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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Stockholders' Equity | 8. Stockholders’ equity The Company has a 2012 Equity Incentive Plan (2012 Plan) under which the Company granted options to purchase shares of its common stock. As of September 30, 2022, options to purchase 62,803 shares of common stock remained outstanding under the 2012 Plan. The 2012 Plan was terminated in connection with the Company’s initial public offering in February 2014, and accordingly, no new options are available for issuance under this plan. The 2012 Plan continues to govern outstanding awards granted thereunder. The Company has a 2014 Equity Incentive Plan (2014 Plan) that provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company’s employees and any parent and subsidiary corporation’s employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, restricted stock awards, stock appreciation rights, performance units and performance shares to its employees, directors and consultants and its parent and subsidiary corporations’ employees and consultants. As of September 30, 2022, awards with respect to 1,242,781 shares of the Company’s common stock were outstanding, and 810,698 shares of common stock remained available for issuance under the 2014 Plan. The shares available for issuance under the 2014 Plan will be increased by any shares returned to the 2012 Plan and 2014 Plan as a result of expiration or termination of awards (provided that the maximum number of shares that may be added to the 2014 Plan pursuant to such previously granted awards under the 2012 Plan is 2,328,569 shares). The number of shares available for issuance under the 2014 Plan also is increased annually on the first day of each fiscal year by an amount equal to the least of: • 895,346 shares; • 4% of the outstanding shares of common stock as of the last day of the Company’s immediately preceding fiscal year; or • such other amount as the Company’s board of directors may determine. For 2022, no additional shares were added to the 2014 Plan share reserve pursuant to the provision described above. Stock options Options typically expire between seven and ten years from the date of grant and vest over one to four year terms. Options have been granted to employees, directors and consultants of the Company, as determined by the board of directors, at the deemed fair market value of the shares underlying the options at the date of grant. The activity for stock options under the Company’s stock plans for the nine months ended September 30, 2022 is as follows:
|  |  |  |  |  |  |  |  |  |  | Remaining |  |  |  |
|  |  |  |  |  |  |  |  |  |  | weighted- |  |  |  |
|  |  |  |  |  |  |  | Weighted- |  |  | average |  |  | Per share |
|  |  |  |  |  |  |  | average |  |  | contractual |  |  | average |
|  |  |  |  | Price per |  |  | exercise |  |  | terms |  |  | intrinsic |
|  | Options |  |  | share |  |  | price |  |  | (in years) |  |  | value |
Outstanding as of December 31, 2021 |  |  | 459,441 |  |  | $1.17-$83.30 |  |  | $ | 42.18 |  |  |  | 1.36 |  |  | $ | 4.31 |
Exercised |  |  | (8,649 | ) |  | 1.17-8.37 |  |  |  | 4.08 |  |  |  |  |  |  |
Forfeited |  |  | (12,500 | ) |  | 38.54-44.19 |  |  |  | 43.06 |  |  |  |  |  |  |
Expired |  |  | (54,755 | ) |  |  | 38.54 |  |  |  | 38.54 |  |  |  |  |  |  |
Outstanding as of September 30, 2022 |  |  | 383,537 |  |  | 1.17-83.30 |  |  |  | 43.53 |  |  |  | 0.63 |  |  |  | 2.89 |
Vested and exercisable as of September 30, 2022 |  |  | 383,537 |  |  | 1.17-83.30 |  |  |  | 43.53 |  |  |  | 0.63 |  |  |  | 2.89 |
Vested and expected to vest as of September 30, 2022 |  |  | 383,537 |  |  | $1.17-$83.30 |  |  | $ | 43.53 |  |  |  | 0.63 |  |  | $ | 2.89 |
The total intrinsic value of options exercised during the nine months ended September 30, 2022 and 2021 was $204 and $14,524, respectively. As of September 30, 2022, all stock-based compensation expense for options granted under the Plans was recognized. Stock incentive awards The Company grants restricted stock units (RSUs) and restricted stock awards (RSAs) under the 2014 Plan (Stock Awards). The Stock Awards vest either based solely on the satisfaction of time-based service conditions or on the satisfaction of time-based service conditions combined with performance criteria. Stock Awards are subject to forfeiture if the holder’s services to the Company terminate before vesting. Stock Awards granted with only time-based service vesting conditions generally vest over three-year and four-year service periods, as defined in the terms of each award. Stock Awards that vest based on the satisfaction of time-based service conditions combined with performance criteria generally vest over a three-year service and performance period, based on performance criteria established at the time of the award. The portion of the Stock Award that is earned may equal or be less than the targeted number of shares subject to the Stock Award depending on whether the performance criteria are met. Stock Awards activity for the nine months ended September 30, 2022 is summarized below:
|  |  |  |  |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  |  |  |  |  |  | average |
|  |  |  |  |  |  |  |  |  |  | grant |
|  |  |  |  | Performance |  |  |  |  |  | date fair |
|  |  |  |  | and |  |  |  |  |  | value |
Restricted stock units |  | Time-based |  |  | time-based |  |  | Total |  |  | per share |
Unvested restricted stock units as of December 31, 2021 |  |  | 289,166 |  |  |  | 99,112 |  |  |  | 388,278 |  |  | $ | 54.81 |
Granted |  |  | 730,575 |  |  |  | 164,722 |  |  |  | 895,297 |  |  |  | 30.08 |
Vested |  |  | (121,321 | ) |  |  | (37,678 | ) |  |  | (158,999 | ) |  |  | 55.57 |
Forfeited/canceled |  |  | (73,842 | ) |  |  | (42,959 | ) |  |  | (116,801 | ) |  |  | 45.92 |
Unvested restricted stock units as of September 30, 2022 (1) |  |  | 824,578 |  |  |  | 183,197 |  |  |  | 1,007,775 |  |  | $ | 33.76 |
Unvested and expected to vest restricted stock units outstanding as of September 30, 2022 |  |  |  |  |  |  |  |  | 855,617 |  |  | $ | 33.44 |
|  |  |  |  |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  |  |  |  |  |  | average |
|  |  |  |  |  |  |  |  |  |  | grant |
|  |  |  |  | Performance |  |  |  |  |  | date fair |
|  |  |  |  | and |  |  |  |  |  | value |
Restricted stock awards |  | Time-based |  |  | time-based |  |  | Total |  |  | per share |
Unvested restricted stock awards outstanding as of December 31, 2021 |  |  | 10,416 |  |  |  | 5,629 |  |  |  | 16,045 |  |  | $ | 87.12 |
Vested |  |  | (3,911 | ) |  |  | (5,629 | ) |  |  | (9,540 | ) |  |  | 99.49 |
Forfeited/canceled |  |  | (5,134 | ) |  |  | — |  |  |  | (5,134 | ) |  |  | 74.25 |
Unvested restricted stock awards outstanding as of September 30, 2022 (1) |  |  | 1,371 |  |  |  | — |  |  |  | 1,371 |  |  | $ | 76.35 |
Unvested and expected to vest restricted stock awards outstanding as of September 30, 2022 |  |  |  |  |  |  |  |  | 1,309 |  |  | $ | 77.05 |
(1) Outstanding restricted stock units and restricted stock awards are based on the maximum payout of the targeted number of shares. As of September 30, 2022, the unrecognized compensation cost related to unvested employee restricted stock units and restricted stock awards was $23,589, excluding estimated forfeitures. This amount is expected to be recognized over a weighted average period of 2.1 years. Employee stock purchase plan The Company’s 2014 Employee Stock Purchase Plan (ESPP) provides for the grant to all eligible employees an option to purchase stock under the ESPP, within the meaning Section 423 of the Internal Revenue Code. The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation, which includes a participant’s base straight time gross earnings, incentive compensation, bonuses, overtime and shift premium, but exclusive of payments for equity compensation and other similar compensation. A participant may purchase a maximum of 1,500 shares during a purchase period. Amounts deducted and accumulated by the participant are used to purchase shares of the Company’s common stock at the end of each six-month period. The purchase price of the shares will be 85% of the lower of the fair market value of the Company’s common stock on the first trading day of each offering period or on the exercise date. The offering periods are currently approximately six months in length beginning on the first business day on or after March 1 and September 1 of each year and ending on the first business day on or after September 1 and March 1 approximately six months later. As of September 30, 2022, a total of 507,532 shares of common stock were available for sale pursuant to the ESPP. The number of shares available for sale under the ESPP is increased annually on the first day of each fiscal year by an amount equal to the least of: • 179,069 shares; • 1.5% of the outstanding shares of the Company’s common stock on the last day of the Company’s immediately preceding fiscal year; or • such other amount as may be determined by the administrator. For 2022, no additional shares were added to the ESPP share reserve pursuant to the provision described above. Stock-based compensation Stock-based compensation expense recognized for the three and nine months ended September 30, 2022 and 2021, was as follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock-based compensation expense by type of award: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units and restricted stock awards |  | $ | 3,389 |  |  | $ | 2,631 |  |  | $ | 8,748 |  |  | $ | 8,014 |
Employee stock purchase plan |  |  | 111 |  |  |  | 161 |  |  |  | 437 |  |  |  | 533 |
Total stock-based compensation expense |  | $ | 3,500 |  |  | $ | 2,792 |  |  | $ | 9,185 |  |  | $ | 8,547 |
Employee stock-based compensation expense was calculated based on awards of stock options, restricted stock units and restricted stock awards ultimately expected to vest based on the Company’s historical award cancellations. ASC 718 – Compensation-Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the three and nine months ended September 30, 2022 and 2021, respectively, stock-based compensation expense recognized under ASC 718, included in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense was as follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cost of revenue |  | $ | 327 |  |  | $ | 269 |  |  | $ | 863 |  |  | $ | 826 |
Research and development |  |  | 409 |  |  |  | 264 |  |  |  | 1,205 |  |  |  | 944 |
Sales and marketing |  |  | 754 |  |  |  | 695 |  |  |  | 2,111 |  |  |  | 1,975 |
General and administrative |  |  | 2,010 |  |  |  | 1,564 |  |  |  | 5,006 |  |  |  | 4,802 |
Total stock-based compensation expense |  | $ | 3,500 |  |  | $ | 2,792 |  |  | $ | 9,185 |  |  | $ | 8,547 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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