Stock-based compensation expense was less than $0.1 million and $0.2 million for the three months ended March 31, 2020 and 2019, respectively, and was $0.1 million and $0.4 million in the six months ended March 31, 2020 and 2019, respectively. Stock-based compensation expense is included in selling, general and administrative expenses.

The following table summarizes our stock option activity during the six months ended March 31, 2020:

	Options			Weighted Average Exercise Price
Outstanding at beginning of period		1,068,665		$	7.04
Granted		32,500			5.34
Exercised		(138,525	)		5.63
Forfeited		(87,431	)		6.67
Outstanding at end of period		875,209		$	7.23
Exercisable at end of period		759,420		$	7.48
Weighted average fair value of options granted during the period	$	2.89

The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:

	Six Months Ended March 31, 2020
Risk free interest rate		1	%
Expected life	6 years
Dividend rate		—	%
Volatility		58	%

On November 29, 2018, we announced that our Board approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock, par value $0.01 per share (“Common Stock”), over a one-year period. Repurchases under the program were to be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we had no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased was subject to management’s discretion and depended on the Company’s stock price and other market conditions. Our Board could have terminated the repurchase program at any time while it was in effect. We intended to retire any repurchased shares. The term of our repurchase program expired as of the quarter ended December 31, 2019. There were no shares repurchased under this plan.

On February 4, 2020, the Board approved a new stock repurchase program, pursuant to which the Company may repurchase up to $4 million of its outstanding Common Stock over a one-year period, commencing on February 10, 2020. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, the Company has no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on the Company’s stock price and other market conditions. The Company may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. During the quarter ended March 31, 2020, we repurchased 366,000 shares of our Common Stock on the open market at a total cost of approximately $2.0 million (an average price of $5.46 per share). The remaining $2 million available for repurchases was placed on hold in the second quarter of fiscal 2020.