Stock Based Compensation
|3 Months Ended|
Mar. 31, 2022
|Share-based Payment Arrangement [Abstract]|
|Stock Based Compensation||
Note 15. Stock Based Compensation
Stock-based compensation expense
Stock-based compensation is recorded in the consolidated statements of operations as follows (in thousands):
The following table summarizes the outstanding stock option activity during the period indicated (shares in thousands):
The weighted average grant date fair value of options granted during the three months ended March 31, 2022 and year ended December 31, 2021, was $4.86 and $9.86, respectively. For stock options vested and expected to vest, the aggregate intrinsic value as of March 31, 2022 and December 31, 2021, was $1.0 million and $2.2 million, respectively.
At March 31, 2022, there was $5.6 million of unrecognized compensation cost related to unvested stock options granted under the Company’s equity plans that is expected to be recognized over the next 2.7 years.
The following table summarizes the Company's restricted stock unit activity during the period indicated (shares in thousands):
As of March 31, 2022 there was $4.6 million of total unrecognized compensation cost related to unvested restricted stock units having a weighted average remaining contractual term of 2.0 years.
Employee Stock Purchase Plan (ESPP)
The Company maintains the 2016 Employee Stock Purchase Plan (ESPP) that provides employees an opportunity to purchase common stock through payroll deductions. The ESPP is implemented through consecutive 6-month offering periods commencing on March 1 and September 1 of each year. The purchase price is set at 85% of the fair market value of the Company's common stock on either the first or last trading day of the offering period, whichever is lower. Annual contributions are limited to the lower of 20% of an employee's eligible compensation or such other limits as apply under Section 423 of the Internal Revenue Code. The ESPP is intended to qualify as an employee stock purchase plan for purposes of Section 423 of the Internal Revenue Code.
Based on the 15% discount and the fair value of the option feature of the ESPP, it is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. The Company currently uses authorized and unissued shares to satisfy share award exercises.
During the three months ended March 31, 2022, the Company received $0.2 million from the issuance of 31,170 shares under the ESPP.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef