized over a weighted-average period of 3.34 years.

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