9. STOCKHOLDERS’ EQUITY

Stock Option Plan

At December 31, 2019, we have two stock option plans, the 2019 Omnibus Incentive Compensation Plan (the “2019 Plan”) and the 2001 Stock Option Plan (the “2001 Plan”). On June 13, 2019, at the Company’s annual meeting, the Company’s stockholders approved the 2019 Plan. Upon the 2019 Plan’s approval, approximately 1,247,598 shares of Company common stock were available for issuance thereunder, consisting of 1,100,000 shares authorized for issuance under the 2019 Plan and 147,598 shares then remaining available for issuance under the Company’s 2001 Plan. The 2019 Plan replaced the 2001 Plan. No new awards will be granted under the 2001 Plan; however, awards outstanding under the 2001 Plan upon approval of the 2019 Plan remain subject to and will be settled under the applicable 2001 Plan. As of December 31, 2019, options to purchase 99,187 shares of common stock were outstanding under the 2001 Plan.

Grants under the 2019 Plan may consist of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards, or cash awards. Employees, key advisors or non-employee directors are eligible to participate in the 2019 Plan. Grants under the 2019 Plan vest over periods ranging from one to four years and expire 10 years from date of grant. As of December 31, 2019, options to purchase 90,000 shares of common stock and 10,450 restricted stock awards were outstanding under the 2019 Plan, and a total of 1,147,148 shares remain available for grant under the 2019 Plan.

Restricted Stock Awards

A summary of the restricted stock awards activity for the year ended December 31, 2019 is presented below:

	Restricted Stock		Weighted- Average Grant Date Fair Value Per Share
Nonvested at December 31, 2018		-	$	-
Granted		10,450		60.47
Vested		-		-
Forfeited		-		-
Nonvested at September 30, 2019		10,450	$	60.47

Stock-based compensation expense related to restricted stock awards recognized in general and administrative expense was approximately $293,000 for the year ended December 31, 2019.

As of December 31, 2019, there was approximately $339,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements related to restricted stock. This cost is expected to be recognized over the vesting periods of the restricted stock, with a weighted-average period of approximately 0.8 years.

Stock Options

During the year ended December 31, 2019 and 2018, we granted 100,000 and 81,500 stock options with a weighted average grant date fair value of $20.12 and $22.31, respectively. The following table presents assumptions used to estimate the fair values of the stock options granted in the periods presented:

	2019			2018
Risk-free interest rate		1.62% - 2.18	%		2.62% - 2.94	%
Expected volatility		39.4% - 39.5	%		39.4% - 39.9	%
Expected life (in years)		6.25			6.25
Dividend yield		-			-

The summary of the stock options activity is as follows:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2017		232,000		$	21.56		2.52	$	5,050,990
Grants		81,500			51.42		-		-
Exercised		(138,000	)		18.63		-		3,720,149
Outstanding at December 31, 2018		175,500			37.73		6.33		4,014,235
Grants		100,000			48.93		-		-
Exercised		(75,063	)		29.20		-		2,477,039
Cancelled		(11,250	)		41.82		-		178,988
Outstanding at December 31, 2019		189,187			46.79		8.62		1,920,684

Vested and expected to vest at December 31, 2019		189,187		$	46.79		8.62	$	1,920,684
Exercisable at December 31, 2019		39,312		$	32.73		5.55	$	951,920

The following table summarizes information relating to stock options by exercise price at December 31, 2019:

	Outstanding Shares						Exercisable Shares
Option Exercise Price	Number of Shares		Weighted Average Life (years)		Weighted Average Exercise Price		Number of Shares		Weighted Average Option Price		Weighted Average Life (years)
$15.75 - 15.85		21,000		3.06	$	15.82		21,000	$	15.82		3.06
$37.64 – 46.56		103,187		9.49		39.53		5,812		40.56		7.38
$54.93 – 66.30		65,000		9.04		58.66		12,500		57.48		8.88
		189,187		8.62	$	46.79		39,312	$	32.73		5.55

During the year ended December 31, 2019 and 2018, $2.2 million and $2.6 million proceeds were received from stock options exercised, respectively.

Aggregate intrinsic value represents the total pre-tax intrinsic value, based on the closing price of our common stock of $56.94 on December 31, 2019, which would have been received by the option holders had all option holders exercised their options as of that date. We have approximately $3.0 million in unrecognized compensation cost related to stock options outstanding as of December 31, 2019, which we expect to recognize over the next 3.39 years.

Stock-based compensation expense related to stock options recognized in general and administrative expenses for the year ended December 31, 2019 and 2018 was approximately $0.6 million and $0.3 million, respectively.