The Company granted 778,986 awards to employees under the 2016 Incentive Award Plan during the nine months ended September 30, 2019, consisting of 10,000 stock option awards and 190,310 restricted stock units (“RSU”) vesting after four years, 5,000 stock option awards vesting after one year, 551,676 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 an additional 38,832 stock option awards, vesting after one year, to non-employee directors under the 2016 Incentive Award Plan, during the nine months ended September 30, 2019.

In the third quarter of 2019, Medpace Investors, LLC (“MPI”), a related party to the Company, filed a Tender Offer Statement (“Tender Offer”) offering to purchase, for cash, vested stock options of employee holders of options outstanding from the 2014 Incentive Award Plan. The Tender Offer resulted in the tender and purchase of 229,431 vested options from employee holders of options by MPI. Under generally accepted accounting guidance governing such transactions, because the Tender Offer was initiated by an economic interest holder in the Company, this transaction is accounted for as a settlement of vested options and a reissuance of options at fair value as of the transaction date. Expense related to the reissuance of options to MPI is included as stock-based compensation expense of $5.1 million within Selling, general and administrative expenses during the three and nine months ended September 30, 2019.

The Company granted 722,200 awards to employees under the 2016 Incentive Award Plan during the nine months ended September 30, 2018, consisting of 443,000 stock option awards and 279,200 RSUs, all vesting after four years. The Company granted an additional 33,801 stock option awards to non-employee directors under the 2016 Incentive Award Plan, during the nine months ended September 30, 2018. These awards will vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

	Nine Months Ended September 30, 2019
				Weighted Average
	Stock Options			Exercise Price
Outstanding - beginning of period		2,945,040		$	24.18
Granted		856,939		$	54.90
Exercised		(345,815	)	$	16.28
Forfeited/Expired		(347,921	)	$	19.29
Outstanding - end of period		3,108,243		$	34.08

Exercisable - end of period		1,446,664		$	38.15

	Nine Months Ended
	September 30, 2019
	Shares/Units
Outstanding and unvested - beginning of period		421,200
Granted		190,310
Vested		-
Forfeited		(66,040	)
Outstanding and unvested - end of period		545,470

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Total direct costs	$	1,807	$	875	$	5,085	$	2,619
Selling, general and administrative		7,659		557		12,949		1,767
Total stock-based compensation expense	$	9,466	$	1,432	$	18,034	$	4,386