Share-Based Compensation

Employee Share-Based Compensation Plans - On May 29, 2008, the Company's shareholders approved the 2008 Omnibus Employee Incentive Plan (the "2008 Plan") providing for the grant of stock options, stock appreciation rights, non-vested stock, and performance shares. The 2008 Plan provides for the issuance of an aggregate of 333,333 shares. There were no options for the purchase of shares granted under the 2008 Plan during the three months ended March 31, 2018, or the three months ended March 31, 2017. As of March 31, 2018, 114,141 shares remain available for grant under the 2008 Plan.

On May 24, 2011, the Company's shareholders approved the 2011 Omnibus Employee Incentive Plan (as subsequently amended and restated (the "2011 Plan"), providing for the grant of stock options and non-vested stock awards. The 2011 Plan provides for the issuance of an aggregate of 3,650,000 shares. During the three months ended March 31, 2018, the Company granted 125,000 options, and during the three months ended March 31, 2017, no options were granted for the purchase of shares under the 2011 Plan. During the three months ended March 31, 2018 and 2017, the Company granted no stock awards under the 2011 Plan. As of March 31, 2018, 442,893 shares remained available for grant under the 2011 Plan.

Options under the 2008 and 2011 Plans are granted at fair value on the date of grant, are exercisable in accordance with various vesting schedules specified in the individual grant agreements, and have contractual lives of 10 years from the date of grant.

The fair value of the stock options granted during the three months ended March 31, 2018, was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:



	Three Months Ended March 31,
	2018
Expected life (years)	3.9
Expected volatility	89.9%
Expected dividend yield	—%
Risk-free interest rate	2.4%
Weighted average fair value of options granted during the period	$0.29

The following table summarizes stock option activity for the three month period ended March 31, 2018:



	Number of Options	Weighted Average Exercise Price Per Option		Weighted Average remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding balance at December 31, 2017	2,577,860	$	1.17
Granted	125,000	0.65
Outstanding balance at March 31, 2018	2,702,860	$	1.15	8.5	$0
Options exercisable at March 31, 2018	1,187,871	$	1.68	8.6	$0

There were no options exercised during the three-month periods ended March 31, 2018 and 2017. Options for the purchase of an aggregate of 24,971 shares of common stock vested during the three-month period ended March 31, 2018, and the aggregate fair value at grant date of these options was $0.1 million. As of March 31, 2018, there was approximately $0.4 million of total unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighted average period of 3.4 years.

The Company recorded $32 thousand and $38 thousand of share-based compensation expense in selling, general and administrative expenses for the three-month periods ended March 31, 2018 and 2017, respectively.