Stock-based compensation expense was $0.1 million in each of the three months ended December 31, 2021 and 2020. Stock-based compensation expense is included in selling, general and administrative expenses.

The following table summarizes our stock option activity during the three months ended December 31, 2021:


	Options			Weighted Average Exercise Price
Outstanding at beginning of period		608,269		$	6.48
Granted		81,500			15.43
Exercised		(12,083	)		5.77
Forfeited		(18,953	)		6.56
Outstanding at end of period		658,733		$	7.60
Exercisable at end of period		465,319		$	6.66
Weighted average fair value of options granted during the period	$	7.65

The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended December 31, 2021
Risk free interest rate		1	%
Expected life	5 years
Dividend rate		—	%
Volatility		57	%

On February 9, 2021, our Board of Directors (“the Board”) approved a new stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding Common Stock over a one-year period, commencing on February 16, 2021. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions.

We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. During the quarter ended December 31, 2021, we repurchased 291,383 shares of our Common Stock on the open market at a total cost of approximately $2.7 million (an average price of $9.31 per share). All repurchased shares have been retired.

On February 4, 2020, the Board approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding Common Stock over a one-year period, commencing on February 10, 2020. Repurchases under the program were to be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we had no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased was subject to management’s discretion and depended on our stock price and other market conditions. We could have, in the sole discretion of the Board, terminated the repurchase program at any time while it was in effect. Repurchased shares were to be retired or kept in treasury for further issuance. During the quarter ended March 31, 2020, we repurchased 366,000 shares of our Common Stock on the open market at a total cost of approximately $2.0 million (an average price of $5.46 per share). All shares repurchased have been retired. The term of this repurchase program expired as of the quarter ended March 31, 2021.