Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plans

v3.22.2
Equity Incentive Plans
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans

Note 12. Equity Incentive Plans

Stock options:

A summary of option activities under the 2005 Stock Plan, as amended in January 2010 and November 2012 (the "2005 Plan") and 2017 Equity Incentive Plan (the “2017 Plan") during the six months ended June 30, 2022 is as follows:

 

 

 

Number
of Options
Outstanding

 

 

Weighted
Average
Exercise
Price

 

Outstanding as of December 31, 2021

 

 

783,928

 

 

$

28.00

 

Granted

 

 

489,732

 

 

$

26.49

 

Exercised

 

 

(9,214

)

 

$

1.54

 

Canceled

 

 

(19,467

)

 

$

37.42

 

Outstanding as of June 30, 2022

 

 

1,244,979

 

 

$

27.44

 

Under an “evergreen” provision, the number of shares of common stock reserved for issuance under the 2017 Plan will automatically increase on January 1 of each year, beginning on January 1, 2018 and ending on and including January 1, 2027, by 5% of the total number of shares of the Company's capital stock outstanding on December 31 of the preceding calendar year or a lesser number of shares determined by the Board. In accordance with the evergreen provision, the number of shares of common stock reserved for issuance under the 2017 Plan was increased on January 1, 2022 by 585,172 shares, which was equal to 5% of the total number of shares of capital stock outstanding on December 31, 2021.

Restricted stock units:

A summary of restricted stock unit ("RSU") activities under the 2017 Plan during the six months ended June 30, 2022 is as follows:

 

 

 

Number of Restricted Stock Units

 

 

Weighted
Average
Grant Date Fair Value per RSU

 

Unvested awards outstanding as of December 31, 2021

 

 

128,810

 

 

$

35.09

 

Granted

 

 

185,661

 

 

$

26.31

 

Vested

 

 

(63,953

)

 

$

31.98

 

Unvested awards outstanding as of June 30, 2022

 

 

250,518

 

 

$

29.38

 

2017 Employee Stock Purchase Plan

There were 20,630 shares issued under the 2017 Employee Stock Purchase Plan ("2017 ESPP") during the three and six months ended June 30, 2022. The 2017 ESPP contains an “evergreen” provision that provides for an automatic annual share increase on January 1 of each year, in an amount equal to the lesser of (1) 2% of the total number of shares

of common stock outstanding on December 31st of the preceding calendar year, (2) 150,000 shares or (3) such number of shares as determined by the Board. In accordance with the evergreen provision, the number of shares of common stock reserved for issuance under our 2017 ESPP was increased on January 1, 2022 by 150,000 shares. The number of shares available for grant under the 2017 ESPP was 528,698 as of June 30, 2022.

Total stock-based compensation expense associated with the 2005 Plan, 2017 Plan and 2017 ESPP is recorded in the condensed consolidated statements of operations and was allocated as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of revenues

 

$

527

 

 

$

415

 

 

$

983

 

 

$

807

 

Sales and marketing

 

 

445

 

 

 

412

 

 

 

909

 

 

 

783

 

Research and development

 

 

284

 

 

 

181

 

 

 

518

 

 

 

362

 

General and administrative

 

 

875

 

 

 

486

 

 

 

1,576

 

 

 

917

 

Total

 

$

2,131

 

 

$

1,494

 

 

$

3,986

 

 

$

2,869