Stock-based compensation includes time-based restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and nonqualified stock options (“Options” and, together with the RSUs and PSUs, the “Awards”). These Awards are governed by

various plans: the FMSA Holdings Inc. Long Term Incentive Compensation Plan (“2006 Plan”), the FMSA Holdings, Inc. Stock Option Plan (“2010 Plan”), the FMSA Holdings Inc. Amended and Restated 2014 Long Term Incentive Plan (“2014 Plan”), and the Covia Holdings Corporation 2018 Omnibus Incentive Plan (“2018 Plan”). Options may be exercised, in whole or in part, at any time after becoming exercisable, but not later than the date the Option expires, which is typically ten years from the original grant date. All Options granted under the 2006 Plan and 2010 Plan became fully vested as part of the Merger, and no Options have been granted since the Merger Date. PSUs granted under the 2014 Plan were converted to RSUs as part of the Merger. All Awards granted since the Merger Date have been made under the 2018 Plan and have been limited to RSUs and PSUs.

The fair values of the RSUs and Options were estimated at the Merger Date. The fair value of the RSUs was determined to be the opening share price of Covia’s common stock on the NYSE at the Merger Date. The fair value of Options was estimated at the Merger date using the Black Scholes-Merton option pricing model.

All Awards activity during the three months ended March 31, 2020 was as follows:

	Options			Weighted Average Exercise Price, Options		RSUs			Weighted Average Price at RSU Issue Date		PSUs			Weighted Average Price at PSU Issue Date
	(in thousands, except per share data)
Outstanding at December 31, 2019		1,704		$	36.01		2,069		$	6.10		1,051		$	4.74
Exercised or distributed		-			-		(401	)		8.79		-			-
Forfeited		(3	)		43.12		(35	)		5.86		(23	)		4.74
Expired		(236	)		36.08		-			-		-			-
Outstanding at March 31, 2020		1,465		$	35.98		1,633		$	5.44		1,028		$	4.74

We recorded stock compensation expense of $1.7 million and $2.8 million in the three months ended March 31, 2020 and 2019, respectively. Stock compensation expense is included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Loss and in additional paid-in capital on the Condensed Consolidated Balance Sheets.