At June 30, 2015 the Company had three stock-based compensation plans, which are described more fully in Note 15 to the audited consolidated financial statements for the year ended December 31, 2014, contained in the Company’s most recently filed Annual Report on Form 10-K.

During the first six months of both 2015 and 2014, the Company issued a total of 50,000 options to the Company’s independent directors as part of their annual compensation. During the same period in 2015, 40,000 options expired and no options were exercised or forfeited.

The following summarizes the changes in common stock options for the six months ended June 30, 2015:

				Weighted
				Average
				Exercise
	Options			Price
Outstanding at December 31, 2014	2,165,000		$	1.71
Granted	50,000		$	0.42
Expired	(40,000	)	$	0.90
Outstanding at June 30, 2015	2,175,000		$	1.70

Options exercisable at June 30, 2015	1,743,750		$	1.78

The Company recognized stock-based compensation expense related to stock options of $0.1 million and $0.2 million for the three and six months ended June 30, 2015, respectively. As of June 30, 2015 there is approximately $0.2 million of unrecognized stock-based compensation expense related to unvested option awards outstanding, which is expected to be recognized over a weighted average period of 1.8 years.

Restricted stock awards represent a right to receive shares of common stock at a future date determined in accordance with the participant’s award agreement. There is no exercise price and no monetary payment required for receipt of restricted stock awards or the shares issued in settlement of the award. Instead, consideration is furnished in the form of the participant’s services to the Company. Compensation cost for these awards is based on the fair value on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period.

The following summarizes the changes in restricted stock awards for the six months ended June 30, 2015:

				Weighted
	Restricted			Average Grant
	Stock			Date Fair Value
	Awards			Per Share
Awards at December 31, 2014	300,000		$	0.38
Granted	—			—
Vested	(150,000	)	$	0.38
Unvested awards at June 30, 2015	150,000		$	0.38

Vested awards at June 30, 2015	150,000		$	0.38

The Company recognized stock-based compensation expense related to restricted stock awards of $0.1 million for both the three and six months ended June 30, 2015, respectively. As of June 30, 2015 there is approximately $0.1 million of unrecognized stock-based compensation expense related to unvested restricted stock awards, which is expected to be recognized over a weighted average period of 1.8 years.