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Stock Based Compensation | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Stock Based Compensation | Stock-Based Compensation The following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three and six months ended June 30, 2021 and 2020, and associated with the issuance of restricted shares of common stock and vesting of stock options, which are included in general and administrative expenses in the accompanying consolidated statements of income (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Stock options | $ | 602 |  |  | $ | 298 |  |  | $ | 1,191 |  |  | $ | 972 |
Restricted stock awards | 954 |  |  | 554 |  |  | 1,711 |  |  | 938 |
Total share-based compensation expense | $ | 1,556 |  |  | $ | 852 |  |  | $ | 2,902 |  |  | $ | 1,910 |
Unrecognized compensation expense related to total share-based payments outstanding as of June 30, 2021, was $8.0 million. Options The Company’s outstanding stock options consisted of the following:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Options outstanding at January 1, 2021 | 725,864 |  |  | $ | 13.25 |  |  | 3.75 |  | $ | 3,400 |
Options granted | 24,437 |  |  | 23.24 |  |  | — |  |  | — |
Options exercised | — |  |  | — |  |  | — |  |  | — |
Options forfeited | (9,826) |  |  | 3.89 |  |  | — |  |  | — |
Options outstanding at June 30, 2021 | 740,475 |  |  | $ | 13.70 |  |  | 3.35 |  | $ | 36,400 |
Options exercisable at June 30, 2021 | 529,638 |  |  | $ | 8.36 |  |  | 2.14 |  | $ | 27,100 |
During the six months ended June 30, 2021, no stock options were exercised. During the six months ended June 30, 2020, options were exercised for 120,000 shares of the Company's common stock, resulting in proceeds of approximately $0.3 million. During the six months ended June 30, 2021, the Company granted 24,437 stock options with a vesting period of two years to certain ApolloMed executives with an exercise price of $23.24, which were recognized at fair value, as determined using the Black-Scholes option pricing model and the following assumptions:
June 30, 2021 | Executives
Expected term | 3.5 years
Expected volatility | 81.10 | %
Risk-free interest rate | 0.19 | %
Market value of common stock | $ | 12.86 |
Annual dividend yield | — | %
Forfeiture rate | — | %
Restricted Stock Awards The Company grants restricted stock awards to officers and employees which are earned based on service conditions. The grant date fair value of the restricted stock awards is that day’s closing market price of the Company’s common stock. During the six months ended June 30, 2021, the Company granted restricted stock awards totaling 150,130 shares with a weighted average grant date fair value of $24.16. The grant date fair value of the restricted stock was $3.6 million and will be recognized on a straight-line basis over the awards’ vesting period of one to three years. Warrants The Company’s outstanding warrants consisted of the following:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Warrants outstanding at January 1, 2021 | 1,878,126 |  |  | 10.39 |  |  | 1.63 |  | 14,800 |
Warrants granted | — |  |  | — |  |  | — |  |  | — |
Warrants exercised | (474,506) |  |  | 10.15 |  |  | — |  |  | 8,100 |
Warrants expired/forfeited | (17,803) |  |  | 9.72 |  |  | — |  |  | — |
Warrants outstanding at June 30, 2021 | 1,385,817 |  |  | $ | 10.49 |  |  | 1.44 |  | 72,500 |
Exercise Price Per Share |  | Warrants Outstanding |  | Weighted Average Remaining Contractual Life |  | Warrants Exercisable |  | Weighted Average Exercise Price Per Share
$ | 10.00 |  |  | 710,756 |  | 1.44 |  | 710,756 |  |  | $ | 10.00 |
11.00 |  |  | 675,061 |  | 1.44 |  | 675,061 |  |  | $ | 11.00 |
$ 10.00 – 11.00 |  | 1,385,817 |  |  | 1.44 |  | 1,385,817 |  |  | $ | 10.49 |
During the six months ended June 30, 2021 and 2020, common stock warrants were exercised for 474,506 and 273,900 shares of the Company’s common stock, respectively, which resulted in proceeds of approximately $4.8 million and $2.6 million, respectively. The exercise price ranged from $9.00 to $11.00 per share for the exercises during the six months ended June 30, 2021 and 2020, respectively.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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