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Stock-based Compensation
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation Stock-Based Compensation
Stock-based compensation expense includes stock options, restricted stock awards, and restricted stock units granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or non-employee. Stock-based compensation expense recognized in each category of the consolidated statement of operations for the years ended December 31, 2019, 2018 and 2017 was as follows (in thousands):
 
Year Ended December 31,
 
2019
 
2018
 
2017
Veterinary invoice expense
$
697

 
$
571

 
$
355

Other cost of revenue
353

 
356

 
239

Technology and development
364

 
209

 
216

General and administrative
3,312

 
2,304

 
1,887

Sales and marketing
2,120

 
1,335

 
722

Total expensed stock-based compensation
6,846

 
4,775

 
3,419

Capitalized stock-based compensation
204

 
175

 
143

Total stock-based compensation
$
7,050

 
$
4,950

 
$
3,562

As of December 31, 2019, the Company had 206,387 unvested stock options and 581,943 unvested restricted stock awards and restricted stock units. Total stock-based compensation expense of $1.4 million related to unvested stock options and $14.6 million related to unvested restricted stock awards and restricted stock units is expected to be recognized over a weighted-average period of approximately 1.1 years and 3.0 years, respectively.
Stock Options
The grant date fair value of stock option awards are estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any stock options during the years ended December 31, 2019 and 2018. For the year ended December 31, 2017, valuation assumptions are presented in the following table:
 
 
Year Ended December 31,
 
2017
Valuation assumptions:
 
Expected term (in years)
6.25
Expected volatility
37.1%-39.8%
Risk-free interest rate
1.8%-2.2%
Expected dividend yield
—%

The following table presents information regarding stock options granted, exercised and forfeited for the periods presented:
 
Number
of
Options
 
Weighted Average
Exercise
Price per Share
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of January 1, 2017
4,123,023

 
$
5.06

 
$
43,185

Granted
657,339

 
17.74

 
—

Exercised
(670,823
)
 
3.80

 
10,392

Forfeited
(103,140
)
 
12.25

 
—

Outstanding as of December 31, 2017
4,006,399

 
7.16

 
88,578

Granted
—

 
—

 
—

Exercised
(1,292,037
)
 
2.82

 
36,625

Forfeited
(92,859
)
 
15.36

 
—

Outstanding as of December 31, 2018
2,621,503

 
9.01

 
43,136

Granted
—

 
—

 
—

Exercised
(510,268
)
 
5.28

 
13,151

Forfeited
(13,257
)
 
18.23

 
—

Outstanding as of December 31, 2019
2,097,978

 
9.86

 
57,907

 
 
 
 
 
 
Exercisable at December 31, 2019
1,891,591

 
$
9.04

 
$
53,760

As of December 31, 2019, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 5.1 years and 4.8 years, respectively.

The weighted-average grant date fair value per share and the fair value of options vested were as follows for the years ended December 31, 2019, 2018, and 2017:
 
 
Weighted Average Grant Date Fair Value per Share
 
Fair Value
of Options
Vested (in thousands)
Year:
 
 
 
 
2017
 
$
7.25

 
$
6,313

2018
 
$
—

 
$
2,665

2019
 
$
—

 
$
1,591



Restricted Stock Awards and Restricted Stock Units
The below table summarizes the Company’s restricted stock award and restricted stock unit activity for the years ended December 31, 2019, 2018 and 2017:
 
 
Number of 
Shares
 
Weighted Average
Grant Date Fair Value per
Share
Unvested shares as of January 1, 2017
 
350,631

 
$
4.77

Granted
 
23,659

 
30.19

Vested
 
(116,877
)
 
4.77

Forfeited
 
(571
)
 
30.19

Unvested shares as of December 31, 2017
 
256,842

 
4.77

Granted
 
375,313

 
28.10

Vested
 
(149,213
)
 
9.74

Forfeited
 
(31,782
)
 
28.57

Unvested shares as of December 31, 2018
 
451,160

 
22.16

Granted
 
459,523

 
30.03

Vested
 
(276,184
)
 
18.20

Forfeited
 
(52,556
)
 
29.85

Unvested shares as of December 31, 2019
 
581,943

 
$
29.56