13. Shareholders’ Equity and Stock-based Compensation

The Company has a 2006 Equity Incentive Plan and a 2015 Equity Incentive Plan. The 2015 Equity Incentive Plan replaced the 2006 Equity Incentive Plan and new grants may not be made under the 2006 Plan.

Under the 2015 Equity Incentive Plan, the Company may grant stock options, stock awards, stock appreciation rights, restricted stock units (“RSUs”) and other equity-based awards. Under all awards, the terms are fixed on the grant date.

For the three months ended March 31, 2020, the Company granted 66 RSUs with a weighted average closing price on the date of grant of $17.48. The RSUs vest in equal, annual installments over a three year period beginning on the first anniversary of the date of grant at which time common stock is issued with respect to vested units.

The Company has also granted stock options under the plans. Options granted under the plans generally vest in equal, annual installments over a three year period beginning on the first anniversary of the date of grant and have a maximum term of 10 years.

Stock award activity as of and during the three months ended March 31, 2020 was as follows:


	Outstanding Awards
	Stock Options	RSUs	Total		Stock Option Weighted-Average Exercise Price (a)		Aggregate Intrinsic Value

Outstanding at December 31, 2019	746	128	874	$	6.39
Awards granted	-	66	66		-
Awards exercised or released	(15)	(33)	(48)		4.72

Outstanding at March 31, 2020	731	161	892	$	6.43	$	5,802

Exercisable at March 31, 2020	695	-	695	$	6.37	$	3,751

Available for future grant at December 31, 2019	183

Available for future grant at March 31, 2020	131

(a) The weighted average exercise price calculation does not include outstanding RSUs

The number of shares available for future grants at March 31, 2020 does not include a total of up to 357 shares subject to options outstanding under the 2006 Equity Incentive Plan, which will become available for grant under the 2015 Equity Incentive Plan as outstanding options under the 2006 Equity Incentive Plan expire, terminate, are cancelled or forfeited or are withheld in a net exercise of such options.

The Company recorded $376 and $329 of non-cash stock compensation expense for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was $2,730 of total unrecognized compensation costs related to non-vested stock option and RSU awards that are expected to be recognized over a weighted-average period of 2.13 years. The total intrinsic value of options exercised during the three months ended March 31, 2020 was $189.

The Company also has an Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan, as amended, through March 31, 2020, provides that a maximum of 300 shares may be sold under the Purchase Plan. There were 5 and 3 shares purchased under the plan for the three months ended March 31, 2020 and 2019, respectively.