Stock-Based Compensation

Stock-based compensation for continuing operations consisted of the following:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2017		2016		2017		2016
Stock-based compensation expense	$	0.2	$	0.2	$	0.3	$	0.6

We have stock-based compensation awards consisting of stock options, restricted stock and stock appreciation rights under four plans (collectively, the “Stock Plans”) which are described in detail in our Annual Report on Form 10-K for the year ended December 31, 2016. As of September 30, 2017, there were 186,225 shares available for grant under the 2011 Incentive Plan. No further shares were available for grant under any other stock incentive plan.

Stock Options

The following table summarizes our stock option activity:



	Stock Options		Weighted Average Exercise Price
Outstanding December 31, 2016	286,707		$	77.50
Granted	—		—
Exercised	—		—
Canceled	(40,213	)	128.72
Forfeited	(6,602	)	23.46
Outstanding September 30, 2017	239,892		$	70.41
Exercisable as of September 30, 2017	210,943		$	78.15

The outstanding options are non-qualified and generally have a term of ten years. The following table summarizes our weighted average assumptions used in the Black-Scholes valuation of stock options:



	Nine Months Ended
	September 30,
	2017		2016
Volatility	44.3	%	41.0	%
Risk-free interest rate	1.6	%	1.8	%
Expected life (months)	72		72
Dividend yield	—		—

As of September 30, 2017, there was $0.2 million of total unrecognized compensation expense related to non-vested stock options granted under our Stock Plans. That expense is expected to be recognized over a weighted average period of 1.3 years.

Restricted Stock

The following table summarizes our restricted stock activity:



	Restricted Stock		Weighted Average Grant Date Fair Value Per Share
Nonvested as of December 31, 2016	79,926		$	20.63
Granted	86,000		5.85
Grant adjustments	(324	)	38.00
Vested	(2,071	)	17.57
Forfeited	(67,206	)	22.84
Nonvested as of September 30, 2017	96,325		$	5.91

The cost of the awards is determined using the fair market value of the Company’s common stock on the date of the grant, and compensation is recognized on a straight-line basis over the requisite vesting period.

As of September 30, 2017, there was $0.4 million of total unrecognized compensation expense related to non-vested restricted stock granted under our Stock Plans. That expense is expected to be recognized over a weighted average period of 2.4 years.

Stock Appreciation Rights

During the nine months ended September 30, 2017 we did not grant any Stock Appreciation Rights (“SARs”). Outstanding SARs only vest when both stock price and revenue performance conditions specified by the terms of the SARs are met by December 31, 2017. As of September 30, 2017 and December 31, 2016, we had less than 0.1 million and 0.2 million SARs outstanding, respectively. We have not recorded any related compensation expense based on the applicable accounting rules. We will continue to assess these SARs each quarter to determine if any expense should be recorded.