On February 27, 2009, the Company's Board of Directors approved the 2009 Omnibus Incentive Plan (the "2009 Plan") that provided the Company the ability to grant up to 2,437,744 of new stock incentive awards or options including Incentive and Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, Performance based Restricted Stock, Share Awards, Phantom Stock and Cash Incentive Awards. Service, performance and market-based restricted stock awards are considered outstanding at the time of grant as the stockholder is entitled to voting rights and to receive any dividends declared subject to the loss of the right to receive accumulated dividends if the award is forfeited prior to vesting. Performance units and restricted stock units do not have voting rights. The stock incentive awards and options granted under the 2009 Plan generally expire at the earlier of a specified period after termination of service or the date specified by the Board or its designated committee at the date of grant, but not more than ten years from such grant date. On February 27, 2019, the 2009 plan expired and no additional grants will be made under this plan. Since the establishment of the 2009 Plan, the Board of Directors authorized and the Company's shareholders approved the allocation of additional shares of common stock to the 2009 Plan as follows:

Authorization Dates of 2009 Plan Additions	Number of Common Stock Shares Authorized to 2009 Plan
February 27, 2009		2,437,744
May 26, 2011		1,000,000
May 23, 2012		1,122,930
May 23, 2013		2,317,000
May 20, 2014		500,000
June 12, 2015		1,200,000
May 27, 2017		1,900,000

On May 16, 2019, the Company's stockholders and Board of Directors approved the 2019 Omnibus Incentive Plan (the "2019 Plan") that provided the Company the ability to grant up to 2,350,000 of new stock incentive awards or options including Incentive and Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, Performance based Restricted Stock, Share Awards, Phantom Stock and Cash Incentive Awards. Service, performance and market-based restricted stock awards are considered outstanding at the time of grant as the stockholder is entitled to voting rights and to receive any dividends declared subject to the loss of the right to receive accumulated dividends if the award is forfeited prior to vesting. Performance units and restricted stock units do not have voting rights. The stock incentive awards and options granted under the 2019 Plan generally expire at the earlier of a specified period after termination of service or the date specified by the Board or its designated committee at the date of grant, but not more than ten years from such grant date. At March 31, 2020 there were 1,369,882 shares available for future grant under the 2019 Plan.

The determination of fair value of our stock-based awards is affected by assumptions regarding subjective and complex variables. Generally, our assumptions are based on historical information and judgment is required to determine if historical trends may be indicators of future outcomes. In accordance with ASC 718, the fair value of stock-based awards to employees is calculated as of the date of grant. Compensation expense is then recognized over the requisite service period of the award. Stock-based compensation expense recognized is based on the estimated portion of the awards that is expected to vest. Estimated forfeiture rates are applied in the expense calculation. The Company determines the fair values of stock-based awards as follows:

For the three months ended March 31, 2020 and March 31, 2019, the fair value of stock options granted was calculated using the following assumptions in the Black-Scholes model:

	Three months ended March 31,
	2020	2019
Expected stock price volatility	none	none
Expected term of options	none	none
Expected dividend yield	none	none
Risk-free interest rate	none	none

Stock compensation expense associated with service-based equity awards is recognized in the statements of operations ratably over the requisite service period, which is the vesting period. If an award's service inception date precedes the grant date, compensation expense is initially measured at fair value at the service inception date based on probability of payout, and remeasured at subsequent reporting dates until all of the award’s key terms and conditions are known and the grant date is established. For equity awards granted with performance-based conditions, stock compensation expense is recognized in the statements of operations ratably for each vesting tranche based on the probability that operating performance conditions will be met and to what extent. Changes in the probability estimates associated with performance-based awards are accounted for in the period of change using a cumulative catch-up adjustment to retroactively apply the new probability estimates. In any period in which the Company determines that achievement of the performance metrics is not probable, the Company ceases recording compensation expense and all previously recognized compensation expense for the performance-based award is reversed. For equity awards granted with market-based conditions, stock compensation is recognized in the statements of operations ratably for each vesting tranche regardless of meeting or not meeting the market conditions.

The following table presents stock-based compensation expense included in the related financial statement line items (in thousands):

	Three months ended March 31,
	2020		2019
Cost of revenue	$	9	$	(32	)
Sales and marketing		610		202
Research & development		240		23
General and administrative		1,402		1,027
Total stock based compensation expense	$	2,261	$	1,220

The following table presents the future stock-based compensation expense, net of forfeitures, for each equity award category as of March 31, 2020 and the weighted average period over which the expense will be recognized:

Service-based

Restricted

Stock Awards

Service-based

Stock Options

Restricted

Stock Units

Performance

Stock Units

Unrecognized compensation expense, net of forfeitures (in thousands)

5,923

141

3,500

Weighted average period over which the above expense will be recognized (in years)

3.01

0.14

1.16

1.68

Shares of service-based restricted stock are generally recognized as expense ratably over the requisite service period of the awards, which is also the vesting period. Service-based restricted stock awards are granted at the discretion of the Board of Directors or the Compensation Committee (or its authorized member(s)) and generally vest over one-year, two-year or four -year period based upon required service conditions and do not have performance or market conditions. The Company's service-based restricted stock awards are accounted for as equity awards. The grant date fair value is based on the market price of the Company's common stock at the date of grant. The Company did not grant any restricted stock prior to April 2009.

The following table summarizes the Company's service-based restricted stock award activity from January 1, 2020 to March 31, 2020:

	Service-based Restricted Stock Awards			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested service-based awards, January 1, 2020		343,010		$	12.77	$	4,379,414
Service-based awards granted		279,078			19.45
Service-based awards vested		(130,103	)		11.69
Service-based awards cancelled		(614	)		16.97
Non-vested Service-based awards, March 31, 2020		491,371			16.85		8,277,194

The following table summarizes the Company's weighted average grant date fair value and vested fair value for the three months ended March 31, 2020 and March 31, 2019:

	Three months ended March 31,
	2020		2019
Weighted-average grant-date fair value of service-based restricted stock awards granted	$	19.45	$	15.28
Fair value of service-based restricted stock awards vested (in thousands)	$	2,497	$	1,981

Beginning in the first quarter of 2017, the Company began granting annual performance-based restricted stock units ("PSUs") to certain employees which will become earned or eligible to vest based on the Company's achievement of certain pre-defined key operating performance goals during a one to three -year period. The number of PSUs earned or eligible to vest following the performance period is subject to approval by the Compensation Committee of the Board of Directors. Once earned, certain PSUs are then subject to additional service and vesting requirements, while certain PSUs vest shortly after being earned. PSUs were granted at "target" (at 100% of target). Based upon actual attainment of the operating performance results relative to target, actual issuance of PSUs can be eligible for vest anywhere between a maximum of 200% and 0% of the target number of PSUs originally granted.

The following table summarizes the Company's PSU activity from January 1, 2020 to March 31, 2020:

	Performance Stock Units			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested PSUs, January 1, 2020		615,614		$	13.84	$	11,167,238
PSUs granted		255,105			16.62
PSUs vested		(168,324	)		10.91
PSUs cancelled		(102,753	)		14.71
Non-vested PSUs, March 31, 2020		599,642		$	15.69	$	8,406,981

The following table summarizes the Company's weighted average grant date fair value and fair value of PSUs vested for the three months ended March 31, 2020 and March 31, 2019:

	Three months ended March 31,
	2020		2019
Weighted average grant date fair value of PSUs granted	$	16.62	$	15.21
Fair value of PSUs vested (in thousands)	$	2,302	$	3,120

Service-based stock options are granted at the discretion of the Board of Directors or the Compensation Committee (or its authorized member(s)) and expire 10 years from the date of the grant. Service-based stock options to directors generally vest quarterly over a one year period based upon required service conditions and do not have performance or market conditions. The aggregate intrinsic value disclosed below represents the total intrinsic value (the difference between the fair market value of the Company's common stock as of March 31, 2020, and the exercise price, multiplied by the number of in-the-money service-based stock options) that would have been received by the option holders had all option holders exercised their options on March 31, 2020. This amount is subject to change based on changes to the fair market value of the Company's common stock.

The following table summarizes the Company's service-based stock option activity from January 1, 2020 to March 31, 2020:

	Service-based Options			Weighted Average Exercise Price		Weighted Average Contractual Life (years)		Aggregate Intrinsic Value
Service-based options outstanding, January 1, 2020		1,081,592		$	10.06		5.57	$	9,022,107
Service-based options granted		—			—
Service-based options exercised		(5,625	)		7.47
Service-based options cancelled		(6,474	)		25.99
Service-based options outstanding, March 31, 2020		1,069,493			9.98		5.35		4,967,549
Vested and expected to vest at March 31, 2020		1,069,407			9.98		5.35		4,967,549
Exercisable at March 31, 2020		1,057,766			9.84		5.30	$	4,967,549

The following table summarizes the Company's weighted average grant date fair value and intrinsic value of options exercised for the three months ended March 31, 2020 and March 31, 2019:

	Three months ended March 31,
	2020		2019
Weighted average grant date fair value of service-based stock options granted	$	—	$	—
Intrinsic value of options exercised (in thousands)	$	113	$	1,342

Restricted stock units are granted to members of the Board of Directors as part of their compensation packages. Restricted stock units to directors convert to common stock following the separation of service with the Company. Director restricted stock units vest quarterly over a one year period from the date of grant. The Company also grants restricted stock units to international employees which typically vest over a two-year or four-year period. Restricted stock unit expense is recognized ratably over the vesting period. The Company's restricted stock units are accounted for as equity awards. The grant date fair value is based on the market price of the Company's common stock at the date of grant. The Company did not grant any restricted stock units prior to April 2009.

The following table summarizes the Company's restricted stock unit activity from January 1, 2020 to March 31, 2020:

	Restricted Stock Units			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Units outstanding, January 1, 2020		265,913		$	12.56	$	4,823,662
Units granted		2,422			19.58
Units released		(432	)		15.11
Units cancelled		—			—
Units outstanding, March 31, 2020		267,903			12.62		3,756,000
Vested and expected to vest at March 31, 2020		266,858			12.60		3,741,344
Vested and deferred at March 31, 2020		256,294		$	12.22	$	3,593,242

The following table summarizes the Company's weighted average grant date fair value and fair value of units converted for the three months ended March 31, 2020 and March 31, 2019:

	Three months ended March 31,
	2020		2019
Weighted average grant date fair value of restricted stock units granted	$	19.58	$	15.11
Fair value of restricted stock units converted (in thousands)	$	8	$	—

CEO 2016 Performance and Market Conditioned Restricted Stock Awards and Stock Options Grants

On April 4, 2016, the Company named Mr. John Hass as President, CEO and Chairman of the Board. In conjunction with his appointment, the Compensation Committee approved a stock-based compensation package for Mr. Hass aimed to provide significant reward potential for achieving outstanding Company operating performance results and building stockholder value. The package was comprised of 70,423 performance-based restricted stock awards (PRSAs), 314,465 performance-based stock options (PSOs), 70,423 market-based restricted stock awards (MRSAs), and 314,465 market-based stock options (MSOs). The April 4, 2016 grant date fair values associated with these grants were $7.10, $3.24, $6.17 and $0.94, respectively.

On February 20, 2017, the Compensation Committee approved 64,719 PRSAs and 144,497 PSOs as eligible for further service vesting requirements. The non-eligible 5,704 and 169,968 PRSAs and PSOs, respectively, were cancelled as of February 20, 2017. PRSAs and PSOs vested 50%, 25% and 25% on April 4, 2017, 2018 and 2019, respectively. As of March 31, 2020, all PRSAs and PSOs were vested. As of March 31, 2020, no PSOs have been exercised.

On February 22, 2018, the Compensation Committee approved the maximum quantity of 140,846 MRSAs and 314,465 MSOs as eligible for further service vesting requirements. MRSAs and MSOs vest annually on a pro-rata basis over three years beginning April 4, 2018. As of March 31, 2020, 46,948 MRSAs were unvested and 104,821 MSOs were unvested, but will vest on April 4, 2020. As of March 31, 2020, no MSOs have been exercised. As of March 31, 2020, future compensation cost related to the non-vested portion of the MRSAs and MSOs not yet recognized in the consolidated statement of operations was less than $0.1 million and the remaining expense will be recognized in the second quarter of 2020.