Employee Stock Benefit Plans

We have two equity participation plans, the Amended and Restated Libbey Inc. 2006 Omnibus Incentive Plan and the Libbey Inc. 2016 Omnibus Incentive Plan, which we refer to as the Omnibus Plans. Up to a total of 2,960,000 and 1,200,000 shares of Libbey Inc. common stock are authorized for issuance as equity-based compensation under the 2006 and 2016 Omnibus Plans, respectively. Under the Omnibus Plans, grants of equity-based compensation may take the form of stock, stock options, stock appreciation rights, performance shares or units, restricted stock or restricted stock units (RSUs) or other stock-based awards. Employees and directors are eligible for awards under these plans. The vesting period of stock options and RSUs is generally four years with one quarter of the award vesting each year. We grant non-employee members of our Board of Directors shares of stock that vest immediately. Awards are subject to alternate vesting plans for death, disability, retirement eligibility and involuntary termination. All grants of equity-based compensation are amortized using a ratable straight-line method over the vesting period and are recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. Shares of common stock to be issued under the plans are made available through authorized and unissued Libbey common stock. As of December 31, 2018, shares available to be issued under the 2006 and 2016 Omnibus Incentive Plans were 784,139 and 184,093, respectively. In addition, we have a limited number of outstanding stock appreciation rights and cash-settled RSUs that are immaterial and will be settled in cash.

The Black-Scholes option-pricing model is used to estimate the grant-date fair value for stock options. The exercise price of each stock option equals the closing market price of our common stock on the date of grant. The maximum term is ten years. Grant-date fair value for RSUs is measured based on the closing market price of the stock at date of grant less the present value of expected dividends over the vesting period, as dividends are not payable on unvested RSUs.

The following table summarizes award activity for the current fiscal year:



	Stock Options				Stock and RSUs
	Shares		Weighted-average Exercise Price (per share)		Shares / Units		Weighted-average Grant Date Fair Value (per share)
Outstanding balance at December 31, 2017	762,550		$	16.91	354,204		$	15.30
Granted	—				596,688		$	5.50
Exercised or vested	(5,300	)	$	1.01	(200,612	)	$	13.04
Forfeited or expired	(166,678	)	$	17.74	(57,351	)	$	13.53
Outstanding balance at December 31, 2018	590,572		$	16.82	692,929		$	7.66
Exercisable at December 31, 2018	344,233		$	18.94

Since all stock options are under water at December 31, 2018, there is no intrinsic value for stock options outstanding or exercisable. At December 31, 2018, the weighted-average remaining contractual life for stock options outstanding and stock options exercisable is 6.6 years and 5.6 years, respectively. The intrinsic value for share-based instruments is defined as the difference between the current market value and the exercise price.

As of December 31, 2018, unrecognized compensation expense related to nonvested stock options and nonvested RSUs is $0.1 million and $1.8 million, respectively, which is expected to be recognized over the weighted average period of 1.3 years for stock options and 1.7 years for RSUs.

The following table summarizes award expensing and fair value information for the periods presented:



Year ended December 31, (dollars in thousands, except grant date fair values and assumptions)	2018		2017
Total stock compensation expense	$	2,827	$	3,460
Total fair value of stock, stock options and RSUs vested	$	3,371	$	2,643
Weighted average grant date fair value of stock options granted	Not applicable		$	3.00
Weighted average grant date fair value of stock and RSUs granted	$	5.50	$	10.38
Intrinsic value of stock options exercised	$	38	$	17
Intrinsic value of stock and RSUs vested	$	1,230	$	1,918

Weighted-average assumptions for stock option grants:
Risk-free interest	Not applicable		2.07		%
Expected term	Not applicable		5.8 years
Expected volatility	Not applicable		38.54		%
Dividend yield	Not applicable		4.32		%

The risk-free interest rate is based on the U.S. Treasury yield curve at the time of grant and has a term equal to the expected life. The expected term represents the period of time the stock options are expected to be outstanding. We use the actual historical exercise activity for determining the expected term. Expected volatility is calculated based on Libbey's daily stock closing prices for a period equal to the expected life of the award. The dividend yield is calculated as the ratio based on our most recent historical dividend payments per share of common stock at the grant date to the stock price on the date of grant.