We repurchased our common stock under share repurchase programs approved by our Board of Directors. The following table contains information with respect to these repurchases:

Fiscal Year	Total Number of Shares Purchased		Average Price Paid per Share		Total Purchased		Dollar Value that may be Purchased Under the Plans
Fiscal 2017		1,760,563	$	14.20	$	25,000,000	$	-
Fiscal 2018		-	$	-	$	-	$	-
Fiscal 2019		2,496,422	$	19.63	$	49,000,000	$	10,000,000

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 commenced in February 2019. Stock-based compensation expense related to the ESPP Plan for the year ended February 28, 2019 was de minimis.

Our Board of Directors adopted the 2004 Incentive Stock Plan (the Plan) effective July 30, 2004, which provides for the granting of qualified and nonqualified stock options, restricted stock, performance stock units (PSUs), restricted stock units (RSUs), phantom stock and bonus stock to employees and directors. The primary purpose of the Plan is to enhance our ability to attract, motivate, and retain the services of qualified employees, officers and directors. Any stock options under the Plan will have a term of not more than 10 years and the vesting of the awards will be at the discretion of the Compensation Committee of the Board of Directors but is not expected to exceed four years. We treat equity awards with multiple vesting tranches as a single award for expense attribution purposes and recognize compensation expense on a straight-line basis over the requisite service period of the entire award. As of February 28, 2019, there were 1,705,685 award units in the 2004 Plan that were available for grant.

The following table summarizes our stock option activity (number of options and aggregate intrinsic value in thousands):

	Number of Options			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding at February 28, 2016		860			6.96		4.7
Granted		227			14.49
Exercised		(125	)		7.67
Forfeited or expired		(7	)		15.70
Outstanding at February 28, 2017		955		$	8.60		5.5
Granted		165			19.31
Exercised		(140	)		2.36
Forfeited or expired		-			-
Outstanding at February 28, 2018		980		$	11.29		5.9
Granted		140			23.08
Exercised		(66	)		1.87
Forfeited or expired		-			-
Outstanding at February 28, 2019		1,054		$	13.44		5.8	$	3,360

Exercisable at February 28, 2017		624		$	5.03		5.5	$	7,046
Exercisable at February 28, 2018		590		$	7.54		4.1	$	9,349
Exercisable at February 28, 2019		698		$	10.22		4.4	$	3,360

Year ended February 28,

2019

2018

2017

Weighted average grant date fair value of stock

options granted during the year

11.94

10.20

6.69

We use the Black-Scholes-Merton option pricing model for valuation of stock option awards. Calculating the fair value of stock option awards requires the input of highly complex and subjective assumptions. Other reasonable assumptions could provide differing results. The fair value of stock options at the grant date was determined using the following assumptions:

For the years ended February 28, 2019, 2018 and 2017, the expected life of options was determined using historical experience of our stock option grants and forfeiture activities. The expected volatility is based on the historical volatility of our stock price. The risk-free interest rate is based on the implied yield currently available on U.S. Treasuries with terms which approximate the expected life of the stock options.

Changes in our outstanding restricted stock shares, PSUs and RSUs at February 28, 2019, 2018 and 2017 were as follows (shares 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, 2016		953			16.66
Granted		766			14.63
Vested		(382	)		15.18		122
Forfeited		(98	)		15.64
Outstanding at February 28, 2017		1,239		$	15.94
Granted		770			19.55
Vested		(399	)		15.92		133
Forfeited		(176	)		17.34
Outstanding at February 28, 2018		1,434		$	17.72
Granted		787			22.05
Vested		(478	)		17.32		162
Forfeited		(236	)		19.59
Outstanding at February 28, 2019		1,507		$	19.77

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

	Year Ended February 28,
	2019		2018		2017
Cost of revenues	$	723	$	653	$	374
Research and development		2,061		1,471		1,033
Selling and marketing		2,863		2,314		1,655
General and administrative		5,382		4,860		4,771
	$	11,029	$	9,298	$	7,833

As of February 28, 2019, there was $25.5 million of unrecognized stock-based compensation cost related to non-vested equity awards, which is expected to be recognized over a weighted-average remaining vesting period of 2.8 years.

Tax Benefits from Exercise of Stock Options and Vesting of Restricted Stock and RSU Awards

The aggregate fair value of stock options exercised and vested restricted stock and RSU awards as of the exercise date or vesting date was $8.6 million, $6.9 million and $6.3 million for fiscal years ended February 28, 2019, 2018 and 2017, respectively. In connection with these equity awards, the excess stock compensation tax deductions were $2.9 million, $2.6 and $0 million for fiscal years ended February 28, 2019, 2018 and 2017, respectively.