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 months ended March 31, 2020, equity awards were granted to certain key employees. The awards included restricted stock awards, 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 March 31, 2020 (in thousands, except number of awards):



	Three Months Ended March 31, 2020
	# of Awards Granted	Grant Date Fair Value
Restricted stock	398,500	$	1,710
Restricted stock units	19,000	82
PBUs	659,301	2,828
	1,076,801	$	4,620

The awards granted in the three months ended March 31, 2020 had the following terms:


•	The restricted stock and restricted stock units vest over three years in approximately equal annual installments.

•

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, 2021. 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. The Company reevaluates this likelihood on a quarterly basis.

Additional Information

As of March 31, 2020, there were approximately 0.9 million shares available for future grant under the 2017 EICP.

Stock-based compensation expense for the three months ended March 31, 2020 and 2019 was $1.3 million and $1.4 million, respectively, and is included in Selling, general and administrative expenses in the Company's Condensed Consolidated Statement of Operations. As of March 31, 2020, there was $9.0 million of unrecognized stock-based compensation expense related to the Company's outstanding equity awards which will be recognized over approximately 2.0 years.