STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2016

8.	STOCK-BASED COMPENSATION

All equity-based service awards are granted under the ANI Pharmaceuticals, Inc. Amended and Restated 2008 Stock Incentive Plan (the “2008 Plan”). As of March 31, 2016, 0.5 million shares of our common stock remained available for issuance under the 2008 Plan.

The following table summarizes stock-based compensation expense, net of forfeitures, included in our accompanying unaudited interim condensed consolidated statements of earnings:

(in thousands)	Three Months Ended March 31,
	2016		2015
Cost of sales	$	(10)	$	17
Research and development	$	27	$	16
Selling, general, and administrative	$	1,088	$	536

A summary of stock option and restricted stock activity under the Plan during the three months ended March 31, 2016 and 2015 is presented below:

(in thousands)	Options		RSAs
Outstanding December 31, 2014		458		63
Granted		50		-
Options Exercised/RSAs Vested		(2)		-
Forfeited		(53)		(3)
Outstanding March 31, 2015		453		60

Outstanding December 31, 2015		474		63
Granted		10		-
Options Exercised/RSAs Vested		(22)		-
Forfeited		(7)		-
Outstanding March 31, 2016		455		63