STOCK OPTIONS

Stock Options.

The following table summarizes stock option activity under our 2006 Equity Incentive Plan (the "Plan") during the three months ended March 31, 2017:



	Number of Options		Weighted-Average Exercise Price
Outstanding at January 1, 2017	738,026		$	3.59
Granted	—		—
Forfeited	(62,739	)	2.12
Outstanding at March 31, 2017	675,287		$	3.73
Exercisable at March 31, 2017	547,957		$	4.25

During the three months ended March 31, 2017, we did not grant any options to purchase shares of our common stock. Options to purchase an aggregate of 14,000 shares of our common stock were granted during the three months ended March 31, 2016.

As of March 31, 2017, there were 661,914 options that were vested or expected to vest with an aggregate intrinsic value of zero with a remaining weighted average contractual life of 7.2 years.

Stock Appreciation Rights (“SARs”)

As of March 31, 2017, 83,333 outstanding and exercisable SARs shares were vested or expected to vest. All outstanding SARs were issued solely to our chief executive officer. The weighted-average exercise price of these SARs was $4.32 per share and the aggregate intrinsic value was zero with a remaining weighted average contractual life of 6.5 years.