At Orion’s 2019 annual meeting of shareholders held on August 7, 2019, Orion’s shareholders approved the Orion Energy Systems, Inc. 2016 Omnibus Incentive Plan, as amended and restated (the “Amended 2016 Plan”). Approval of the Amended 2016 Plan increased the number of shares of Orion’s common stock available for issuance under the Amended 2016 Plan from 1,750,000 shares to 3,500,000 shares (an increase of 1,750,000 shares); added a minimum vesting period for all awards granted under the Amended 2016 Plan (with limited exceptions); and added a specific prohibition on the payment of dividends and dividend equivalents on unvested awards. As of March 31, 2022, the number of shares available for grant under the Amended 2016 Plan was 1,387,612.

The Amended 2016 Plan authorizes grants of equity-based and incentive cash awards to eligible participants designated by the Plan's administrator. Awards under the Amended 2016 Plan may consist of stock options, stock appreciation rights, performance shares, performance units, common stock, restricted stock, restricted stock units, incentive awards or dividend equivalent units.

Prior to the 2016 Omnibus Incentive Plan, the Company maintained its 2004 Stock and Incentive Awards Plan, as amended, which authorized the grant of cash and equity awards to employees (the “2004 Plan”). No new awards are being granted under the 2004 Plan; however, all awards granted under the 2004 Plan that are outstanding will continue to be governed by the 2004 Plan. Forfeited awards originally issued under the 2004 Plan are canceled and are not available for subsequent issuance under the 2004 Plan or under the Amended 2016 Plan.

Certain non-employee directors have elected to receive stock awards in lieu of cash compensation pursuant to elections made under Orion’s non-employee director compensation program. The Amended 2016 Plan and the 2004 Plan also permit accelerated vesting in the event of certain changes of control of Orion as well as under other special circumstances.

Orion historically granted stock options and restricted stock under the 2004 Plan. Orion has not issued stock options since fiscal 2014 and instead has issued restricted stock.

Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period.

The following amounts of stock-based compensation expense for restricted shares and options were recorded (dollars in thousands):

	Fiscal Year Ended March 31,
	2022		2021		2020
Cost of product revenue	$	5	$	4	$	3
Cost of service revenue		—		—		(1	)
General and administrative		793		716		576
Sales and marketing		12		29		38
Research and development		3		4		2
	$	813	$	753	$	618

The following table summarizes information with respect to outstanding stock options:

	Number of Shares			Weighted Average Exercise Price
Outstanding at March 31, 2019		467,836		$	3.14
Granted		—		$	—
Exercised		(22,362	)	$	2.51
Forfeited		(49,174	)	$	4.63
Outstanding at March 31, 2020		396,300		$	2.80
Granted		—		$	—
Exercised		(99,000	)	$	2.34
Forfeited		(100,982	)	$	3.39
Outstanding at March 31, 2021		196,318		$	2.74
Granted		—		$	—
Exercised		(31,845	)	$	3.79
Forfeited		(22,045	)	$	4.19
Outstanding at March 31, 2022		142,428		$	2.28
Exercisable at March 31, 2022		142,428

The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2022:

	March 31, 2022
	Outstanding and Vested		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$2.00 - 2.03		57,292		0.21	$	2.03
$2.41 - 2.75		85,136		1.02		2.45
		142,428		0.62	$	2.28

The following table summarizes information with respect to restricted shares activity:

	Fiscal Year Ended March 31,
	2022			2021			2020
Balance at March 31, 2021		469,639			772,720			1,312,593
Shares issued		240,833			287,998			279,468
Shares vested		(260,014	)		(450,481	)		(669,238	)
Shares forfeited		—			(140,598	)		(150,103	)
Shares outstanding at March 31, 2022		450,458			469,639			772,720
Per share price on grant date	$3.62 - 5.98			$3.92 - 10.01			$2.69 - 3.03

During fiscal 2022, Orion recognized $0.8 million of stock-based compensation expense related to restricted shares.

As of March 31, 2022, the weighted average grant-date fair value of restricted shares granted was $5.55.

Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2022 is expected to be recognized as follows (dollars in thousands):

Fiscal 2023	$	799
Fiscal 2024		532
Fiscal 2025		126
Fiscal 2026		4
Thereafter		3
Total	$	1,464
Remaining weighted average expected term	3.0 years