STOCK BASED AWARDS

Stock Option Awards

Our board of directors adopted the 2005 Equity Incentive Plan and it was most recently amended and restated and re-approved by the stockholders on May 3, 2012 (as so amended and restated, the "Plan"). Under the Plan, the board of directors may issue incentive stock options to employees and directors of the Company and non-qualified stock options to consultants, as well as restricted stock units and other types of equity awards of the Company. Options granted under this Plan generally expire at the end of ten years and vest in accordance with a vesting schedule determined by our board of directors, usually over four years from the grant date. We did not grant any options during the years ended December 31, 2015, 2014 and 2013. At December 31, 2015, 2.5 million shares of stock remained available for future grants under the Plan. We settle stock option exercises with newly issued common shares.

The following is a summary of stock option activity (in thousands, except per share data):



	2015				2014				2013
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding—beginning of year	224		$	17.27	273		$	17.30	364		$	17.34
Exercised	(16	)	16.94		(30	)	17.08		(89	)	17.45
Expired/Forfeited	(4	)	18.26		(19	)	18.00		(2	)	17.08
Outstanding—end of year	204		$	17.27	224		$	17.27	273		$	17.30
Options exercisable at year-end	204		$	17.27	224		$	17.27	273		$	17.30

The following table summarizes information about stock options as of December 31, 2015 (in thousands, except per share data):



Options Outstanding						Options Exercisable
Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Life	Aggregate Intrinsic Value		Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Life	Aggregate Intrinsic Value
204	$	17.27	1.14	$	2	204	$	17.27	1.14	$	2

Stock options vest over four years at 28% at the end of the first year and 2% each month thereafter. The most recent stock options were granted in May 2008 and have fully vested. There was no stock based compensation related to stock options recorded during the years ended December 31, 2015, 2014 and 2013.

The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our stock price of $12.28 as of December 31, 2015, which would have been received by the option holders had all option holders exercised their options as of that date.

The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $92,000, $126,000, and $728,000, respectively. The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2015, 2014 and 2013 were approximately $269,000, $511,000, and $1.6 million, respectively. In connection with these exercises, there was no tax benefit realized due to our net operating loss position.

Restricted Stock Awards

For the years ended December 31, 2015, 2014 and 2013, we granted 239,000, 242,000 and 275,000 restricted stock units, respectively. The cost of restricted stock units is determined using the fair value of our common stock on the date of the grant and we recognize compensation expense over the three-year vesting schedule on a straight line basis or on an accelerated schedule when vesting of restricted stock awards exceeds a straight line basis. The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2015, 2014 and 2013 was $24.60, $28.24 and $16.12, respectively.

The following table summarizes restricted stock award activity (in thousands):



	2015				2014				2013
	Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Outstanding—beginning of year	578		$	16.70	704		$	10.79	1,003		$	8.81
Granted at fair value	239		24.60		242		28.24		275		16.12
Vested	(377	)	12.34		(301	)	11.87		(339	)	10.23
Forfeited	(91	)	24.35		(67	)	17.70		(235	)	9.38
Outstanding—end of year	349		$	24.80	578		$	16.70	704		$	10.79

Restricted stock units granted in 2015 and 2014 vest over three years at 33.3% at the end of each of the first, second and third year. Restricted stock units granted in 2013 vest over three years at 40% at the end of the first year, 30% at the end of the second year and 30% at the end of the third year. Each restricted stock unit represents the right to one share of common stock upon vesting. During the years ended December 31, 2015, 2014 and 2013, we recorded stock based compensation related to restricted stock units of $3.5 million, $4.0 million and $3.3 million, respectively. Changes to the estimated forfeiture rate are accounted for as a cumulative effect of change in the period of such change.