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Stockholders’ Equity and Stock Incentive Plans
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stockholders' Equity and Stock Incentive Plans Stockholders’ Equity and Stock Incentive Plans
Share Repurchase Program
On March 12, 2019, the Company’s Board of Directors authorized the repurchase of up to $25.0 million additional shares of common stock. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. As of September 30, 2020, the Company had not repurchased any shares under the March 12, 2019 authorization.
Stock Options
The following table summarizes the Company’s stock option activity:
Stock Options
SharesWeighted-Average Exercise Price
Outstanding at January 1, 20203,126,521 $11.61 
Granted— $— 
Exercised(45,000)$2.66 
Cancelled(2,292)$13.50 
Expired(148,013)$26.61 
Outstanding at September 30, 20202,931,216 $10.99 
Exercisable at September 30, 20202,847,738 $10.92 
Share-based compensation expense related to stock options was $0.5 million and $1.6 million for the three and nine months ended September 30, 2020, respectively, and $0.8 million and $4.2 million for the three and nine months ended September 30, 2019, respectively. The Company’s unrecognized share-based compensation expense related to stock options was $0.5 million as of September 30, 2020, which is expected to be recognized over a weighted-average period of 0.4 years. The unrecognized share-based compensation expense related to stock options was $2.8 million as of September 30, 2019, which was expected to be recognized over a weighted-average period of 1.2 years.
Restricted Stock Units
The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):
RSUsPSUs
SharesWeighted-Average Grant Date Fair Value
Shares (1)
Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2020661,258 $16.44 376,328 $20.65 
Granted624,415 $9.65 404,880 $8.86 
Vested(308,222)$16.06 (5,254)$28.72 
Cancelled(29,669)$16.89 (32,235)$28.72 
Outstanding at September 30, 2020947,782 $12.07 743,719 $13.82 
(1) The number of shares for 62,791 of the PSUs included in the outstanding balance at January 1, 2020 represents the actual number of PSUs granted to each recipient that are eligible to vest if the Company meets its performance goals for the applicable period. The number of shares for the remainder of the PSUs included in the outstanding balance at January 1, 2020 and for all of the PSUs granted in 2020 represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.
Additionally, 108,957 of the PSUs included in the outstanding balance at January 1, 2020 represent PSUs granted in March 2018 (the “2018 PSU Awards”). During the first quarter of 2020, the Company’s financial results for the applicable performance goals were certified, which resulted in the reduction of the 2018 PSU Awards that were eligible to vest to 76,722 shares, 5,254 of which have since vested.
Share-based compensation expense related to RSUs was $1.9 million and $4.0 million for the three and nine months ended September 30, 2020, respectively, and $1.1 million and $3.1 million for the three and nine months ended September 30, 2019, respectively. Share-based compensation expense related to PSUs was $1.1 million and $1.8 million for the three and nine months ended September 30, 2020, respectively, and $0.7 million and $1.4 million for the three and nine months ended September 30, 2019, respectively.
As of September 30, 2020, there was $7.9 million and $4.0 million of unamortized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 2.1 years for both RSUs and PSUs. As of September 30, 2019, there was $7.6 million and $4.1 million of unamortized share-based compensation expense related to RSUs and PSUs, respectively, which was expected to be recognized over a weighted-average period of 2.6 years and 2.2 years for RSUs and PSUs, respectively.
As of September 30, 2020, a total of 1,497,182 shares of the Company’s common stock remained available for grants of awards under the Golden Entertainment, Inc. 2015 Incentive Award Plan, which includes the annual increase in the number of shares available for grant on January 1, 2020 of 1,066,403 shares.