Share-based Compensation |
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation |
The amount of share-based compensation expense recognized by the Company by location in its statements of operations for the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands):
2018 Equity Incentive Plan In June 2018, the Company adopted the 2018 Equity Incentive Plan, or 2018 Plan, which authorized the issuance of up to 1.4 million shares, subject to an annual 4% evergreen increase, in the form of restricted stock, stock appreciation rights and stock options to the Company’s directors, employees and consultants. The amount and terms of grants are determined by the Company’s board of directors. All stock options granted to date have had exercise prices equal to the fair value, as determined by the closing price as reported by the Nasdaq Global Market, of the underlying common stock on the date of grant. The contractual term of stock options is up to 10 years, and stock options are exercisable in cash or as otherwise determined by the board of directors. Generally, stock options vest 25% upon the first anniversary of the date of grant and the remainder ratably monthly thereafter for 36 months. As of September 30, 2019, there were 1.2 million shares available for future issuance under the 2018 Plan. Stock Options The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2019:
The Company recognized share-based compensation expense related to stock options of $0.6 million and $1.0 million for the three months ended September 30, 2019 and 2018, respectively, and $1.6 million and $1.3 million for the nine months ended September 30, 2019 and September 30, 2018, respectively. As of September 30, 2019, there was $7.0 million of total unrecognized compensation cost related to non-vested stock options which the Company expects to recognize over a weighted-average period of 3.2 years. The weighted-average grant-date fair value of stock options granted during the nine months ended September 30, 2019 was estimated at $7.99 per option. The total intrinsic value of stock options exercised during the nine months ended September 30, 2019 was $10.6 million. For the nine months ended September 30, 2019, the grant-date fair value of stock options was estimated at the time of grant using the following weighted-average inputs and assumptions in the Black-Scholes option pricing model:
Restricted Stock Awards and Restricted Stock Units The following table summarizes the Company’s restricted stock award and restricted stock unit activity for the nine months ended September 30, 2019:
The Company recognized approximately $0.3 million and $0.1 in share-based compensation expense related to restricted stock awards and restricted stock units for the three months ended September 30, 2019 and 2018, respectively, and $0.9 million and $0.1 for the nine months ended September 30, 2019 and September 30, 2018, respectively. As of September 30, 2019, there was $3.2 million of unrecognized compensation cost related to non-vested restricted stock awards and restricted stock units, which the Company expects to recognize over a weighted-average period of 2.5 years. The total fair value at the vesting date of restricted stock awards and restricted stock units vested during the nine months ended September 30, 2019 was $0.3 million. |