Shareholder's Equity and Stock-Based Compensation

3 Months Ended

Mar. 31, 2019

Shareholder's Equity and Stock-Based Compensation

(10) Shareholder’s Equity and Stock-Based Compensation

The Company granted 268,617 awards to employees under the 2016 Incentive Award Plan during the three months ended March 31, 2019, consisting of 5,000 stock option awards and 164,200 restricted stock units (“RSU”) vesting after four years, 77,417 fully-vested stock option awards and 22,000 stock option awards with vesting in twelve equal monthly installments beginning on March 31, 2019. The Company granted 504,500 awards to employees under the 2016 Incentive Award Plan during the three months ended March 31, 2018, consisting of 406,500 stock option awards and 98,000 restricted stock units (“RSU”), all vesting after four years.

Award Activity

The following table sets forth the Company’s stock option activity:

	Three Months Ended March 31, 2019
				Weighted Average
	Stock Options			Exercise Price
Outstanding - beginning of period		2,945,040		$	24.18
Granted		104,417		$	54.74
Exercised		(63,079	)	$	14.79
Forfeited/Expired		(45,097	)	$	24.10
Outstanding - end of period		2,941,281		$	25.47

Exercisable - end of period		1,202,558		$	18.66

The following table sets forth the Company’s RSA/RSU activity:

	Three Months Ended
	March 31, 2019
	Shares/Units
Outstanding and unvested - beginning of period		421,200
Granted		164,200
Vested		-
Forfeited		(15,000	)
Outstanding and unvested - end of period		570,400

Cumulative vested shares - end of period		1,913,916

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock based compensation awards is summarized below (in thousands):

	Three Months Ended March 31,
	2019		2018
Total direct costs	$	1,560	$	843
Selling, general and administrative		1,623		624
Total stock-based compensation expense	$	3,183	$	1,467