Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

v3.21.1
Stock Based Compensation
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recorded approximately $2.7 million and $2.2 million in stock-based compensation expense for the three months ended March 31, 2021 and 2020, respectively.
A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2021 is as follows:
 
Number of
Shares
Weighted Average Exercise Price
Options outstanding at December 31, 2020 3,785,941  $ 15.21 
Options granted 251,771  $ 53.16 
Less:
Options exercised 260,167  $ 8.60 
Options forfeited 54,296  $ 19.53 
Options outstanding at March 31, 2021 3,723,249  $ 18.17 
Exercisable at March 31, 2021 2,141,203  $ 11.20 
The fair value of each stock option award granted during the three months ended March 31, 2021 was estimated as of the grant date using a Black-Scholes model with the following weighted average assumptions:
  Three Months Ended
March 31, 2021
Expected term (in years)
4.0 - 5.5
Risk-free interest rate (%) 0.6%
Expected volatility (%)
38.7% - 46.6%
Dividend yield (%)
Weighted average fair value/share at grant date $19.42
 
As of March 31, 2021, there was approximately $9 million of unrecognized stock-based compensation expense related to stock options that will be recognized over a weighted-average period of approximately 2.20 years.

A summary of the restricted stock activity under the Company’s plans for the three months ended March 31, 2021 is as follows:
Number of Restricted
Shares
Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020 291,891  $ 23.82 
Granted 100,847  $ 53.17 
Vested (55,282) $ 22.91 
Forfeited (5,474) $ 24.14 
Nonvested at March 31, 2021 331,982  $ 32.89 

As of March 31, 2021, there was approximately $7.5 million of unrecognized stock-based compensation expense related to restricted stock that will be recognized over a weighted-average period of approximately 1.68 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 March 31, 2021 and 2020, employees purchased 23,917 and 34,330 shares, respectively, under the ESPP. The expense recorded for these periods was approximately $0.2 million and $0.2 million, respectively.