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Share-based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation | Share-based Compensation During the nine months ended September 30, 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 and nine months end ed September 30, 2022 and 2021 the following table presents total share-based compensation expense within each functional line item on the condensed consolidated statements of operations (in thousands):
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30,
| 2022 |  |  |  |  | 2021 |  |  |  | 2022 |  | 2021
Cost of revenues | $ | 199 |  |  |  |  |  | $ | 416 |  |  |  |  | $ | 1,873 |  |  | $ | 2,228 |
Research and development | 513 |  |  |  |  |  | 604 |  |  |  |  | 5,011 |  |  | 4,366 |
Sales and marketing | 489 |  |  |  |  |  | 614 |  |  |  |  | 3,086 |  |  | 3,161 |
General and administrative | 1,205 |  |  |  |  |  | 1,428 |  |  |  |  | 5,922 |  |  | 4,712 |
Total | $ | 2,406 |  |  |  |  |  | $ | 3,062 |  |  |  |  | $ | 15,892 |  |  | $ | 14,467 |
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 activ ity for the nine months ended September 30, 2022:
Outstanding — December 31, 2021 | 8,085,793 |  |  |  |  |  |  |
Granted | 1,422,500 |  |  |  |  |  |  |
Exercised | (264,343) |  |  |  |  |  |  |
Canceled | (831,400) |  |  |  |  |  |  |
Outstanding — September 30, 2022 | 8,412,550 |  |  |  |  |  |  |
Exercisable — September 30, 2022 | 5,391,541 |  |  |  |  |  |  |
At September 30, 2022, total unrecognized compensatio n expense related to stock options was $8.9 million, which is expected to be recognized over a weighted-average period of 2.76 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 for the nine months ended September 30, 2022:
Non-vested — December 31, 2021 | 1,247,723 |
Granted | 2,516,362 |
Vested | (2,051,578) |
Forfeited | (220,883) |
Non-vested — September 30, 2022 | 1,491,624 |
At September 30, 2022, total unrecognized compensation expense related to RSUs was $5.0 million, which is expected to be recognized over a weighted-average period of 2.71 years.

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