10) Equity Plan

The Company maintained an Amended and Restated 2004 Equity Plan (the “2004 Plan”) for directors, officers, and key employees. The 2004 Plan was terminated on May 23, 2013. On May 23, 2013, the Company’s shareholders approved the 2013 Equity Incentive Plan (the “2013 Plan”). The equity plans provide for the grant of incentive and nonqualified stock options and restricted stock. The equity plans provide that the option price for both incentive and nonqualified stock options will be determined by the Board of Directors at no less than the fair value at the date of grant. Options granted vest on a schedule determined by the Board of Directors at the time of grant. Generally options vest over four years. All options expire no later than ten years from the date of grant. Restricted stock is subject to time vesting. For the three months ended March 31, 2017, the Company did not grant any nonqualified stock options or restricted stock. There were 606,936 shares available for the issuance of equity awards under the 2013 Plan as of March 31, 2017.

Stock option activity under the equity plans is as follows:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
Total Stock Options	of Shares	Price		Life (Years)	Value
Outstanding at January 1, 2017	1,719,091	$	9.79
Granted	—	$	—
Exercised	(52,586)	$	6.94
Forfeited or expired	(13,291)	$	19.38
Outstanding at March 31, 2017	1,653,214	$	9.81	5.74	$	8,627,192
Vested or expected to vest	1,554,021			5.74	$	8,109,560
Exercisable at March 31, 2017	1,226,386			4.81	$	6,728,248

As of March 31, 2017, there was $1,164,000 of total unrecognized compensation cost related to nonvested stock options granted under the equity plans. That cost is expected to be recognized over a weighted‑average period of approximately 2.39 years.

Restricted stock activity under the equity plans is as follows:


		Weighted
		Average Grant
	Number	Date Fair
Total Restricted Stock Award	of Shares	Value
Nonvested shares at January 1, 2017	199,503	$	9.74
Granted	2,376	$	10.16
Vested	(9,752)	$	9.20
Forfeited or expired	(884)	$	9.36
Nonvested shares at March 31, 2017	191,243	$	9.78

As of March 31, 2017, there was $1,322,000 of total unrecognized compensation cost related to nonvested restricted stock awards granted under the equity plans. The cost is expected to be recognized over a weighted‑average period of approximately 2.35 years.