Shareholder's Equity and Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Shareholder's Equity and Stock-Based Compensation

(9) Shareholder’s Equity and Stock-Based Compensation

The Company granted 312,897 awards to employees under the 2016 Incentive Award Plan during the three months ended March 31, 2020, consisting of 20,724 restricted stock awards (“RSA”) and 92,768 restricted stock units (“RSU”) vesting after four years, and 199,405 fully-vested stock option awards. The Company granted 268,617 awards to employees under the 2016 Incentive Award Plan during the three months ended March 31, 2019, consisting of 5,000 stock option awards and 164,200 RSU vesting after four years, 77,417 fully-vested stock option awards and 22,000 stock option awards with vesting in twelve equal monthly installments beginning on March 31, 2019.

Award Activity

The following table sets forth the Company’s stock option activity:

	Three Months Ended March 31, 2020
				Weighted Average
	Stock Options			Exercise Price
Outstanding - beginning of period		3,030,071		$	34.50
Granted		199,405		$	107.93
Exercised		(80,832	)	$	16.61
Forfeited/Expired		(38,100	)	$	38.41
Outstanding - end of period		3,110,544		$	39.63

Exercisable - end of period		1,563,803		$	48.54

The following table sets forth the Company’s RSA/RSU activity:

	Three Months Ended
	March 31, 2020
	Shares/Units
Outstanding and unvested - beginning of period		569,770
Granted		113,492
Vested		-
Forfeited		(5,000	)
Outstanding and unvested - end of period		678,262

Cumulative vested shares - end of period		1,913,916

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock based compensation awards is summarized below (in thousands):

	Three Months Ended March 31,
	2020		2019
Total direct costs	$	2,006	$	1,560
Selling, general and administrative		3,439		1,623
Total stock-based compensation expense	$	5,445	$	3,183