STOCK-BASED COMPENSATION

Stock Incentive Plans

Options

We have one long-term equity incentive plan which we refer to as the 2006 Equity Incentive Plan, which we first amended and restated as of April 20, 2015 and again on March 9, 2017 (“the Restated Plan”). The Restated Plan was approved by our stockholders at our annual stockholders meeting on June 8, 2017. We have reserved for issuance under the 2017 Restated Plan 14,000,000 shares of common stock. We can issue options, stock awards, stock appreciation rights, stock units and cash awards under the 2017 Restated Plan. Certain options granted under the Restated Plan to employees are intended to qualify as incentive stock options under existing tax regulations. Stock options generally vest over three to five years and expire five to 10 years from the date of grant.

As of December 31, 2018, we had outstanding options to acquire 513,282 shares of our common stock, of which options to acquire 60,221 shares were exercisable. The following summarizes all of our option transactions for the twelve months ended December 31, 2018:



Outstanding Options Under the 2006 Plan	Shares		Weighted Average Exercise price Per Common Share		Weighted Average Remaining Contractual Life(in years)	Aggregate Intrinsic Value
Balance, December 31, 2017	420,149		$	6.10
Granted	133,133		10.05
Exercised	(10,000	)	2.04
Canceled, forfeited or expired	(30,000	)	2.04
Balance, December 31, 2018	513,282		7.44		7.77	$	1,440,147
Exercisable at December 31, 2018	60,221		5.95		6.38	254,199

Aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between our closing stock price on December 31, 2018 and the exercise price, multiplied by the number of in-the-money options as applicable) that would have been received by the holder had all holders exercised their options on December 31, 2018. Options in the amount of 10,000 shares were exercised during the twelve months ended December 31, 2018. As of December 31, 2018, total unrecognized stock-based compensation expense related to non-vested employee awards was $1,009,618 which is expected to be recognized over a weighted average period of approximately 2.3 years.

Restricted Stock Awards (“RSA’s”)

The Restated Plan permits the award of restricted stock awards (“RSA’s”). As of December 31, 2018, we have issued a total of 5,457,620 RSA’s of which 277,504 were unvested at December 31, 2018. The following summarizes all unvested RSA’s activities during the twelve months ended December 31, 2018:



	RSA's		Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Fair Value
RSA's unvested at December 31, 2017	447,351			$	6.17
Changes during the period
Granted	512,160			$	10.30
Vested	(680,857	)		$	7.94
Forfeited	(1,150	)		$	6.00
RSA's unvested at December 31, 2018	277,504		0.40	$	9.77

We determine the fair value of all RSA’s based of the closing price of our common stock on award date.

Other stock bonus awards

The Restated Plan also permits the award of stock bonuses not subject to any future service period. These awards are valued and expensed based on the closing price of our common stock on the date of award. During the twelve months ended December 31, 2018 we issued 51,000 shares relating to these awards, amounting to $450,700 of compensation expense.

Plan summary

In summary, of the 14,000,000 shares of common stock reserved for issuance under the Restated Plan, at December 31, 2018, we had issued 13,991,452 total shares between options, RSA’s and other stock awards. With options cancelled and RSA’s forfeited amounting to 3,170,009 and 60,203 shares, respectively, there remain 3,238,760 shares available under the Restated Plan for future issuance.