Quarterly report pursuant to Section 13 or 15(d)

Stock-based Expense

v3.19.2
Stock-based Expense
6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock-based Expense Stock-based Expense
During the three and six months ended June 30, 2019, we made the following grants of time-based restricted stock:
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
 
Vesting
99,383

 
737,270

 
Shares vest ratably over a period of twelve quarters beginning on the first day of the second calendar quarter immediately following the grant date.

 
22,675

 
Shares fully vested on the first day of the calendar quarter immediately following the grant date.
25,515

 
26,895

 
Shares vest ratably over a period of four quarters beginning on the first day of the calendar quarter immediately following the grant date.
During the three and six months ended June 30, 2019, we granted 12,750 shares and 480,882 shares of restricted stock, respectively, that become eligible to vest based on the achievement of certain market-based conditions, as described below:
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
 
Condition to Become Eligible to Vest

 
11,300

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $60.84 for twenty consecutive trading days.

 
105,733

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $69.50 for twenty consecutive trading days.

 
11,300

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $66.92 for twenty consecutive trading days.

 
105,733

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $77.84 for twenty consecutive trading days.

 
11,300

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $73.01 for twenty consecutive trading days.

 
105,733

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $88.96 for twenty consecutive trading days.
3,184

 
3,184

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $78.44 for twenty consecutive trading days.

 
11,300

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $85.17 for twenty consecutive trading days.

 
105,733

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $100.08 for twenty consecutive trading days.
3,184

 
3,184

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $87.85 for twenty consecutive trading days.
3,184

 
3,184

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $100.40 for twenty consecutive trading days.
3,198

 
3,198

 
After the grant date and prior to July 1, 2022, the average closing price per share of our common stock equals or exceeds $112.95 for twenty consecutive trading days.

Shares that become eligible to vest, if any, become Eligible Shares. These awards vest ratably over four calendar quarters beginning on the first day of the next calendar quarter immediately following the date on which they become Eligible Shares. Vesting is conditional upon the recipient remaining a service provider, as defined in the plan document, to the Company through each applicable vesting date.
Grants of restricted stock may be fulfilled through the issuance of previously authorized but unissued common stock shares, or the reissuance of shares held in treasury. All awards were granted under the Amended and Restated 2010 Equity Incentive Plan.
We capitalized stock-based expense for software development costs of $0.4 million and $0.7 million for the three and six months ended June 30, 2019, respectively.