On August 4, 2011, the Company's stockholders approved the 2011 Incentive Plan. 500,000 shares of common stock were authorized for issuance under the 2011 Incentive Plan. On June 16, 2016, the Company's stockholders approved the Amended and Restated 2011 Incentive Plan which increased the shares of common stock authorized for issuance to 750,000 shares of common stock. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price either at or 10% above the market price of the Company's stock at the date of grant; those option awards generally have 5-year contractual terms and generally vest over three years. Restricted stock awards are granted at a value equal to the market price of the Company's common stock on the date of grant.

The following table summarizes the inputs to the option valuation model for the options granted during the years ended December 31, 2019 and 2018:

	2019			2018
Expected volatility		40	%		31	%
Dividend rate	0%			0%
Expected term (in years)	3.55			3.55
Risk-free rate		1.63	%		2.65	%

The Company bases expected volatility on the weighted average historical stock volatility of the Company's common stock. There is no dividend rate, as dividends are not expected to be paid. The expected term utilizes historical data to estimate the period of time that the options are expected to remain unexercised. The Company bases risk-free rates on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. The Company records any forfeitures in the period that the shares are forfeited.

The following table summarizes information about stock options outstanding and exercisable at December 31, 2019:

	Number of Shares Outstanding			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)		Aggregate Intrinsic Value (in thousands)
Option Balances at December 31, 2018		153,877		$	4.75	$	1.18		2.0	$	208
Options Granted		25,000			12.72		4.02
Options Exercised		(96,748	)		4.68		1.26
Options Forfeited		(3,750	)		3.90		0.89
Option Balances at December 31, 2019		78,379		$	7.43	$	2.00		2.7	$	593
Options Exercisable at December 31, 2019		45,317		$	4.74	$	1.02		1.4	$	465

The weighted-average grant-date fair value of options granted during the years 2019 and 2018 was $4.02 and $1.65, respectively. As of December 31, 2019, there was approximately $105,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements, which will be recognized over 2.7 years.

During the year ended December 31, 2019, the Company issued 5,871 shares with a weighted average grant date fair value of $14.57 per share. These shares were fully vested on the date of issuance. As of December 31, 2019, there were no unvested restricted shares granted under the Amended and Restated 2011 Incentive Plan.

The Amended and Restated 2011 Incentive Plan had 407,218 shares remaining available for future issuance at December 31, 2019.