A summary of share-based compensation expense recognized in the Condensed Consolidated Statements of Operations is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenues	$	8,870	$	8,650	$	17,604	$	17,697
Research and development	22,888		23,282		46,093		46,480
Sales and marketing	40,026		38,964		76,761		78,841
General and administrative	32,876		29,615		62,393		55,101
Total share-based compensation expense	$	104,660	$	100,511	$	202,851	$	198,119


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Employee stock purchase plan rights	$	2,430	$	2,012	$	4,681	$	4,428
Performance stock units (“PSUs”)	3,767		345		4,336		512
Restricted stock units (“RSUs”)	98,463		98,154		193,834		193,179
Total share-based compensation expense	$	104,660	$	100,511	$	202,851	$	198,119

As of June 30, 2023, a total of 14,280,478 shares remained available for grant under the RingCentral, Inc. Amended and Restated 2013 Equity Incentive Plan (“2013 Plan”).

A summary of option activity under all of the Company’s equity incentive plans as of June 30, 2023, and changes during the period then ended is presented in the following table:


	Number of Options Outstanding (in thousands)	Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	22	$	12.53	0.5	$	509

Exercised	(14)	10.75
Canceled/Forfeited	—	—
Outstanding as of June 30, 2023	8	$	15.55	0.3	$	142
Vested and expected to vest as of June 30, 2023	8	$	15.55	0.3	$	142
Exercisable as of June 30, 2023	8	$	15.55	0.3	$	142

There were no options granted during the three and six months ended June 30, 2023 and 2022. The total intrinsic value of options exercised during the three and six months ended June 30, 2023 was immaterial, and during the three and six months ended June 30, 2022 was $1.8 million and $13.3 million, respectively. There is no remaining unamortized share-based compensation expense.

The Company’s Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of the Company’s Class A Common Stock at a discounted price through payroll deductions.

As of June 30, 2023, there was a total of $2.0 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to the ESPP, which will be recognized on a straight-line basis over the remaining weighted-average vesting period of approximately 0.4 years. As of June 30, 2023, a total of 6,547,384 shares were available for issuance under the ESPP.

A summary of activity of restricted and performance-based stock units as of June 30, 2023, and changes during the period then ended is presented in the following table:


	Number of RSUs/PSUs Outstanding (in thousands)	Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	5,100	$	119.55	$	180,577
Granted	10,878	32.73
Released	(2,729)	67.23
Canceled/Forfeited	(739)	91.10
Outstanding as of June 30, 2023	12,510	$	57.15	$	409,426

The 2013 Plan provides for the issuance of RSUs to employees, directors, and consultants. RSUs issued under the 2013 Plan generally vest over four years.

As of June 30, 2023, there was a total of $474.0 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to RSUs, which will be recognized on a straight-line basis over the remaining weighted-average vesting period of approximately 3.0 years.

The 2013 Plan provides for the issuance of PSUs. The PSUs granted under the 2013 Plan are contingent upon the achievement of predetermined market, performance, and service conditions. PSU expense is recognized using the accelerated attribution method over the requisite service period. For performance-based metrics, the compensation expense is based on a probability of achievement of the performance conditions. For market-based conditions, if the market conditions are not met but the service conditions are met, the PSUs will not vest; however, any stock-based compensation expense recognized will not be reversed.

As of June 30, 2023, there was a total of $30.1 million unrecognized share-based compensation expense, net of estimated forfeitures, related to these PSUs, which will be recognized over the remaining service period of approximately 2.6 years.

The Company’s board of directors adopted employee equity bonus and executive equity compensation plans (“Plans”), which allow the recipients to earn fully vested shares of the Company’s Class A Common Stock upon the achievement of quarterly service and/or performance conditions and in lieu of a portion of base salary. During the three and six months ended June 30, 2023, the Company issued 638,732 and 1,153,999 RSUs, respectively, under these Plans. The shares under these Plans will be issued from the reserve of shares available for issuance under the 2013 Plan. The total requisite service period of each quarterly equity bonus award is approximately 0.4 years.

The unrecognized share-based compensation expense was approximately $4.7 million, which will be recognized over the remaining service period of 0.1 years. The shares issued under the bonus plan will be issued from the reserve of shares available for issuance under the 2013 Plan.