11.	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

2,950,000

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

three

four

years with prorated annual vesting. 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 employee 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, 2019,

shares available to be issued under the

2006

and

2016

Omnibus Incentive Plans were

251,811

and

1,889,023,

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 stock options is generally equal to the closing market price of our common stock on the date of grant, and 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. On

March 25, 2019,

the CEO was awarded

150,000

stock options which were divided into

four

equal groups, with different exercise prices of

$7.00,

$8.50,

$10.00

and

$11.50,

all cliff vesting on

March 25, 2022.

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, 2018		590,572		$	16.82		692,929		$	7.66
Granted		150,000		$	9.25		848,803		$	3.37
Exercised or vested		—					(336,182	)	$	6.94
Forfeited or expired		(31,249	)	$	14.69		(98,713	)	$	5.13
Outstanding balance at December 31, 2019		709,323		$	15.31		1,106,837		$	4.82
Exercisable at December 31, 2019		438,915		$	17.94

Since all stock options are under water at

December 31, 2019,

there is

intrinsic value for stock options outstanding or exercisable. At

December 31, 2019,

the weighted-average remaining contractual life for stock options outstanding and stock options exercisable is

6.1

years and

4.8

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,

2019,

unrecognized compensation expense related to nonvested stock options and nonvested RSUs is

$0.1

million and

$1.3

million, respectively, which is expected to be recognized over the weighted average period of

2.0

years for stock options and

1.5

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)	2019			2018
Total stock compensation expense	$	3,231		$	2,827
Total fair value of stock, stock options and RSUs vested	$	2,808		$	3,371
Weighted average grant date fair value of stock options granted	$	0.80		Not applicable
Weighted average grant date fair value of stock and RSUs granted	$	3.37		$	5.50
Intrinsic value of stock options exercised		Not applicable		$	38
Intrinsic value of stock and RSUs vested	$	1,256		$	1,230

Weighted-average assumptions for stock option grants:
Risk-free interest		2.28	%	Not applicable
Expected term		6.5 years		Not applicable
Expected volatility		50.94	%	Not applicable
Dividend yield		0	%	Not applicable

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.