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Shareholders’ Equity and Stock Incentive Plans
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Shareholders’ Equity and Stock Incentive Plans Shareholders’ 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 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. There were no repurchase transactions under the March 12, 2019 authorization during the three months ended March 31, 2021.
Stock Options
The following table summarizes the Company’s stock option activity:
Stock Options
SharesWeighted-Average Exercise Price
Outstanding at January 1, 20212,891,341 $11.07 
Granted— $— 
Exercised(34,334)$14.90 
Cancelled— $— 
Expired— $— 
Outstanding at March 31, 20212,857,007 $11.03 
Exercisable at March 31, 20212,857,007 $11.03 
Share-based compensation expense related to stock options was $0.2 million and $0.6 million for the three months ended March 31, 2021 and 2020. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of March 31, 2021. The unrecognized share-based compensation expense related to stock options was $1.5 million as of March 31, 2020, which was expected to be recognized over a weighted-average period of 0.8 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, 2021943,957 $12.06 743,719 $13.82 
Granted211,073 $29.00 119,073 $29.00 
Vested(313,652)$13.72 (89,920)$25.73 
Cancelled(2,606)$11.77 (77,725)$25.23 
Outstanding at March 31, 2021838,772 $15.71 695,147 $13.61 
(1) 62,791 of the 77,725 PSUs cancelled during the three months ended March 31, 2021 related to PSUs granted in November 2017, for which applicable performance goals were not met. 14,934 of the 77,725 PSUs cancelled during the period related to PSUs granted in March 2019 (the “2019 PSU Awards”). The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2021, which resulted in the
reduction of the shares subject to the 2019 PSU Awards from 204,580 to 189,646. In addition, 18,452 of the shares under the 2019 PSU Awards vested during the three months ended March 31, 2021.
71,468 of the PSUs included in the outstanding balance at January 1, 2021 represented PSUs granted in March 2018 (the “2018 PSU Awards”). The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2020, which resulted in the reduction of the shares subject to the 2018 PSU Awards during the three months ended March 31, 2020, and all of the 71,468 remaining shares under the 2018 PSU Awards vested during the three months ended March 31, 2021.
The number of outstanding PSUs for the remainder of the PSUs included in the outstanding balance at March 31, 2021 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.
Share-based compensation expense related to RSUs was $1.3 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively. Share-based compensation expense related to PSUs was $1.2 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively.
As of March 31, 2021, there was $11.3 million and $6.2 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 2.4 years for both RSUs and PSUs. As of March 31, 2020, there was $8.6 million and $5.8 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 2.4 years for RSUs and PSUs, respectively.
As of March 31, 2021, a total of 2,299,828 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, 2021 of 1,126,361 shares.