Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

v3.21.2
Stock Based Compensation
6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recorded approximately $4.5 million and $2.6 million in stock-based compensation expense for the three months ended June 30, 2021 and 2020, respectively, and approximately $7.2 million and $4.8 million in stock-based compensation expense for the six months ended June 30, 2021 and 2020, respectively. A summary of the stock option activity under the Company’s plans for the six months ended June 30, 2021 is as follows:
 
Number of
Shares
Weighted Average Exercise Price
Options outstanding at December 31, 2020 3,785,941  $ 15.21 
Options granted 757,197  $ 49.04 
Less:
Options exercised 612,307  $ 10.89 
Options forfeited 200,148  $ 30.86 
Options outstanding at June 30, 2021 3,730,683  $ 21.94 
Exercisable at June 30, 2021 2,054,032  $ 11.75 
The fair value of each stock option award granted during the six months ended June 30, 2021 was estimated as of the grant date using a Black-Scholes model with the following weighted average assumptions:
  Six Months Ended
June 30, 2021
Expected term (in years)
4.0 - 5.5
Risk-free interest rate (%) 0.7%
Expected volatility (%)
39% - 49%
Dividend yield (%)
Weighted average fair value/share at grant date $18.53
 
As of June 30, 2021, there was approximately $15 million of unrecognized stock-based compensation expense related to stock options that will be recognized over a weighted-average period of approximately 2.2 years.

A summary of the restricted stock activity under the Company’s plans for the six months ended June 30, 2021 is as follows:
Number of Restricted
Shares
Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020 291,891  $ 23.82 
Granted 273,327  $ 49.33 
Vested (93,934) $ 24.69 
Forfeited (28,318) $ 34.55 
Nonvested at June 30, 2021 442,966  $ 38.69 

As of June 30, 2021, there was approximately $12.1 million of unrecognized stock-based compensation expense related to restricted stock that will be recognized over a weighted-average period of approximately 1.9 years.
Employee Stock Purchase Plan (“ESPP”)
The Company offers an ESPP through which eligible employees may purchase shares of the Company’s common stock at a discount of 15% of the fair market value of the Company’s common stock. 
During the three months ended June 30, 2021 and 2020, employees purchased 31,839 and 41,058 shares, respectively, under the ESPP. The expense recorded for these periods was approximately $0.3 million and $0.2 million, respectively. During the six months ended June 30, 2021 and 2020, employees purchased 55,756 and 75,388 shares, respectively, under the ESPP. The expense recorded for these periods was approximately $0.5 million and $0.4 million, respectively.