On August 7, 2013, our stockholders approved the Eagle Materials Inc. Amended and Restated Incentive Plan (the Plan), which increased the shares we are authorized to issue as awards by 3,000,000 (1,500,000 of which may be stock awards). Under the terms of the Plan, we may issue equity awards, including stock options, restricted stock units (RSUs), restricted stock, and stock appreciation rights to employees of the Company and members of the Board of Directors. Awards that were already outstanding prior to the approval of the Plan remained outstanding. The Compensation Committee of our Board of Directors specifies the terms for grants of equity awards under the Plan.

In May 2018, the Compensation Committee of the Board of Directors approved the granting to certain officers and key employees of an aggregate of 62,179 performance vesting stock options that are earned only if certain performance conditions are satisfied (the Fiscal 2019 Employee Performance Stock Option Grant). The performance criterion for the Fiscal 2019 Employee Performance Stock Option Grant is based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2019. All stock options are earned if the return on equity is 20.0% or greater, and the percentage of shares earned are reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all stock options granted will be forfeited. During fiscal 2019, the adjusted return on equity was approximately 16.6%; therefore, 53,617 options were earned, with the remaining options forfeited. The earned stock options will lapse ratably over four years, with the first fourth lapsing promptly following the determination date, and the remaining options vesting on March 31, 2020 through 2022. The stock options have a term of 10 years from the date of grant. The Compensation Committee also approved the granting of 51,814 time-vesting stock options to the same officers and key employees, which vest ratably over a four-year period (the Fiscal 2019 Employee Time-Vesting Stock Option Grant). The stock options have a term of 10 years from the date of grant.

In August 2018, we granted to members of the Board of Directors 1,741 stock options (the Fiscal 2019 Board of Directors Stock Option Grant). Stock options granted under the Fiscal 2019 Board of Directors Stock Option Grant vest immediately and can be exercised from the date of grant until their expiration on the tenth anniversary of the date of grant. The Fiscal 2019 Employee Performance Stock Option Grant, the Fiscal 2019 Employee Time-Vesting Stock Option Grant, and Fiscal 2019 Board of Directors Stock Option Grant were valued at the grant date using the Black-Scholes option pricing model.

All stock options issued during fiscal 2019 and 2018 were valued at the grant date using the Black-Scholes option pricing model. The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2019 and 2018 are as follows:

Stock option expense for all outstanding stock option awards was approximately $3.8 million, $4.3 million, and $5.3 million for the years ended March 31, 2019, 2018, and 2017, respectively. At March 31, 2019, there was approximately $6.8 million of unrecognized compensation cost related to outstanding stock options which is expected to be recognized over a weighted-average period of 2.4 years.

	For the Years Ended March 31,
	2019					2018					2017
	Number of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Exercise Price
Outstanding Options at Beginning of Year		958,136		$	72.52		1,323,379		$	66.07		1,817,763		$	53.03
Granted		125,734		$	103.53		119,986		$	100.20		202,364		$	77.76
Exercised		(38,748	)	$	54.27		(448,295	)	$	60.27		(677,566	)	$	34.46
Cancelled		(2,197	)	$	100.88		(36,934	)	$	79.97		(19,182	)	$	70.30
Outstanding Options at End of Year		1,042,925		$	76.88		958,136		$	72.52		1,323,379		$	66.07
Options Exercisable at End of Year		651,218					651,218					874,116
Weighted Average Fair Value of Options Granted during the Year				$	33.11				$	33.37				$	25.22

The following table summarizes information about stock options outstanding at March 31, 2019:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Shares Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Shares Outstanding		Weighted Average Exercise Price
$23.17 - $29.84		65,912		2.35	$	23.27		65,912	$	23.27
$33.43 - $37.34		81,288		3.21	$	33.99		81,288	$	33.99
$53.22 - $77.67		303,163		6.20	$	71.34		219,673	$	70.69
$79.73 - $106.24		592,562		7.01	$	91.55		394,691	$	87.02
		1,042,925		6.18	$	76.88		761,564	$	71.13

At March 31, 2019, the aggregate intrinsic value for outstanding and exercisable options was approximately $12.8 million and $11.8 million, respectively. The total intrinsic value of options exercised during the fiscal year ended March 31, 2019 was approximately $2.1 million.

In May 2018, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 57,756 shares of performance vesting restricted stock that will be earned if certain performance conditions are satisfied (the Fiscal 2019 Employee Restricted Stock Performance Award). The performance criterion for the Fiscal 2019 Employee Restricted Stock Performance Award is based upon the achievement of certain levels of return on equity (as defined in the agreement), ranging from 10.0% to 20.0%, for the fiscal year ended March 31, 2019. All restricted shares will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all awards will be forfeited. During fiscal 2019, the adjusted return on equity was approximately 16.6%; therefore approximately 48,185 shares were earned, with the remaining shares forfeited. Restrictions on the earned shares will lapse ratably over four years, with the first fourth lapsing promptly following the determination date and the remaining restrictions lapsing on March 31, 2020 through 2022. The Compensation Committee also approved the granting of 48,130 shares of time-vesting restricted stock to the same officers and key employees, which vest ratably over four years (the Fiscal 2019 Employee Restricted Stock Time-Vesting Award). Both of the Fiscal 2019 Employee Restricted Stock Performance Award and the Fiscal 2019 Employee Restricted Stock Time-Vesting Award were valued at the closing price of the stock on the date of grant and are being expensed over a four-year period.

In August 2018, we granted to members of the Board of Directors 15,950 shares of restricted stock (the Board of Directors Fiscal 2019 Restricted Stock Award) which vested six months after the grant date. The Board of Directors Fiscal 2019 Restricted Stock Awards were valued at the closing price of the stock on the date of the grant and were expensed over a six-month period.

The fair value of restricted stock is estimated based on the stock price at the date of the grant. The following table summarizes the activity for nonvested restricted shares during the fiscal years ended March 31, 2019 and 2018:

	For the Years Ended March 31,
	2019					2018
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Nonvested Restricted Stock at Beginning of Year		328,059		$	72.52		371,213		$	66.07
Granted		121,836		$	105.73		107,964		$	100.20
Vested		(147,790	)	$	75.94		(119,187	)	$	60.27
Forfeited		(1,990	)	$	100.88		(31,931	)	$	79.97
Nonvested Restricted Stock at End of Year		300,115		$	78.94		328,059		$	72.52

Expense related to restricted shares was $11.3 million, $9.6 million, and $6.8 million in fiscal years ended March 31, 2019, 2018, and 2017, respectively. At March 31, 2019, there were approximately 300,000 shares with remaining restrictions, for which $17.7 million of unearned compensation will be recognized over a weighted-average period of 2.2 years.

The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights, and restricted stock under the Plan was 3,978,814 at March 31, 2019. Of the available shares, a total of 1,252,143 can be used for future restricted stock and restricted stock unit grants.