The Board approved the 2017 Omnibus Incentive Plan (“the 2017 Plan”) as of April 27, 2017, which was approved by our shareholders on June 14, 2017. The 2017 Plan was intended to replace our existing incentive compensation plan, the 2009 Stock Incentive Plan (“the 2009 Plan”). All awards are now granted from the 2017 Plan. Outstanding awards under the 2009 Plan will continue to be governed by the 2009 Plan and the agreements under which they were granted.

The 2017 Plan allows us to grant performance-based incentive awards and equity-based awards (each an “Award”) to eligible employees, directors and consultants in the form of Stock Options, Stock Appreciation Rights, Restricted Stock, Deferred Stock Units/Restricted Stock Units, Other Stock Units or Performance Awards. The Company’s Board believes that the 2017 Plan is necessary to continue the Company’s effectiveness in attracting, motivating and retaining employees, directors and consultants with appropriate experience and to increase the grantees’ alignment of interest with the Company’s shareholders.

Under the 2017 Plan, Awards may be made in shares of our common stock. Subject to adjustment as provided by the terms of the 2017 Plan, the maximum aggregate number of shares of common stock with respect to which awards may be granted under the 2017 Plan will be 1,182,270, less the number of shares subject to awards that are granted pursuant to the 2009 Plan after March 31, 2017. The aggregate awards granted during any calendar year to any single Participant cannot exceed (i) 500,000 shares subject to stock options or stock appreciation rights (“SARs”) or (ii) 300,000 shares subject to Awards denominated in shares of common stock (whether or not settled in common stock). These individual annual limitations are cumulative in that any shares of common stock or cash for which Awards are permitted to be granted to a Participant during a fiscal year are not covered by an Award in that fiscal year, the number of shares of common stock will automatically increase in the subsequent fiscal years during the term of the 2017 Plan until the earlier of the time the increase has been granted to the Participant, or the end of the third fiscal year following the year to which such increase relates. At December 31, 2021, there were 513,164 shares of common stock available for future grant under the 2017 Plan.

Any shares of common stock subject to an Award under the 2017 Plan that are forfeited, canceled, settled in cash or otherwise terminated without a distribution of shares to a Participant, or that are delivered by attestation or withheld by the Company in connection with an option exercise or the payment of any required income tax withholding upon an option exercise or the vesting of restricted stock, will be deemed available for Awards under the 2017 Plan. Additionally, any shares of common stock subject to an Award under the 2009 Plan that are forfeited, canceled, settled in cash or otherwise terminated without a distribution of shares to a participant, or that are delivered by attestation or withheld by the Company in connection with an option exercise or the payment of any required income tax withholding upon an option exercise or the vesting of restricted stock, will be deemed available for Awards under the 2017 Plan.

Stock options are awarded with a strike price equal to the fair market value based on the closing price of our common stock on the date of grant. Options granted typically vest over a service period ranging from three to four years and expire ten years from the date of grant. Restricted shares typically vest over a service period ranging from one to four years and expire ten years from date of grant.

The exercise prices of stock options outstanding on December 31, 2021 range from $8.91 to $90.87. Restricted stock awards are full-value awards.

A summary of stock option activity and weighted average exercise price for the year ended December 31, 2021:

	Options (Amounts in Thousands)			Weighted Average Exercise Price
Outstanding, beginning of period		506		$	39.30
Granted		23			90.87
Exercised		(33	)		34.07
Forfeited/Cancelled		(3	)		40.28
Outstanding, end of period		493		$	41.77

The weighted-average estimated fair value of employee stock options granted was calculated using the Black-Scholes Option Pricing Model in 2021 and 2019. The Company did not grant any stock options in 2020. The related assumptions follow:

	2021		2020		2019
	Grants		Grants		Grants
Weighted average fair value	$	32.71	$	—	$	29.78
Risk-free discount rate	0.65%			—	1.72% - 2.29%
Expected life	4.1 years			—	4.2 - 4.4 years
Dividend yield		—		—		—
Volatility	45%			—	43%

Stock option compensation expense totaled $1.4 million, $2.0 million and $2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $1.9 million of total unrecognized compensation cost that is expected to be recognized over a weighted average period of 1.5 years.

The intrinsic value of vested and outstanding stock options was $22.7 million and $2.8 million, respectively, as of December 31, 2021.

As of December 31, 2021, there were 386,428 and 106,500 shares of stock options vested and unvested, respectively.

The intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $1.8 million, $7.5 million and $7.3 million, respectively.

A summary of unvested restricted stock awards activity and weighted average grant date fair value for the year ended December 31, 2021:

	Restricted Stock Awards (Amounts in Thousands)			Weighted Average Grant Date Fair Value
Unvested restricted stock awards, beginning of period		154		$	83.30
Awarded		89			115.70
Vested		(76	)		74.42
Forfeited		(7	)		101.17
Unvested restricted stock awards, end of period		160		$	104.91

The fair value of restricted stock awards that vested during the year ended December 31, 2021 was $7.4 million.

Restricted stock award compensation expense totaled $8.0 million, $4.0 million and $3.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $11.4 million of total unrecognized compensation cost that is expected to be recognized over a weighted average period of 1.7 years.