v3.20.2

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of shares of common stock reserved for future issuance

As of September 30, 2020, there were 71,294,706 shares of common stock outstanding, and the Company had reserved a total of 26,355,976 of its authorized shares of common stock for future issuance as follows:

			Shares Reserved for Future Issuance
Outstanding restricted stock units			3,431,829
Outstanding performance restricted stock units			1,760,164
Outstanding stock options			4,023,741
Reserved for convertible senior notes			17,140,242
Total shares of common stock reserved for future issuance			26,355,976

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 the Stock Plans and the ESPP, contained on the following line items on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated.

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2020						2019						2020						2019
			(in thousands)
Curriculum and teaching			$	21					$	30					$	212					$	38
Servicing and support			3,409						2,626						10,979						6,129
Technology and content development			3,059						2,228						9,164						5,732
Marketing and sales			1,618						2,238						6,704						4,981
General and administrative			13,894						9,413						36,903						19,206
Total stock-based compensation expense			$	22,001					$	16,535					$	63,962					$	36,086

Schedule of restricted and performance restricted stock unit activity

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

			Number of Units						Weighted- Average Grant Date Fair Value per Share
Outstanding balance as of December 31, 2019			2,281,142						$	40.49
Granted			1,911,308						20.66
Vested			(550,624)						51.84
Forfeited			(209,997)						30.17
Outstanding balance as of September 30, 2020			3,431,829						$	28.25

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

			Number of Units						Weighted- Average Grant Date Fair Value per Share
Outstanding balance as of December 31, 2019			1,413,773						$	28.12
Granted			657,723						22.45
Vested			(38,748)						22.38
Forfeited			(272,584)						48.87
Outstanding balance as of September 30, 2020			1,760,164						$	22.91

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						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Outstanding balance as of December 31, 2019			4,373,895						$	34.24					5.88						$	28,736
Granted			8,597						19.61
Exercised			(277,375)						11.26
Forfeited			(46,452)						61.21
Expired			(34,924)						43.72
Outstanding balance as of September 30, 2020			4,023,741						35.40						5.26						47,336
Exercisable as of September 30, 2020			3,202,271						$	27.36					4.56						$	46,521

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