2. Equity and Stock-based Compensation

In June 2015, the Company completed a public offering of its common stock. The offering included 12,075,000 newly issued shares of common stock sold by the Company at an offering price of $61.50 per share for which the Company received total net proceeds of approximately $717.9 million.

In March 2015, the Company’s stockholders approved an increase in the number of authorized shares of the Company’s common stock from 100,000,000 shares to 200,000,000 shares.

For stock options and restricted stock, the total amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Statements of Comprehensive Income Classification
Cost of software-enabled services	$	1,525	$	924	$	3,129	$	2,008
Cost of maintenance		101		66		202		157
Cost of professional services		159		99		325		216

Total cost of revenues		1,785		1,089		3,656		2,381
Selling and marketing		745		498		1,488		1,135
Research and development		444		273		894		583
General and administrative		1,234		935		2,276		1,671

Total operating expenses		2,423		1,706		4,658		3,389

Total stock-based compensation expense	$	4,208	$	2,795	$	8,314	$	5,770

A summary of stock option activity as of and for the six months ended June 30, 2015 is as follows:


	Shares of Common Stock Underlying Options
Outstanding at January 1, 2015		11,720,648
Granted		80,950
Cancelled/forfeited		(158,364	)
Exercised		(438,046	)

Outstanding at June 30, 2015		11,205,188

The Company recorded $5.1 million and $8.2 million of income tax benefits related to the exercise of stock options during the six months ended June 30, 2015 and 2014, respectively. These amounts were recorded entirely to Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets.