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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
Our 2019 Equity and Incentive Compensation Plan (the "EICP") authorizes an aggregate of approximately 18,500,000 shares of common stock for awards to employees, directors and consultants. The EICP was approved in June 2019 and replaced our prior long-term incentive plans. The EICP authorizes the issuance of stock-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock-based awards. As of December 31, 2019, a total of 6,106,927 shares (including 255,656 shares related to an expired incentive plan) of common stock have been issued under our equity incentive plans.
As of December 31, 2019, a total of 14,048,065 shares were available for issuance under our EICP, and stock-based awards to purchase 16,007,851 shares (including 872,187 shares related to an expired incentive plan) of common stock were outstanding. We recognized $4.9 million, $3.8 million and $3.0 million of stock-based compensation expense in 2019, 2018 and 2017, respectively.
Stock Options
The weighted average fair value of options granted in 2019, 2018 and 2017 was $1.00, $1.46 and $0.95 per share, respectively. The total fair value of options vested during 2019, 2018 and 2017 was $3.0 million, $2.5 million and $2.0 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was not significant. At December 31, 2019, total unrecognized estimated compensation cost related to unvested stock options was approximately $5.5 million, which is expected to be recognized by the end of 2023 using the straight-line method. The weighted average contractual life of unvested options at December 31, 2019 was 8.8 years. The aggregate intrinsic value of fully vested option shares and option shares expected to vest as of December 31, 2019 was not significant.
A summary of our stock option activity and related information is as follows:
 
Number
of Options
 
Weighted
Average
Exercise
Price
Outstanding January 1, 2017
9,236,228

 
$
2.76

Granted
2,596,480

 
1.47

Exercised
(136,056
)
 
1.50

Forfeited / Expired
(2,777,539
)
 
4.76

Outstanding December 31, 2017
8,919,113

 
1.78

Granted
2,434,732

 
2.26

Exercised
(112,484
)
 
1.57

Forfeited / Expired
(285,853
)
 
2.62

Outstanding December 31, 2018
10,955,508

 
1.87

Granted
3,402,608

 
1.55

Exercised
(48,152
)
 
1.40

Forfeited / Expired
(334,293
)
 
2.71

Outstanding December 31, 2019
13,975,671

 
$
1.77

Vested during 2019
2,508,333

 
$
1.88

Vested and exercisable at December 31, 2019
8,919,741

 
$
1.81


 
 
December 31, 2019
 
 
Options Outstanding
 
Options Vested and Exercisable
Exercise Price
 
Number
of
Options
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price
 
Number
of
Options
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price
$1.01 – $1.55
 
6,832,730

 
8.0 years
 
$
1.47

 
3,223,605

 
3.2 years
 
$
1.42

$1.56 – $1.98
 
2,685,058

 
4.7 years
 
$
1.72

 
2,499,294

 
4.1 years
 
$
1.72

$2.06 – $3.84
 
4,457,883

 
7.2 years
 
$
2.26

 
3,196,842

 
5.0 years
 
$
2.26

 
 
13,975,671

 
 
 
 
 
8,919,741

 
 

Restricted Stock Units
A summary of our restricted stock unit activity and related information is as follows:
 
Number
of
Restricted
Stock Units
 
Weighted
Average
Fair Value
Outstanding January 1, 2017
1,201,159

 
$
1.92

Granted
1,054,720

 
1.46

Vested-common stock issued
(571,118
)
 
1.75

Forfeited / Expired
(35,775
)
 
1.82

Outstanding December 31, 2017
1,648,986

 
1.69

Granted
787,968

 
2.31

Vested-common stock issued
(741,424
)
 
1.81

Forfeited / Expired
(38,842
)
 
1.74

Outstanding December 31, 2018
1,656,688

 
1.93

Granted
1,350,150

 
1.55

Vested-common stock issued
(938,311
)
 
1.87

Forfeited / Expired
(36,347
)
 
1.69

Outstanding December 31, 2019
2,032,180

 
$
1.71

Vested/Issued cumulative at December 31, 2019
5,508,176

 
$
1.75

The total fair value of restricted stock units vested during 2019, 2018 and 2017 was $1.8 million, $1.3 million and $1.0 million, respectively. At December 31, 2019, total unrecognized estimated compensation cost related to unvested restricted stock units was approximately $3.4 million, which is expected to be recognized by the end of 2023 using the straight-line method.