Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stockholders' Equity

Stockholders' Equity

Securities Repurchase Program

In June 2020, our board of directors approved a securities repurchase program pursuant to which we may, from time to time, repurchase up to $500.0 million of our common stock and/or convertible notes, through open market purchases, block trades, and/or privately negotiated transactions or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The timing, volume, and nature of the repurchases will be determined by management based on the capital needs of the business, market conditions, applicable legal requirements, and other factors. The repurchase program will end on December 31, 2021. There were no securities repurchased during the three months ended June 30, 2020.

Share-based Compensation Expense

Total share-based compensation expense recorded for employees and non-employees is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Cost of revenues	$	213	$	74	$	382	$	199
Research and development	7,620		5,218		14,611		10,135
Sales and marketing	2,436		1,754		4,622		3,562
General and administrative	9,277		8,406		18,265		16,594
Total share-based compensation expense	$	19,546	$	15,452	$	37,880	$	30,490

RSU and PSU Activity

Activity for RSUs and PSUs is as follows:

	RSUs and PSUs Outstanding
	Shares Outstanding	Weighted Average Grant Date Fair Value
Balance at December 31, 2019	6,909,530	$	24.04
Granted	2,298,799	41.67
Released	(3,197,978)	17.99
Canceled	(351,049)	30.00
Balance at June 30, 2020	5,659,302	$	34.24

As of June 30, 2020, our total unrecognized share-based compensation expense related to RSUs and PSUs was approximately $130.7 million, which will be recognized over the remaining weighted-average vesting period of approximately 2.2 years.