Stock-Based Compensation

The Company has two stock-based compensation plans under which outstanding equity awards have been granted, the 2008 Equity Incentive Plan ("2008 EIP") and the 2017 Equity Incentive Compensation Plan ("2017 EICP") (collectively, the "Plans"). No additional awards may be granted under the 2008 EIP. Awards granted outside of the Plans are referred to as inducement awards.

During the three and six months ended June 30, 2019, equity awards were granted to certain key employees. The awards included stock options and nonvested stock awards (restricted stock, restricted stock units, and performance-based restricted stock units ("PBUs")).

Summary of Grant Activity

The following is a summary of grant activity for the three months ended June 30, 2019 (in thousands, except number of awards):



	Three Months Ended June 30, 2019
	# of Awards Granted	Grant Date Fair Value
Stock options	210,000	$	504
Restricted stock	183,403	1,374
Restricted stock units	74,188	480
	467,591	$	2,358

The awards granted in the three months ended June 30, 2019 had the following terms:


•	The stock options vest over three years in approximately equal annual installments commencing one year after the grant date.


•	104,856 shares of the restricted stock vest over two years in equal monthly installments, 60,000 shares of the restricted stock vest over three years in approximately equal annual installments and 18,547 shares of restricted stock vest one year from the grant date.


•	The restricted stock units vest one year from the grant date.

The following is a summary of grant activity for the six months ended June 30, 2019 (in thousands, except number of awards):



	Six Months Ended June 30, 2019
	# of Awards Granted	Grant Date Fair Value
Stock options	400,000	$	1,055
Restricted stock	516,955	4,198
Restricted stock units	108,188	753
PBUs	19,377	174
	1,044,520	$	6,180

The awards granted in the six months ended June 30, 2019 had the following terms:


•	The stock options vest over three years in approximately equal annual installments commencing one year after the grant date.


•	130,436 shares of the restricted stock granted during the first quarter of 2019 vest over three years in approximately equal annual installments.


•	203,116 shares of the restricted stock granted during the first quarter of 2019 vest one year from the grant date.


•	104,856 shares of the restricted stock granted during the second quarter of 2019 vest over two years in equal monthly installments.


•	60,000 shares of the restricted stock granted during the second quarter of 2019 vest over three years in approximately equal annual installments.


•	18,547 shares of the restricted stock vest one year from the grant date.


•	The restricted stock units vest one year from the grant date.


•	The vesting of the PBUs is subject to the satisfaction of certain specified financial performance conditions for the two-year performance period ending on December 31, 2019. PBUs that vest will be settled in shares of the Company's common stock. Stock-based compensation expense for these PBUs is being recognized at the target level of financial performance, as if 100% of the awards will vest.

Additional Information

As of June 30, 2019, there were approximately 2.4 million shares available for future grant under the 2017 EICP.

Stock-based compensation expense for the three months ended June 30, 2019 and 2018 was $1.7 million and $0.9 million, respectively, and $3.0 million and $2.8 million for the six months ended June 30, 2019 and 2018, respectively, and is included in Selling, general and administrative expenses in the Company's Condensed Consolidated Statement of Operations. As of June 30, 2019, there was $9.7 million of unrecognized stock-based compensation expense related to the Company's outstanding equity awards which will be recognized over approximately 1.7 years.

During the six months ended June 30, 2019, the Company issued 203,524 shares of common stock related to the vesting of PBU awards granted in 2017 and 2018.