STOCK BASED AWARDS

Stock Option Awards

Our board of directors adopted the 2005 Equity Incentive Plan and it was most recently amended and restated and re-approved by the stockholders on May 3, 2012 (as so amended and restated, the "Plan"). Under the Plan, the board of directors may issue incentive stock options to employees and directors of the Company and non-qualified stock options to consultants, as well as restricted stock units and other types of equity awards of the Company. Options granted under this Plan generally expire at the end of ten years and vest in accordance with a vesting schedule determined by our board of directors, usually over four years from the grant date. We did not grant any options during the years ended December 31, 2016, 2015 and 2014. At December 31, 2016, 2.1 million shares of stock remained available for future grants under the Plan. We settle stock option exercises with newly issued common shares.

The following is a summary of stock option activity (in thousands, except per share data):



	2016				2015				2014
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding—beginning of year	204		$	17.27	224		$	17.27	273		$	17.30
Exercised	(42	)	17.08		(16	)	16.94		(30	)	17.08
Expired/Forfeited	(6	)	17.08		(4	)	18.26		(19	)	18.00
Outstanding—end of year	156		$	17.33	204		$	17.27	224		$	17.27
Options exercisable at year-end	156		$	17.33	204		$	17.27	224		$	17.27

The following table summarizes information about stock options as of December 31, 2016 (in thousands, except per share data):



Options Outstanding						Options Exercisable
Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Life	Aggregate Intrinsic Value		Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Life	Aggregate Intrinsic Value
156	$	17.33	0.15	$	63	156	$	17.33	0.15	$	63

Stock options vest over four years at 28% at the end of the first year and 2% each month thereafter. The most recent stock options were granted in May 2008 and have fully vested. There was no stock based compensation related to stock options recorded during the years ended December 31, 2016, 2015 and 2014.

The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our stock price of $17.50 as of December 31, 2016, which would have been received by the option holders had all option holders exercised their options as of that date.

The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $82,000, $92,000, and $126,000, respectively. The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2016, 2015 and 2014 were approximately $819,000, $269,000, and $511,000, respectively. In connection with these exercises, there was no tax benefit realized due to our net operating loss position.

Restricted Stock Awards

For the years ended December 31, 2016, 2015 and 2014, the Compensation Committee of the Board of Directors approved grants of 541,000, 239,000 and 242,000 restricted stock awards, respectively, to our officers, board members and employees. The restricted stock awards vest over three years at 33.3% at the end of the first year, 33.3% at the end of the second year and 33.3% at the end of the third year and are subject to the employee’s continuing service to us. At December 31, 2016, there were 560,000 unvested restricted stock awards that remained outstanding.

The cost of restricted stock units is determined using the fair value of our common stock on the date of the grant and compensation expense is either recognized on a straight line basis over the three-year vesting schedule on a straight line basis or on an accelerated schedule when vesting of restricted stock awards exceeds a straight line basis. The cumulative amount of compensation expense recognized at any point in time is at least equal to the portion of the grant date fair value of the award that is vested at that date. The weighted average grant date fair value of restricted stock awards granted during the years ended December 31, 2016, 2015 and 2014 was $14.52, $24.60 and $28.24, respectively.

Stock-based compensation expense related to restricted stock awards was $4.9 million, $3.5 million and $4.0 million, during the years ended December 31, 2016, 2015 and 2014, respectively.

The following table summarizes restricted stock award activity (in thousands):



	2016				2015				2014
	Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Outstanding—beginning of year	349		$	24.80	578		$	16.70	704		$	10.79
Granted at fair value	541		14.52		239		24.60		242		28.24
Vested	(219	)	22.57		(377	)	12.34		(302	)	11.87
Forfeited	(111	)	16.52		(91	)	24.35		(66	)	17.70
Outstanding—end of year	560		$	17.46	349		$	24.80	578		$	16.70