Stock Based Compensation

The Company applies the fair value recognition provisions of ASC Topic 718: "Stock Compensation". The Company recorded stock based compensation of $1.1 million and $0.2 million for the three month periods ended March 31, 2020 and March 31, 2019, respectively. At March 31, 2020, the aggregate unrecognized compensation expense related to unvested equity awards was $10.1 million (net of estimated forfeitures), which is expected to be recognized as compensation expense in fiscal years 2020 through 2023.

The fair value of options at the date of the grant was estimated using the Black-Scholes model with the following assumptions for the respective period ending March 31, 2020:



	March 31, 2020
Expected option life	4.4 years
Weighted average risk-free interest rate	0.4		%
Weighted average expected volatility	47		%
Expected dividend yield	0		%
Fair value of options granted	$	4.87

A summary of stock option activity for the three months ended March 31, 2020:



(in thousands)	Options Outstanding		Weighted Average Exercise Price
Outstanding at January 1, 2020	410		14.50
Granted	587		12.64
Exercised	(2	)	11.66
Canceled/forfeited	(44	)	—
Outstanding at March 31, 2020	951		13.40

A summary of non-vested restricted stock activity for the three months ended March 31, 2020:



(in thousands)	Restricted Stock Awards		Weighted Average Award Value
Outstanding at Balance at January 1, 2020	171		23.53
Granted	21		29.19
Vested	(122	)	25.82
Forfeited and cancelled	(38	)	14.97
Outstanding at March 31, 2020	32		28.73

A summary of non-vested restricted stock units ("RSU") activity for the three months ended March 31, 2020:



(in thousands)	RSU Awards	Weighted Average Award Value
Outstanding at Balance at January 1, 2020	—	—
Granted	360	12.64
Vested	—	—
Forfeited and cancelled	—	—
Outstanding at March 31, 2020	360	12.64