Effective May 5, 2015, we adopted the 2015 Equity Plan (the “2015 Plan”), pursuant to which we may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other stock and cash awards to eligible participants. We also maintain an Amended and Restated 2005 Stock Incentive Plan (the “2005 Plan”). The 2005 Plan prohibits the granting of options pursuant to the 2005 plan after May 12, 2015, the tenth anniversary of the date the 2005 Plan was approved by our shareholders. Nonetheless, the 2005 Plan will remain in effect until all outstanding incentives granted thereunder have either been satisfied or terminated. As of December 29, 2019, there were 237,333 shares available for grant pursuant to the 2015 Plan.

Stock options granted to employees and directors generally vest over two to five years, in monthly or annual installments, as outlined in each agreement. Options generally expire ten years from the date of grant. Compensation expense equal to the grant date fair value of the options is recognized in general and administrative expense over the applicable service period.

Stock options granted to certain non-employees either vest immediately or monthly over a period of two years. Options generally expire ten years from the date of grant. Compensation expense is recognized in general and administrative expense over the applicable service period. In fiscal 2019, we adopted ASU 2018-07, which changes the way we account for stock options granted to non-employees. See Note 1 – Nature of Business and Significant Accounting Policies.

The incentive compensation of our Chief Executive Officer is tied to increases in our share price and calls for the issuance of freely tradable shares of our common stock upon the achievement of certain milestones.

We utilize the Black-Scholes option pricing model when determining the compensation cost associated with stock options issued using the following significant assumptions:

We recognized stock-based compensation expense in its consolidated statements of operations for the twelve months ended December 29, 2019 and December 30, 2018, respectively, as follows:


	Year Ended
(in thousands)	December 29, 2019		December 30, 2018
Stock options	$	266	$	208
Shares of common stock		—		70
Restricted stock		198		—
	$	463	$	278

The following is a roll-forward of our stock option activity for the periods presented:


				Weighted
				Average
	Number of			Remaining		Aggregate
	Options	Weighted Average		Contractual		Intrinsic Value
	(in thousands)	Exercise Price		Life in Years		(in thousands)
Options outstanding at December 31, 2017	539	$	6.60	6.6	$	598
Granted	90		7.67			—
Exercised	(102)		5.28			273
Canceled, forfeited or expired	(143)		5.74			231
Options outstanding at December 30, 2018	384	$	7.43	6.7	$	29
Granted	212		4.37			—
Exercised	(5)		3.90			6
Canceled, forfeited or expired	(138)		5.22			68
Options outstanding at December 29, 2019	453	$	6.71	5.7	$	28
Options exercisable at December 29, 2019	280	$	7.54	5.1	$	19

The following table discloses the weighted-average values of significant assumptions that we made in valuing option grants for the periods presented:


	Year Ended
	December 29, 2019			December 30, 2018
Weighted-average fair value of options granted during the period	$	1.88		$	3.73
Expected life (in years)		4.6			6.2
Expected dividend	$	—		$	—
Expected stock volatility		50.55	%		45.94	%
Risk-free interest rate		1.9	%		2.9	%

As of December 29, 2019, the total compensation cost related to unvested stock option awards was approximately $408,000, which is expected to be recognized over a period of approximately 3 years.