13. Shareholders’ Equity and Stock-based Compensation

The Company has a 2006 Equity Incentive Plan and a 2015 Equity Incentive Plan. The 2015 Equity Incentive Plan replaced the 2006 Equity Incentive Plan and new grants may not be made under the 2006 Plan.

Under the 2015 Equity Incentive Plan, the Company may grant stock options, stock awards, stock appreciation rights, restricted stock units (“RSUs”) and other equity-based awards. Under all awards, the terms are fixed on the grant date.

The Company granted 4 and 79 RSUs for the three and nine months ended September 30, 2019, respectively. The weighted average closing price of the Company’s common stock on the date of grant was $19.19 and $23.83, respectively, for the RSUs granted in the three and nine months ended September 30, 2019. The RSUs vest in equal, annual installments over a three year period beginning on the first anniversary of the date of grant at which time common stock is issued with respect to vested units.

The Company has also granted stock options under the plans. Options granted under the plans generally vest in equal, annual installments over a three year period beginning on the first anniversary of the date of grant and have a maximum term of 10 years.

Stock award activity as of and during the nine months ended September 30, 2019 was as follows:


	Outstanding Awards				Stock Option Weighted-Average Exercise Price (a)		Aggregate Intrinsic Value
	Stock Options	RSUs	Total

Outstanding at December 31, 2018	830	98	928	$	6.25
Forfeited, cancelled or expired	(3)	-	(3)		6.42
Granted	-	79	79		-
Exercised or vested	(79)	(49)	(128)		4.87

Outstanding at September 30, 2019	748	128	876	$	6.39	$	12,241

Exercisable at September 30, 2019	670	-	670	$	6.30	$	8,799

Available for future grant at December 31, 2018	249

Available for future grant at September 30, 2019	183

(a) The weighted average exercise price calculation does not include outstanding RSUs

The number of shares available for future grants at September 30, 2019 does not include a total of up to 369 shares subject to options outstanding under the 2006 Equity Incentive Plan, which will become available for grant under the 2015 Equity Incentive Plan as outstanding options under the 2006 Equity Incentive Plan expire, terminate, are cancelled or forfeited or are withheld in a net exercise of such options.

The Company recorded $648 and $1,514 of non-cash stock compensation expense for the three and nine months ended September 30, 2019, respectively. The Company recorded $358 and $1,025 of non-cash stock compensation expense for the three and nine months ended September 30, 2018, respectively. As of September 30, 2019, there was $2,321 of total unrecognized compensation costs related to non-vested stock option and RSU awards that are expected to be recognized over a weighted-average period of 1.99 years. The total intrinsic value of options exercised during the three and nine months ended September 30, 2019 was $196 and $1,609, respectively.

The Company also has an Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan, as amended, through September 30, 2019, provides that a maximum of 300 shares may be sold under the Purchase Plan. There were 2 and 7 shares purchased under the plan for the three and nine months ended September 30, 2019, respectively, and a total of 1 and 5 shares purchased for the three and nine months ended September 30, 2018, respectively.