v3.20.1

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss

The following table presents stock-based compensation expense related to stock-based awards, as well as the 2017 Employee Stock Purchase Plan (the “ESPP”), contained within the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated.

	Three Months Ended March 31,
	2020				2019
	(in thousands)
Curriculum and teaching	$	133			$	3
Servicing and support	3,928				1,669
Technology and content development	3,169				1,856
Marketing and sales	3,233				1,256
General and administrative	10,407				4,800
Total stock-based compensation expense	$	20,870			$	9,584

Schedule of stock option activity

The following table presents a summary of the Company’s stock option activity for the period indicated.

	Number of Options			Weighted-Average Exercise Price per Share
Outstanding balance as of December 31, 2019	4,373,895			$	34.24
Granted	8,597			19.61
Exercised	(37,275	)		10.30
Forfeited	(7,252	)		66.61
Expired	(27,399	)		38.73
Outstanding balance as of March 31, 2020	4,310,566			34.34
Exercisable as of March 31, 2020	3,079,102			$	21.82

*

As of March 31, 2020, the aggregate intrinsic value of options exercisable was $22.7 million and such shares had a weighted-average remaining contractual term of 2.77 years.

Schedule of restricted stock unit activity

The following table presents a summary of the Company’s RSU and PRSU activity for the period indicated.

	Number of Units			Weighted- Average Grant Date Fair Value per Share
Outstanding balance as of December 31, 2019	3,694,915			$	35.76
Granted	2,369,093			20.42
Vested	(96,683	)		52.64
Forfeited	(260,279	)		53.31
Outstanding balance as of March 31, 2020	5,707,046			$	28.30

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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