8. Stock-Based Compensation

The Company recognized total stock-based compensation expense during the three and six months ended June 30, 2018 and 2017 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Restricted stock awards	$	1,012,171	$	1,040,787	$	1,271,902	$	2,186,386
Stock option awards		353,161		1,070,899		539,433		2,203,686
	$	1,365,332	$	2,111,686	$	1,811,335	$	4,390,072

Restricted Stock Awards

A summary of the Company’s restricted stock activity during the six months ended June 30, 2018 is as follows:


			Weighted Average
			Grant-Date
	Number of Shares		Fair Value
Granted at December 31, 2017	1,380,000	$	7.27
Granted	-		-
Forfeited	-		-
Granted at June 30, 2018	1,380,000	$	7.27

The fair value of restricted stock awards are measured based on their fair value on the date of grant and amortized over the vesting period.

Stock Options

A summary of the Company’s stock option activity for the six months ended June 30, 2018 is as follows:


				Weighted
			Weighted	Average
	Shares		Average	Remaining
	Underlying		Exercise	Contractual		Aggregate
	Options		Price	Term		Intrinsic Value
Outstanding at December 31, 2017	6,906,001	$	7.92	5.0
Granted	-		-	-
Exercised	-		-	-
Forfeited	(100,000)		6.93	-
Outstanding at June 30, 2018	6,806,001	$	7.93	4.6	$	629,680

Exercisable at June 30, 2018	6,578,161	$	7.93	4.5	$	629,680

The aggregate intrinsic value in the table above represents the total intrinsic (the difference between the Company’s closing stock price on June 30, 2018 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders, had all option holders been able to, and in fact had, exercised their options on June 30, 2018.

During the six months ended June 30, 2018, there were 100,000 options forfeited under the Plan. The vested options were exercisable at an average price of $7.93 per share and the unvested options were exercisable at an average of $8.02 per share.

In accordance with the original terms of their employment agreements of the former Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) and in accordance with the terms of the Settlement Agreement (defined below), the Company accelerated the vesting of 258,334 and 71,667 unvested stock options on the termination date. As a result of this acceleration of stock options, the Company recorded additional stock-based compensation of approximately $162,000.

As of June 30, 2018, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $98,000.