10. Stock-Based Compensation

We have a stock incentive plan providing for the grant of stock-based awards to employees and directors. The Compensation Committee of the Board of Directors (“Compensation Committee”) administers the Amended and Restated 2011 Stock Incentive Plan (the"Stock Plan"). Under the Stock Plan, the Compensation Committee may award stock options and shares of common stock on a restricted basis. The Stock Plan also specifically provides for stock appreciation rights (“SARs”) and authorizes the Compensation Committee to provide, either at the time of the grant of an award under the Stock Plan or otherwise, that such award may be cashed out upon terms and conditions to be determined by the Compensation Committee or the Board of Directors.

Option awards are granted with an exercise price equal to the market price of our stock at the date of grant. We recognize stock compensation expense in accordance with ASU 2018-07, Compensation – Stock Compensation (ASC 718): Improvements to Nonemployee Share-Based Payment Accounting, over the requisite service period of the individual grantees, which generally equals the vesting period. All of our stock compensation is accounted for as equity instruments. As of December 31, 2020, there were 733,706 shares available for future grant under the Stock Plan.

During the three months ended December 31, 2020, we recorded a reduction of $6,000 of stock-based compensation expense to selling, general, and administrative expense due to forfeitures exceeding expenses. During the three months ended December 31, 2019, we recorded $96,000 of stock-based compensation expense to selling, general, and administrative expense. During the six months ended December 31, 2020 and 2019, we recorded $53,000 and $195,000, respectively, of stock-based compensation expense. Our stock-based compensation expense results from the issuance of stock options and restricted stock to employees and board members during the current and prior years, for which expense is recognized over the respective vesting periods of the granted stock and options.

Restricted Stock Awards

A summary of our restricted stock activity for the six months ended December 31, 2020 is as follows:


		Weighted-
		Average
		Grant Date
Restricted Stock Awards	Shares	Fair Value
Non-vested at July 1, 2020	204,190	$	4.41
Granted	45,000		2.95
Vested	(41,673)		4.57
Forfeited	(86,513)		4.36
Non-vested at December 31, 2020	121,004	$	3.85

Total remaining compensation cost of restricted stock awards issued but not yet vested as of December 31, 2020 was $219,000, which is expected to be recognized over the weighted-average recognition period of 2.31 years.

Stock Options

During the three and six months ended December 31, 2020, 5,000 unvested stock options were forfeited, and 10,000 vested stock options expired. During the three and six months ended December 31, 2020 and 2019, there were no grants or exercises of stock options. During the three and six months ended December 31, 2019, there were no forfeitures of stock options. As of December 31, 2020, there were no stock options outstanding.