During 2019, we adopted our 2019 Employee Stock Purchase Plan (the “ESPP”). The purpose of the ESPP is to provide eligible employees an opportunity to purchase shares of our Class A common stock over time through regular payroll deductions. The ESPP initially reserved and authorized the issuance of up to a total of 300,000 shares of our Class A common stock to participating employees, subject to certain adjustments. The number of shares of Class A common stock available for issuance under the ESPP will be increased on the first day of each year beginning with 2020 in an amount equal to the number of shares issued under the ESPP in the prior year. No participant may purchase more than 1,000 shares of our Class A common stock during any offering period under the ESPP. In addition, under applicable tax rules, an employee may purchase no more than $25,000 worth of shares of our Class A common stock, valued at the start of the offering period, under the ESPP for each calendar year.

Also during 2019, we adopted the 2019 Plan, which replaced our 2009 Plan. The authority to grant new options under the 2009 Plan expired on April 23, 2019. The purpose of the 2019 Plan is to advance the interests of our company and its shareholders by providing incentives to certain employees and other key individuals who perform services for us, including those who contribute significantly to the strategic and long-term performance objectives and growth of our company. No more than 1.8 million shares of our Class A common stock, subject to certain adjustments, may be issued under the 2019 Plan, and the 2019 Plan terminates no later than April 25, 2029.

In 2015, we commenced issuing restricted stock units (RSUs). The RSUs entitle the recipient to receive one share of Class A common stock for each RSU upon vesting. The RSUs are issued with cliff vesting in five years for employees and one year for directors, provided that the recipient is still an employee or director of Gaia on such date. The RSUs will be automatically forfeited and of no further force and effect if the vesting conditions are not met. We use intrinsic value method for RSUs, which due to the nature of these awards, is typically market price of our common stock on the date of grant. Since 2019, we have only granted restricted stock units. No options were granted during 2020 or 2019. The exercise price of our outstanding options is generally equal to the closing market price of our stock at the date of the grant. We recognize the compensation expense related to share-based payment awards on a straight-line basis over the requisite service periods of the awards, which are generally five years for employees, and one year for board members.

The table below presents a summary of activity under the 2009 Plan and the 2019 Plan, as of December 31, 2020, and changes during the year then ended:

(in thousands, except share and per share amounts)	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2020		1,335,034		$	7.60
Option grants		—			—
Restricted stock unit grants		452,274			—
Exercised options		(32,200	)		5.63
Restricted stock unit vesting		(330,432	)		—
Cancelled or forfeited options		(1,800	)		7.40
Cancelled or forfeited restricted stock units		(47,078	)		—
Outstanding at December 31, 2020		1,375,798		$	7.87		5.1	$	13,592,884
Exercisable options at December 31, 2020		314,396		$	7.87		5.0	$	3,106,232

(in thousands, except per share amounts)	2020		2019
Valuation Data:
Weighted-average fair value (per share)	$	10.55	$	6.41
Total stock-based compensation expense	$	2,338	$	1,812
Total income tax impact on provision	$	240	$	372

Vest Date	RSU's
January 1, 2021		8,196
April 30, 2021		19,184
March 31, 2022		349,886
January 1, 2023		8,196
March 31, 2024		238,050
March 31, 2026		433,090
		1,056,602

We issue new shares upon the exercise of options and vesting of RSUs. We received approximately $181,000 and $235,000 in cash from stock options exercised during 2020 and 2019, respectively. The total intrinsic value of options exercised during 2020 and 2019 was $13,000 and $36,000, respectively. The total fair value of options vested was $24,000 and $231,000 during 2020 and 2019, respectively.

As of December 31, 2020, there was $7.4 million of unrecognized cost related to non-vested share-based compensation arrangements granted under the 2009 and 2019 Plans. We expect that cost to be recognized over a weighted-average period of 4.22 years.