In November 2019, the Company filed an amendment to its Certificate of Incorporation to authorize an additional 100,000,000 shares of common stock. As December 31, 2020, there were 200,000,000 shares of common stock authorized, and 70,264,265 and 67,554,435 shares issued and outstanding, respectively. As of December 31, 2019, there were 200,000,000 shares of common stock authorized, and 66,543,073 and 63,833,243 shares issued and outstanding, respectively. The par value for the common stock is $0.001 per share.

From 2012 through 2018, the Company had a stock repurchase program in place pursuant to which the Company was authorized to repurchase shares of its common stock, in the open market or privately negotiated transactions, at times and prices considered appropriate by the Board of Directors depending upon prevailing market conditions and other corporate considerations. The timing and actual number of shares repurchased depend on a variety of factors including the timing of open trading windows, price, corporate and regulatory requirements and other market conditions. The program was discontinued at the end of 2018. The Company may or may not enter into a new stock repurchase program in the future.

The Company follows FASB ASC 718-10, “Stock Compensation,” which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized.

The per share weighted average fair value of stock options granted during the years ended December 31, 2020, 2019 and 2018 was $13.84, $12.12, and $6.60, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the years ended December 31, 2020, 2019 and 2018:


	December 31,
	2020	2019	2018
Dividend yield	—%	—%	—%
Risk-free interest rate	0.26% – 0.66%	1.66% – 3.05%	2.5% – 3.1%
Expected life (in years)	5.0	5.0	5.0
Historical volatility	46.50% – 53.91%	43.42% – 44%	43.5% – 48.4%

During 1998, the Company established the Stock Option and Restricted Stock Purchase Plan (the “1998 Plan”). Under the 1998 Plan, the Board of Directors could issue incentive stock options or nonqualified stock options to purchase up to 5,850,000 shares of common stock. The 2000 Stock Incentive Plan (the “2000 Plan”) succeeded the 1998 Plan. Under the 2000 Plan, the options which had been outstanding under the 1998 Plan were incorporated in the 2000 Plan increasing the number of shares available for issuance under the plan by approximately 4,150,000, thereby reserving for issuance 10,000,000 shares of common stock in the aggregate.

The Company established the 2009 Stock Incentive Plan (the “2009 Plan”) as a successor to the 2000 Plan. Under the 2009 Plan, the options which had been outstanding under the 2000 Plan were incorporated into the 2009 Plan and the Company increased the number of shares available for issuance under the plan by 6,000,000. The Company amended the 2009 Plan (the “Amended 2009 Plan”) effective June 7, 2012. The Amended 2009 Plan increased the number of shares authorized for issuance under the plan by an additional 4,250,000. On June 2, 2017, the Company's Board of Directors amended and restated the Amended 2009 Plan effective April 30, 2017. The amended and restated plan increased the number of shares authorized for issuance under the plan by an additional 4,000,000.

On April 11, 2019, the Company’s Board of Directors adopted, and on June 6, 2019, the Company’s stockholders approved, the 2019 Stock Incentive Plan (‘‘2019 Stock Incentive Plan’’) to replace the Amended 2009 Plan, which was set to expire under its terms on June 9, 2019. Under the 2019 Stock Incentive Plan, the number of shares underlying options and other equity awards which remain outstanding, as well as the number of shares that remained available for grant, under the Amended 2009 Plan and under the Amended 2000 Plan were incorporated, as of June 6, 2019, into the 2019 Stock Incentive Plan. In addition, under the 2019 Stock Incentive Plan, 4,250,000 new shares were authorized for issuance.

On April 29, 2020, the Company's Board of Directors adopted, and on June 11, 2020, the company's stockholders approved, certain amendments to the 2019 Stock Incentive Plan, including an increase in the number of shares authorized for issuance by 3,000,000 new shares.

The number of shares authorized for issuance under the 2019 Stock Incentive Plan, the Amended 2009 Plan, and the 2000 Plan is 35,067,744 shares in the aggregate. Options to acquire common stock granted thereunder have 10-year terms. As of December 31, 2020, approximately 3.3 million shares of common stock remained available for issuance under the 2019 Stock Incentive Plan (taking into account all option exercises and other equity award settlements through December 31, 2020).

In June 2010, the Company’s stockholders approved the 2010 Employee Stock Purchase Plan with 1,000,000 shares of common stock initially reserved for issuance. Subject to stockholder approval, which was obtained on June 2, 2017, the Company's Board of Directors amended and restated the 2010 Employee Stock Purchase Plan effective April 30, 2017. The amended and restated plan increased the number of shares authorized for issuance under the plan by an additional 1,000,000, thereby reserving for issuance 2,000,000 shares of common stock in the aggregate.

On April 11, 2019, the Company’s Board of Directors adopted, and on June 6, 2019, the Company’s stockholders approved, the 2019 Employee Stock Purchase Plan (the ‘‘2019 Employee Stock Purchase Plan’’) to replace the Amended and Restated 2010 Employee Stock Purchase Plan which was set to expire under its terms in June 2020. There are 1,000,000 shares authorized and reserved for issuance under the 2019 Employee Stock Purchase Plan. As of December 31, 2020, approximately 0.8 million shares of common stock remain available for issuance under the 2019 Employee Stock Purchase Plan (taking into account all share purchases through December 31 2019).

During January 2018, the Company established the Inducement Plan (the “2018 Plan”). Under the 2018 Plan, the Board of Directors can issue nonqualified stock options or other equity-based awards in respect of up to 1,500,000 shares of common stock. On April 25, 2018, the Company’s Board of Directors amended and restated the 2018 Plan (the ‘‘Amended 2018 Plan’’). The Amended 2018 Plan increased the number of shares authorized for issuance under the plan by an additional 500,000 shares, and subsequently the Board of Directors approved and ratified, effective as of July 31, 2018, October 29, 2018 and February 13, 2019, increases of the number of shares authorized for issuance under the Amended 2018 Plan by 500,000, 250,000 and 618,048 shares, respectively, constituting 3,368,048 shares of common stock in the aggregate being reserved for issuance pursuant to grants under the Amended 2018 Plan. As of December 31, 2020, approximately 1.2 million shares of common stock remained available for issuance under the Amended 2018 Plan (taking into account all option exercises and other equity award settlements through December 31, 2020).


	Stock Option Activity			Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
	Options (in thousands)	Weighted Average Exercise Price








Balance outstanding at December 31, 2017	7,959	$	10.71
Granted	2,033	15.00
Exercised	(3,120)	10.70
Cancelled or expired	(606)	10.03
Balance outstanding at December 31, 2018	6,266	$	12.13	6.55	$	43,348
Options vested and expected to vest	5,550	$	11.89	6.28	$	39,521
Options exercisable at December 31, 2018	3,278	$	11.12	4.64	$	25,367

Balance outstanding at December 31, 2018	6,266	$	12.13
Granted	1,425	29.76
Exercised	(1,523)	11.12
Cancelled or expired	(369)	14.76
Balance outstanding at December 31, 2019	5,799	$	16.57	6.79	$	119,064
Options vested and expected to vest	5,096	$	15.29	6.49	$	110,934
Options exercisable at December 31, 2019	2,901	$	12.03	4.95	$	72,424

Balance outstanding at December 31, 2019	5,799	$	16.57
Granted	737	31.21
Exercised	(1,683)	12.69
Cancelled or expired	(521)	23.27
Balance outstanding at December 31, 2020	4,332	$	19.78	6.79	$	183,825
Options vested and expected to vest	1,470	$	23.88	8.19	$	56,382
Options exercisable at December 31, 2020	2,280	$	14.80	5.40	$	108,128

The total fair value of stock options exercised during the years ended December 31, 2020 and 2019 was approximately $10.0 million and $8.0 million, respectively. As of December 31, 2020, there was approximately $17.9 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of approximately 2.5 years.


	Restricted Stock Unit Activity
	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value (Per Share)		Aggregate Fair Value (in thousands)






Balance outstanding at December 31, 2017	873	$	8.29	$	10,053
Awarded	2,568	17.02		—
Released	(361)	9.49		—
Forfeited	(390)	9.49		—
Non-vested and outstanding at December 31, 2018	2,690	$	15.81	$	50,756

Balance outstanding at December 31, 2018	2,690	$	15.81	$	50,756
Awarded	1,979	30.99		—
Released	(1,197)	14.24		—
Forfeited	(423)	20.28		—
Non-vested and outstanding at December 31, 2019	3,049	$	24.73	$	112,848


Balance outstanding at December 31, 2019	3,049	$	24.73	$	112,848
Awarded	2,530	26.51		—
Released	(1,906)	23.40		—
Forfeited	(723)	25.19		—
Non-vested and outstanding at December 31, 2020	2,950	$	27.00	$	183,781
Expected to vest	1,939	$	26.17	$	120,674

RSUs granted to employees generally vest over a three to four-year period, or upon achievement of certain performance conditions. As of December 31, 2020, total unrecognized compensation cost, adjusted for estimated forfeitures, related to nonvested RSUs was approximately $66.8 million and the weighted-average remaining vesting period was 2.8 years.

For the year ended December 31, 2020, the Company accrued approximately $20.4 million and $8.9 million for cash awards related to bonus and for the achievement of long term incentive plan awards, respectively, to be settled in shares of the Company's stock and recorded a corresponding expense, which is included as a component of stock-based compensation expense in the accompanying consolidated financial statements. For the year ended December 31, 2019, the Company accrued approximately $19.0 million in cash awards to be settled in shares of the Company's stock and recorded a corresponding expense, which is included as a component of stock-based compensation expense in the accompanying consolidated financial statements.