Stock-Based Compensation |
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| Stock-Based Compensation |
NOTE 9—STOCK-BASED COMPENSATION
At its Annual Meeting held on June 3, 2020, the Company’s shareholders approved the Company’s 2020 Stock Incentive Plan (the “2020 Plan”), and the 2020 Plan became effective on that date following such approval. The 2020 Plan replaced the Company’s 1997 Stock Incentive Plan (the "Prior Plan”) and no new awards will be granted under the Prior Plan. The terms and conditions of the awards granted under the Prior Plan will remain in effect with respect to awards granted under the Prior Plan. The Company has reserved 3 million shares of common stock for issuance under the 2020 Plan, plus up to an aggregate of 1.5 million shares of the Company’s common stock that were previously authorized and available for issuance under the Prior Plan. The 2020 Plan allows for grants of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, and other stock-based or cash-based awards.
Stock-based compensation expense
Stock-based compensation expense consisted of the following:
Stock Options
During the six months ended June 30, 2020, the Company granted a total of 660,071 stock options at a weighted average grant date fair value of $14.67. As of June 30, 2020, unrecognized costs related to outstanding stock options totaled $15.1 million, before any related tax benefit. As of June 30, 2020, unrecognized costs related to stock options are expected to be recognized over a weighted average period of 2.83 years.
Restricted Stock Units
During the six months ended June 30, 2020, the Company granted 209,708 restricted stock units at an estimated average grant date fair value of $79.43. As of June 30, 2020, unrecognized costs related to outstanding restricted stock units totaled $24.5 million, before any related tax benefit. As of June 30, 2020, unrecognized costs related to restricted stock units are expected to be recognized over a weighted average period of 2.59 years.
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