Stock-Based Compensation

The Company grants equity-based awards to employees, non-employee directors, and consultants that may include, but are not limited to RSA's, restricted stock units ("RSU's") and stock options. Stock-based compensation expense related to manufacturing employees and administrative employees is included within the Cost of goods sold and Payroll and benefits line items, respectively, in the Condensed Consolidated Statements of Operations. Stock-based compensation expense related to non-employee directors and consultants is included within the General and administrative line item in the Condensed Consolidated Statements of Operations.

Total stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 was as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
RSA expense	$	541	$	675	$	858	$	952
Stock option expense	—		—		—		58
Total stock-based compensation expense	$	541	$	675	$	858	$	1,010

The amount of unrecognized compensation cost as of June 30, 2019, and the expected weighted-average period over which the cost will be recognized is as follows:

Restricted Stock

Restricted stock is typically granted with vesting terms of three years. The fair value of RSA's and RSU's is determined based on the closing price of the Company’s common stock on the authorization date of the grant multiplied by the number of shares subject to the stock award. Compensation expense for RSA's is generally recognized on a straight-line basis over the entire vesting period. Compensation expense for RSU's is generally recognized on a straight-line basis over the service period of the award.

A summary of RSA and RSU activity under the Company's various stock compensation plans for the six months ended June 30, 2019 is presented below:



	Restricted Stock			Weighted-Average Grant Date Fair Value
(in thousands, except for share and per share amounts)	Awards		Units	RSA's		RSU's
Non-vested at January 1, 2019	280,852		20,000	$	9.92	$	10.52
Granted	252,590		—	$	10.91	$	—
Vested	(77,992	)	—	$	9.51	$	—
Forfeited	(2,412	)	—	$	10.92	$	—
Non-vested at June 30, 2019	453,038		20,000	$	10.54	$	10.52

Stock Options

Stock options generally vest over three years or upon satisfaction of performance-based conditions and have a contractual limit of five years from the date of grant to exercise. The fair value of stock options granted is determined on the date of grant using the Black-Scholes option pricing model and the related expense is recognized on a straight-line basis over the entire vesting period.

A summary of stock option activity for the six months ended June 30, 2019 is presented below:



	Number of Options Outstanding and Exercisable		Weighted-Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted-Average Remaining Contractual Term (in years)
Options outstanding, January 1, 2019	529,780		$	12.23
Options granted	—		—
Options exercised	—		—
Options expired / forfeited	(10,000	)	19.28
Options outstanding, June 30, 2019	519,780		$	12.09	$	734	0.98
Options exercisable, June 30, 2019	519,780		$	12.09	$	734	0.98

As of June 30, 2019

(in thousands)

Unrecognized Compensation Cost

Expected Weighted-
Average Period of
Recognition (in years)

RSA expense

Total unrecognized stock-based compensation expense