Compensation costs recorded in the condensed consolidated statements of operations for the Company’s stock-based compensation plans were $5.5 million and $16.9 million for the three and nine months ended September 30, 2019, respectively (2018 — $5.6 million and $17.1 million, respectively). The following reflects the stock-based compensation expense recorded to the respective financial statement line items:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Cost and expenses applicable to revenues	$	448	$	587	$	1,268	$	1,319
Selling, general and administrative expenses		4,983		4,840		15,371		15,499
Research and development		96		135		277		347
Exit costs, restructuring charges and associated impairments		—		—		—		(19	)
	$	5,527	$	5,562	$	16,916	$	17,146

The following reflects a breakdown of the Company’s stock-based compensation expense by each plan type:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Stock options	$	2,145	$	1,489	$	6,228	$	4,239
Restricted Share Units		2,933		3,772		9,175		11,792
China Long Term Incentive Plan Restricted Share Units		363		241		1,283		961
China Options		86		60		230		154
	$	5,527	$	5,562	$	16,916	$	17,146

Included in the above table is an expense of less than $0.1 million in the three and nine months ended September 30, 2019, respectively (2018 – $nil and $nil, respectively) related to RSU grants issued to a certain advisor of the Company.

The following table summarizes certain information in respect of option activity under the Company’s Stock Option Plan (“SOP”) and IMAX Amended and Restated Long Term Incentive Plan (“IMAX LTIP”) for the nine months ended September 30:

	Number of Shares							Weighted Average Exercise Price Per Share
	2019			2018			2019			2018
Options outstanding, beginning of period		5,465,046			5,082,100		$		27.63	$	29.31
Granted		1,016,882			1,081,120				20.66		21.96
Exercised		(86,337	)		(12,750	)			20.15		17.08
Forfeited		(329,346	)		(51,238	)			23.60		31.14
Expired		(299,134	)		(490,042	)			25.82		31.61
Cancelled		(26,281	)		(100,596	)			31.08		30.32
Options outstanding, end of period		5,740,830			5,508,594				26.82		27.66
Options exercisable, end of period		4,511,208			3,902,341				27.76		28.58

The following table summarizes certain information in respect of RSU activity under the IMAX LTIP for the nine months ended September 30:

	Number of Awards						Weighted Average Grant Date Fair Value Per Share
	2019			2018				2019			2018
RSUs outstanding, beginning of period		1,033,871			995,329		$		25.70	$		32.68
Granted		649,389			658,353				22.33			20.99
Vested and settled		(367,020	)		(392,066	)			26.66			30.87
Forfeited		(206,593	)		(63,621	)			23.77			30.34
RSUs outstanding, end of period		1,109,647			1,197,995				23.77			26.97

Included in the above table is 12,580 RSU awards issued to a certain advisor of the Company which were granted, vested and settled in the nine months ended September 30, 2019.

In 2017, the Company’s Board of Directors approved a new $200.0 million share repurchase program for shares of the Company’s common shares. The share repurchase program expires on June 30, 2020. The repurchases may be made either in the open market or through private transactions, subject to market conditions, applicable legal requirements and other relevant factors. The Company has no obligation to repurchase shares and the share repurchase program may be suspended or discontinued by the Company at any time. During the three and nine months ended September 30, 2019, the Company repurchased 46,615 and 134,384 common shares, respectively, at an average price of $20.35 and $19.76 per share, respectively, excluding commissions (2018 – nil and 2,154,689 common shares, respectively at an average price of $nil and $21.54 per share, respectively).

The total number of shares purchased during the three and nine months ended September 30, 2019 does not include 45,000 and 445,000 common shares, respectively (2018 — nil and 300,000 common shares, respectively), purchased in the administration of employee share-based compensation plans, at an average price of $21.52 and $22.83 per share, respectively (2018 — $nil and $20.55 per share, respectively).

As at September 30, 2019, the IMAX LTIP trustee held 71,664 shares purchased for $1.6 million in the open market to be issued upon the settlement of RSUs and certain stock options. The shares held with the trustee are recorded at cost and are reported as a reduction against capital stock on the condensed consolidated balance sheet.

In 2018, IMAX China announced that its shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to repurchase shares of IMAX China in an amount not to exceed 10% of the total number of issued shares of IMAX China as at May 3, 2018 (35,818,112 shares). The share repurchase program expired on June 6, 2019. In 2019, IMAX China announced that its shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to repurchase shares of IMAX China in an amount not to exceed 10% of the total number of issued shares of IMAX China as at June 6, 2019 (35,605,560 shares). The share repurchase program expires on the date of the 2020 annual general meeting of IMAX China. The repurchases may be made in the open market or through other means permitted by applicable laws. IMAX China has no obligation to repurchase its shares and the share repurchase program may be suspended or discontinued by IMAX China at any time. During the three and nine months ended September 30, 2019, IMAX China repurchased 1,025,800 and 8,051,500 common shares at an average price of HKD 17.90 per share and HKD 18.63, respectively (U.S. 2.29 and U.S. $2.38, respectively). No shares were repurchased during the three and nine months ended September 30, 2018.

Reconciliations of the numerator and denominator of the basic and diluted per-share computations are comprised of the following:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019			2018		2019			2018

Net income applicable to common shareholders	$	9,033		$	5,020	$	28,695		$	21,150
Weighted average number of common shares (000's):
Issued and outstanding, beginning of period		61,331			62,522		61,434			64,696
Weighted average number of shares repurchased, net of shares issued during the period		(27	)		29		(97	)		(1,230	)
Weighted average number of shares used in computing basic income per share		61,304			62,551		61,337			63,466
Assumed exercise of stock options and RSUs, net of shares assumed repurchased		175			242		172			114
Weighted average number of shares used in computing diluted income per share		61,479			62,793		61,509			63,580

The calculation of diluted earnings per share for the three and nine months ended September 30, 2019 excludes 5,289,172 and 5,902,208 shares, respectively (2018 — 5,732,840 and 5,735,717 shares, respectively) that are issuable upon the vesting of 71,321 and 161,378 RSUs, respectively (2018 — 299,859 and 302,736 RSUs, respectively) and the exercise of 5,217,851 and 5,740,830 stock options, respectively (2018 — 5,432,981 and 5,432,981 stock options, respectively), as the impact would be antidilutive.