Equity Awards

Stock Options

The Company did not grant any stock option awards during the three months ended March 31, 2019. Information related to stock options at March 31, 2019 is as follows:



	Number of Stock Options		Weighted Average Option Price		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2019	206,854		$	13.19
Granted	—		—
Exercised	(56,854	)	0.86
Cancelled	—		—
Expired	—		—
Outstanding at March 31, 2019	150,000		$	17.87	7.3	$	1,854,000

As of March 31, 2019, 100,000 stock options outstanding were exercisable under the Company's long-term equity incentive plans. As of March 31, 2019, there was approximately $0.1 million of unrecognized compensation cost related to stock options that is expected to be recorded over a weighted average period of 0.3 years.

The Company recognized approximately $0.1 million and $0.1 million of stock-based compensation expense related to stock options during the three months ended March 31, 2019 and 2018, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.

Restricted Stock Units

The Company issued 1,781 restricted stock units ("RSUs") related to director fee deferrals for the three months ended March 31, 2019. The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their directors fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date.

During 2016, the Company awarded performance-based RSUs to certain Company key employees which were earned based upon the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group and measured over a period beginning January 1, 2016 and ending on December 31, 2018. Depending on the performance achieved, the amount of shares earned could vary from 0% of the target award to a maximum of 200% of the target award. The Company attained 139.0% of the target on a weighted average basis, resulting in an increase of 38,315 shares during the three months ended March 31, 2019.

Information related to RSUs at March 31, 2019 is as follows:



	Number of Unvested RSUs		Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2019	663,128		$	26.67
Granted	40,096		21.01
Vested	(210,793	)	20.77
Cancelled	(2,649	)	26.43
Outstanding at March 31, 2019	489,782		$	28.75	1.0	$	14,806,110

As of March 31, 2019, there was approximately $5.8 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 1.9 years.

The Company recognized stock-based compensation expense related to RSUs of approximately $1.3 million and $1.1 million during the three months ended March 31, 2019 and 2018, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.