The Company granted an aggregate of 153,000 and 1,049,000 stock options during the three and six months ended June 30, 2020 with a weighted-average grant date fair value of $1.99 and $2.55 per share, respectively. The Company granted an aggregate of 199,422 and 1,695,755 stock options during the three and six months ended June 30, 2019 with a weighted average grant date fair value of $3.13 and $1.80 per share, respectively.

On January 6, 2019, the Company paid an accrued annual performance bonus by issuing 446,428 shares of common stock.

On May 26, 2020 the Company extended the contractual life of 448,130 fully vested stock options and 31,220 stock options that vested on June 30, 2020, held by an officer of the Company. Additionally, on May 26, 2020, the Company accelerated the vesting of 45,277 shares of restricted stock held by

n officer. These extensions and acceleration of vesting resulted in additional stock compensation expense of $154 thousand in the three and six months ended June 30, 2020.

For the three months ended June 30, 2020 and 2019, the fair value of stock options was estimated on the date of grant using a Black-

Scholes

option valuation model with the following assumptions:


	For the three months ended June 30,
	2020			2019
Risk-free interest rate		0.43 - 0.60	%		1.89 - 2.42	%
Expected life in years		6 - 6.25			5.75 - 6.25
Expected volatility		73.10 - 73.90	%		72.68 - 78.85	%
Expected dividend yield		0	%		0	%

At June 30, 2020, there were 863,333 stock options that had been issued outside the 2012 Plan. These options are excluded from the schedule below.

Stock option activity under the Company’s stock option plans for the six months ended June 30, 2020 is as follows:


(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2019		5,842,879		$	3.21
Granted		1,049,000			4.01
Exercised		(8,166	)		1.87
Cancelled		(322,200	)		3.49

Outstanding, June 30, 2020		6,561,513		$	3.96		7.90	$	2,900

Options exercisable, June 30, 2020		3,453,006		$	3.83		6.68	$	1,700

Options exercisable, December 31, 2019		2,765,357		$	4.39		6.70	$	3,603

Options available for future grant		6,032,404

At June 30, 2020, total unrecognized compensation costs related to unvested stock options outstanding amounted to $7.7 million. The cost is expected to be recognized over a weighted-average period of 1.81 years.

A summary of the status of unvested restricted stock for the six months ended June 30, 2020 is as follows:


	Number of Shares		Weighted-Average Grant Date Fair Value
Non-vested, December 31, 2019		939,636	$	2.93
Granted		555,900		4.21
Vested		—		—
Cancelled		141,230		3.15

Non-vested, June 30, 2020		1,354,306	$	3.43

At June 30, 2020, total unrecognized compensation costs related to unvested restricted stock outstanding amounted to $3.1 million. The cost is expected to be recognized over a weighted-average period of 1.56 years.

At the Company’s annual meeting held on June 29, 2020, the shareholders approved the 2020 Equity Incentive Plan, or the 2020 Plan, which is a successor to and continuation of the Company’s 2012 Equity Incentive Plan, or the 2012 plan. The 2020 Plan has 21 million shares plus the shares remaining for issuance under the 2012 Plan. Our ability to utilize the total shares authorized under the 2020 Plan will be limited by the total number of authorized shares authorized in our certificate of incorporation.

No additional awards can be granted from the 2012 Plan or the Company’s 2003 Stock Option Plan.