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Stock Based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Based Compensation Stock-Based Compensation
The following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three months ended March 31, 2021 and 2020, and associated with the issuance of restricted shares of common stock and vesting of stock options, which are included in general and administrative expenses in the accompanying consolidated statements of income (in thousands):

Three Months Ended March 31, 2021Three Months Ended March 31, 2020
Stock options$589 $674 
Restricted stock awards757 384 
Total share-based compensation expense$1,346 $1,058 
Unrecognized compensation expense related to total share-based payments outstanding as of March 31, 2021, was $9.7 million.
Options
The Company’s outstanding stock options consisted of the following:
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
(in thousands)
Options outstanding at January 1, 2021725,864 $13.25 3.75$3,400 
Options granted
24,437 23.24 — — 
Options exercised
— — — — 
Options forfeited
(9,826)3.89 — — 
Options outstanding at March 31, 2021740,475 $13.70 3.60$9,900 
Options exercisable at March 31, 2021484,638 $7.26 2.04$7,800 
During the three months ended March 31, 2021, no stock options were exercised. During the three months ended March 31, 2020, options were exercised for 100,000 shares of the Company's common stock, resulting in proceeds of approximately $0.2 million.
During the three months ended March 31, 2021, the Company granted 24,437 stock options with a vesting period of two years to certain ApolloMed executives with an exercise price of $23.24, which were recognized at fair value, as determined using the Black-Scholes option pricing model and the following assumptions:
March 31, 2021Executives
Expected term
3.5 years
Expected volatility
81.10 %
Risk-free interest rate
0.19 %
Market value of common stock
$12.86 
Annual dividend yield
0 %
Forfeiture rate
0 %
Restricted Stock Awards
The Company grants restricted stock awards to officers and employees which are earned based on service conditions. The grant date fair value of the restricted stock awards is that day’s closing market price of the Company’s common stock. During the three months ended March 31, 2021, the Company granted restricted stock awards totaling 150,130 shares with a weighted average grant date fair value of $24.16. The grant date fair value of the restricted stock was $3.6 million and will be recognized on a straight-line basis over the awards’ vesting period of one to three years.
Warrants
The Company’s outstanding warrants consisted of the following:
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
(in thousands)
Warrants outstanding at January 1, 20211,878,126 $10.39 1.63$14,800 
Warrants granted
— — — — 
Warrants exercised
(421,002)10.11 — 6,200 
Warrants expired/forfeited
(17,803)9.72 — — 
Warrants outstanding at March 31, 20211,439,321 $10.49 1.69$23,900 

Exercise Price Per Share
Warrants
Outstanding
Weighted
Average
Remaining
Contractual Life
Warrants
Exercisable
Weighted
Average
Exercise Price
Per Share
$10.00 738,273 1.69738,273 $10.00 
11.00 701,048 1.69701,048 11.00 
$ 10.00 –11.00
1,439,321 1.691,439,321 $10.49 
During the three months ended March 31, 2021 and 2020, common stock warrants were exercised for 421,002 and 51,601 shares of the Company’s common stock, respectively, which resulted in proceeds of approximately $4.3 million and $0.5 million, respectively. The exercise price ranged from $9.00 to $11.00 per share for the exercises during the three months ended March 31, 2021 and 2020, respectively.