Share-based compensation expense not yet recognized

[Table of Contents](#i89c3c9328e454b30b2c14123b867f3f0_7)EQUINIX, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)  
  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |
| Range of dividend yield | 1.58 - 1.77%  |  | 1.94 - 2.08% |  | 2.07 - 2.09% |
| Range of risk-free interest rate | 0.01 - 0.21% |  | 0.10 - 1.55% |  | 1.55 - 2.58% |
| Range of expected volatility | 25.54 - 41.24% |  | 19.28 - 51.93% |  | 19.27 - 25.55% |
| Weighted-average expected volatility | 34.08  | % |  | 32.94  | % |  | 22.95  | % |
| Weighted average expected life (in years) | 1.18 |  | 1.36 |  | 1.24 |

Stock-Based Compensation The following table presents, by operating expense, our stock-based compensation expense recognized in our consolidated statement of operations for the years ended December 31 (in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |
| Cost of revenues | $ | 38,438  |  |  | $ | 32,893  |  |  | $ | 25,355  |  |
| Sales and marketing | 79,144  |  |  | 72,895  |  |  | 56,719  |  |
| General and administrative | 246,192  |  |  | 205,232  |  |  | 154,465  |  |
| Total | $ | 363,774  |  |  | $ | 311,020  |  |  | $ | 236,539  |  |

Our stock-based compensation recognized in the consolidated statement of operations was comprised of the following types of equity awards for the years ended December 31 (in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |
|  |  |  |  |  |  |
| RSUs | $ | 330,077  |  |  | $ | 289,426  |  |  | $ | 217,541  |  |
| RSAs(1) | 10,067  |  |  | 8,289  |  |  | —  |  |
| Employee stock purchase plan | 23,630  |  |  | 13,305  |  |  | 18,998  |  |
| Total | $ | 363,774  |  |  | $ | 311,020  |  |  | $ | 236,539  |  |



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| --- | --- | --- |
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|  |

(1) During the year ended December 31, 2020, we awarded 48,799 shares of RSAs. See Note 1 for further discussion.During the years ended December 31, 2021, 2020 and 2019, we capitalized $27.7 million, $20.3 million and $9.1 million, respectively, of stock-based compensation expense as construction in progress in property, plant and equipment.As of December 31, 2021, the total stock-based compensation cost related to unvested equity awards not yet recognized, net of estimated forfeitures, totaled $629.4 million which is expected to be recognized over a weighted-average period of 2.10 years.14.    Income TaxesIncome before income taxes is attributable to the following geographic locations for the years ended December 31, (in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |
| Domestic  | $ | 137,492  |  |  | $ | 18,395  |  |  | $ | 328,806  |  |
| Foreign  | 471,460  |  |  | 497,830  |  |  | 363,791  |  |
| Income before income taxes  | $ | 608,952  |  |  | $ | 516,225  |  |  | $ | 692,597  |  |

F-53  

