| Summary of Stock Options Activity |
The activity for stock options under the Company’s stock plans for the years ended December 31, 2022, 2021 and 2020 is as follows:
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Remaining |
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weighted- |
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Weighted- |
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average |
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Per share |
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average |
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contractual |
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average |
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Price per |
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exercise |
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terms |
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intrinsic |
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Options |
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share |
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price |
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(in years) |
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value |
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Outstanding as of December 31, 2019 |
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980,884 |
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|
$0.75-$83.30 |
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|
$ |
35.24 |
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|
2.84 |
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$ |
34.07 |
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Exercised |
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(18,626 |
) |
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1.17-44.19 |
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|
17.81 |
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Forfeited |
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(6,779 |
) |
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44.19-56.72 |
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|
48.23 |
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Outstanding as of December 31, 2020 |
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955,479 |
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0.75-83.30 |
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35.49 |
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1.85 |
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11.81 |
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Vested and exercisable as of December 31, 2020 |
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955,479 |
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0.75-83.30 |
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35.49 |
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1.85 |
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|
11.81 |
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Vested and expected to vest as of December 31, 2020 |
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955,479 |
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0.75-83.30 |
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35.49 |
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1.85 |
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11.81 |
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Outstanding as of December 31, 2020 |
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955,479 |
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0.75-83.30 |
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35.49 |
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1.85 |
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|
11.81 |
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Exercised |
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(486,038 |
) |
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0.75-46.66 |
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28.19 |
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Forfeited |
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(10,000 |
) |
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83.30 |
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|
83.30 |
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Outstanding as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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4.31 |
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Vested and exercisable as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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4.31 |
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Vested and expected to vest as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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4.31 |
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Outstanding as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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4.31 |
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Exercised |
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(14,154 |
) |
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1.17-8.37 |
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3.14 |
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Forfeited |
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(15,417 |
) |
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38.54-44.19 |
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43.27 |
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Expired |
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(81,586 |
) |
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38.54-43.21 |
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40.08 |
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Outstanding as of December 31, 2022 |
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348,284 |
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1.17-83.30 |
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44.21 |
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0.43 |
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2.07 |
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Vested and exercisable as of December 31, 2022 |
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348,284 |
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1.17-83.30 |
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44.21 |
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0.43 |
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2.07 |
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Vested and expected to vest as of December 31, 2022 |
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348,284 |
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$1.17-$83.30 |
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$ |
44.21 |
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0.43 |
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$ |
2.07 |
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| Summary of Restricted Stock Activity |
Stock Awards activity for the years ended December 31, 2022, 2021 and 2020 is summarized below:
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Weighted- |
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average |
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grant |
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Performance |
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date fair |
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and |
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value |
Restricted stock units |
Time-based |
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time-based |
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Total |
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per share |
Unvested restricted stock units as of December 31, 2019 |
108,976 |
|
3,134 |
|
112,110 |
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$83.48 |
Granted |
210,622 |
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88,458 |
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299,080 |
|
43.52 |
Vested |
(49,636) |
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— |
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(49,636) |
|
83.31 |
Forfeited/canceled |
(24,500) |
|
(3,134) |
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(27,634) |
|
70.60 |
Unvested restricted stock units as of December 31, 2020 |
245,462 |
|
88,458 |
|
333,920 |
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$49.29 |
Unvested and expected to vest restricted stock units outstanding as of
December 31, 2020 |
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|
246,420 |
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$49.82 |
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Unvested restricted stock units as of December 31, 2020 |
245,462 |
|
88,458 |
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333,920 |
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$49.29 |
Granted |
240,044 |
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88,902 |
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328,946 |
|
56.01 |
Vested |
(109,504) |
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— |
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(109,504) |
|
52.79 |
Forfeited/canceled |
(86,836) |
|
(78,248) |
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(165,084) |
|
46.88 |
Unvested restricted stock units as of December 31, 2021 |
289,166 |
|
99,112 |
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388,278 |
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$54.81 |
Unvested and expected to vest restricted stock units outstanding as of
December 31, 2021 |
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331,358 |
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$54.98 |
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Unvested restricted stock units as of December 31, 2021 |
289,166 |
|
99,112 |
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388,278 |
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$54.81 |
Granted |
769,976 |
|
164,722 |
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934,698 |
|
29.76 |
Vested |
(142,942) |
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(37,678) |
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(180,620) |
|
55.04 |
Forfeited/canceled |
(95,259) |
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(42,959) |
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(138,218) |
|
45.10 |
Unvested restricted stock units as of December 31, 2022 |
820,941 |
|
183,197 |
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1,004,138 |
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$32.72 |
Unvested and expected to vest restricted stock units outstanding as of
December 31, 2022 |
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840,413 |
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$32.37 |
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Weighted- |
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average |
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grant |
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Performance |
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date fair |
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and |
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value |
Restricted stock awards |
Time-based |
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time-based |
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Total |
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per share |
Unvested restricted stock awards outstanding as of December 31, 2019 |
71,070 |
|
62,628 |
|
133,698 |
|
$95.74 |
Vested |
(28,994) |
|
— |
|
(28,994) |
|
89.37 |
Forfeited/canceled |
— |
|
(29,273) |
|
(29,273) |
|
110.27 |
Unvested restricted stock awards outstanding as of December 31, 2020 |
42,076 |
|
33,355 |
|
75,431 |
|
$93.96 |
Unvested and expected to vest restricted stock awards outstanding as of
December 31, 2020 |
|
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|
44,159 |
|
$85.90 |
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Unvested restricted stock awards outstanding as of December 31, 2020 |
42,076 |
|
33,355 |
|
75,431 |
|
$93.96 |
Vested |
(15,728) |
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— |
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(15,728) |
|
91.17 |
Forfeited/canceled |
(15,932) |
|
(27,726) |
|
(43,658) |
|
98.05 |
Unvested restricted stock awards outstanding as of December 31, 2021 |
10,416 |
|
5,629 |
|
16,045 |
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$87.12 |
Unvested and expected to vest restricted stock awards outstanding as of
December 31, 2021 |
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15,532 |
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$90.08 |
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Unvested restricted stock awards outstanding as of December 31, 2021 |
10,416 |
|
5,629 |
|
16,045 |
|
$87.12 |
Vested |
(4,496) |
|
(5,629) |
|
(10,125) |
|
99.46 |
Forfeited/canceled |
(5,134) |
|
— |
|
(5,134) |
|
74.25 |
Unvested restricted stock awards outstanding as of December 31, 2022 |
786 |
|
— |
|
786 |
|
$59.55 |
Unvested and expected to vest restricted stock awards outstanding as of
December 31, 2022 |
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|
748 |
|
$60.39 |
(1)Outstanding restricted stock units and restricted stock awards are based on the maximum payout of the targeted number of shares.
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| Summary of Stock-based Compensation Expense |
Stock-based compensation expense recognized for the years ended December 31, 2022, 2021 and 2020, was as follows:
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(amounts in thousands) |
Years ended December 31, |
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Stock-based compensation expense by type of award: |
2022 |
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2021 |
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2020 |
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Stock option plan awards |
$ |
— |
|
|
$ |
— |
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|
$ |
709 |
|
Restricted stock units and restricted stock awards |
|
11,748 |
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|
10,229 |
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|
6,717 |
|
Employee stock purchase plan |
|
535 |
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|
|
714 |
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|
|
777 |
|
Total stock-based compensation expense |
$ |
12,283 |
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|
$ |
10,943 |
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$ |
8,203 |
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For the years ended December 31, 2022, 2021 and 2020, 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:
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Years ended December 31, |
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(amounts in thousands) |
2022 |
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2021 |
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2020 |
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Cost of revenue |
$ |
1,127 |
|
|
$ |
1,106 |
|
|
$ |
698 |
|
Research and development |
|
1,591 |
|
|
|
1,276 |
|
|
|
969 |
|
Sales and marketing |
|
2,785 |
|
|
|
2,388 |
|
|
|
2,208 |
|
General and administrative |
|
6,780 |
|
|
|
6,173 |
|
|
|
4,328 |
|
Total stock-based compensation expense |
$ |
12,283 |
|
|
$ |
10,943 |
|
|
$ |
8,203 |
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|