On May 7, 2018, we announced that our Board of Directors authorized a share repurchase program under which we could repurchase up to $30.0 million of our outstanding common stock over the next 12 months. On July 16, 2018, our Board of Directors increased it to $39.0 million.

During the quarter ended November 30, 2018, we repurchased approximately 0.5 million shares of our common stock at an average share price of $19.85 for a total cost of $10.4 million. As of November 30, 2018, the entire $39.0 million authorized by our Board of Directors has been utilized.

On December 10, 2018, we announced that our Board of Directors authorized a new share repurchase program under which we may repurchase up to $20.0 million of our outstanding common stock over the next 12 months. Under the stock repurchase program, we may repurchase shares in the open market.

On June 7, 2018, our Board of Directors adopted the CalAmp Corp. 2018 Employee Stock Purchase Plan (the “ESPP”), which was approved by our stockholders on July 25, 2018. The ESPP provides for the issuance of 1,750,000 shares of our common stock. The first enrollment under the ESPP Plan will commence in February 2019.

Stock-based compensation expense is included in the following captions of the condensed consolidated statements of comprehensive income (loss) (in thousands):

	Three Months Ended				Nine Months Ended
	November 30,				November 30,
	2018		2017		2018		2017
Cost of revenues	$	251	$	198	$	640	$	477
Research and development		538		427		1,323		1,045
Selling and marketing		808		677		2,059		1,610
General and administrative		1,344		1,318		4,066		3,532
	$	2,941	$	2,620	$	8,088	$	6,664

Changes in our outstanding stock options during the nine months ended November 30, 2018 were as follows (options in thousands):

	Number of Options			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding at February 28, 2018		980		$	11.29		5.9
Granted		140			23.08
Exercised		(66	)		1.87
Forfeited or expired		—			—
Outstanding at November 30, 2018		1,054		$	13.44		6.1	$	5,501
Exercisable at November 30, 2018		672		$	9.98		4.5	$	5,223

Changes in our outstanding restricted stock shares, performance stock units (“PSUs”) and restricted stock units (“RSUs”) during the nine months ended November 30, 2018 were as follows (restricted shares, PSUs and RSUs in thousands):

	Number of Restricted Shares, PSUs and RSUs			Weighted Average Grant Date Fair Value		Shares Retained to Cover Statutory Minimum Withholding Taxes
Outstanding at February 28, 2018		1,434		$	17.72
Granted		714			22.81
Vested		(461	)		17.28		156
Forfeited		(161	)		19.45
Outstanding at November 30, 2018		1,526		$	20.05

As of November 30, 2018, there was $29.2 million of total unrecognized stock-based compensation cost related to outstanding nonvested equity awards that is expected to be recognized as an expense over a weighted-average remaining vesting period of 3.4 years.