The 2019 Plan, which was approved by the Company’s stockholders at the 2020 Annual Meeting of Stockholders, permits the granting of awards covering a total of 9,875,000 common units of the Company. A “unit” under the 2019 Plan is defined as a common unit of the Company and such other securities as may be substituted or resubstituted for common units of the Company, including but not limited to shares of the Company’s Common Stock. The 2019 Plan is intended to promote the interests of the Company by providing to employees, consultants and directors of the Company incentive compensation awards to encourage superior performance and enhance the Company’s ability to attract and retain the services of individuals who are essential for its growth and profitability and to encourage them to devote their best efforts to advancing the Company’s business.

At December 31, 2021 and 2020, there were 6,075,000 stock options outstanding with a weighted-average exercise price of $1.27 per share, all of which were expected to vest. The Company did not grant any stock options and no options were exercised, forfeited or expired during the year ended December 31, 2021. The option awards vest in three equal annual installments on the anniversary of the grant date (or first business day thereafter), provided that the recipient remains employed by the Company. The Company measured the grant-date fair values of the options utilizing the Black-Scholes model and recognizes stock-based compensation expense on a straight-line basis over the weighted-average service period, which is expected to be three years. The option awards expire no later than 10 years from the date of grant.

At December 31, 2021, there were 3,783,325 stock options exercisable with a weighted-average exercise price of $1.24 per share. At December 31, 2021, the aggregate intrinsic value of total options outstanding and expected to vest was $6.2 million and the weighted-average remaining contractual term was 8.1 years. The aggregate intrinsic value of options exercisable at December 31, 2021 was $3.9 million. The total fair value of options vested during the year ended December 31, 2021 was $0.7 million.

For the years ended December 31, 2021 and 2020, non-cash compensation expense related to stock options was $0.7 million and $0.6 million, respectively. As of December 31, 2021, total unrecognized compensation cost related to unvested stock options was $0.8 million, which the Company expects to recognize over the remaining weighted-average period of 1.3 years.

Assumptions used in calculating the fair value of stock options granted are summarized below:


	2020
Valuation assumptions:
Risk-free interest rate		0.50	%
Expected volatility		31.15	%
Expected term (years)		6.0
Exercise price per stock option	$	1.71
Expected dividend yield	None

On December 3, 2020, the Compensation Committee approved the granting of 800,000 shares of restricted common stock to employees of the Company, including certain members of senior management. The restricted stock awards vest in three equal annual installments on the anniversary of the grant date (or first business day thereafter), provided that the recipient remains employed by the Company.

Restricted phantom stock awards represent contingent rights to receive a common share or an amount of cash, or a combination of both, based upon the value of a common share. Phantom shares become payable, in cash or common stock, at the Company’s election, upon the separation of the holder from service or upon the occurrence of certain other events specified in the 2019 Plan

or the underlying agreements. During the year ended December 31, 2021, the Company granted 49,852 restricted phantom shares to directors.

A rollforward of restricted stock and phantom stock awards as of December 31, 2021 is as follows:


	Number of Restricted Stock and Phantom Stock Awards			Weighted Average Grant Date Fair Value ($)
Total non-vested at December 31, 2020		1,277,907			2.17
Granted		49,852			2.41
Vested		(454,159	)		2.61
Forfeited		—			—
Total non-vested at December 31, 2021		873,600			1.95

For the years ended December 31, 2021 and 2020, the Company recognized $1.3 million and $0.8 million, respectively, of non-cash compensation expense related to restricted stock and phantom stock awards into earnings. As of December 31, 2021, total unamortized compensation cost related to unvested restricted stock awards was $1.2 million, which the Company expects to recognize over the remaining weighted-average period of 1.5 years.