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OPTIONS AND AWARDS (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Total share-based compensation expense
Total share-based compensation expense for all of the Plans for the years ended December 31, 2019, 2018 and 2017:

Year Ended December 31,
201920182017
Prior to the Spin-Off:
Total share-based compensation$1,395  $2,382  $2,298  
Following the Spin-Off:
Share-based compensation expense related to stock options315  —  —  
Share-based compensation expense related to Restricted Stock1,589  —  —  
Share-based compensation expense related to Restricted Stock to non-employee directors83  —  —  
Total share-based compensation$3,382  $2,382  $2,298  
Stock options granted fair value assumptions
The fair value of each option is estimated on the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions for stock options granted after the Spin-Off:

Grant YearOptions GrantedRisk-Free Interest Rate
Expected Life(a)
Expected Volatility(b)
Dividend Yield
2019667  1.6 %6.534.6 %— %
(a) Under the midpoint method, the expected option life is the midpoint between the contractual option life and the average vesting period for the options being granted. This resulted in an expected option life of 6.5 years for the options granted on October 1, 2019.
(b) Because the Company’s equity shares have been traded for a relatively short period of time, expected volatility assumption was based on the volatility of related industry stocks.
Stock option grant date exercise price and fair value
For the year ended December 31, 2019, the following represents the exercise price and fair value displayed at grant date for stock option grants:
Grant YearGrantedWeighted Average Exercise PriceWeighted Average Fair Value of Options
2019667  $15.23  $5.7  
Employee stock option activity
The following table represents the employee stock option activity during the year ended December 31, 2019:
Number of
Options
Outstanding
Weighted
Average
Exercise Price
Number of
Options Vested
Weighted
Average
Exercise Price
of Options
Vested
Converted at Spin-Off on October 1, 2019(a)
917  $5.68  586  $4.73  
Granted667  15.23  
Exercised(7) 4.64  
Forfeited(4) 14.07  
December 31, 20191,573  $9.71  607  $4.80  
(a) Represents outstanding awards under the Ensign stock plans, which were converted on October 1, 2019.
Aggregate intrinsic value of options outstanding, vested, expected to vest and exercisable
The aggregate intrinsic value of options outstanding, vested, unvested and exercised as of and for the period ended December 31, 2019 is as follows:
OptionsDecember 31, 2019
Outstanding$35,835  
Vested17,176  
Unvested18,659  
Exercised$189  
Summary of non-vested restricted stock awards A summary of the status of Pennant’s non-vested Restricted Stock, and changes during the period ended December 31, 2019, is presented below:
Non-Vested Restricted AwardsWeighted Average Grant Date Fair Value
Converted at Spin-Off on October 1, 2019(a)
329  $11.20  
Granted1,484  15.10  
Vested(19) 10.68  
Forfeited(1) 8.24  
December 31, 20191,793  $14.44  
a) Represents outstanding awards under the Ensign stock plans, which were converted on October 1, 2019.