Options to buy stock have been granted to key employees to provide them with additional equity interests in ChoiceOne. Compensation expense in connection with stock options granted was $53,000 in 2019, $38,000 in 2018, and $49,000 in 2017. The Stock Incentive Plan of 2012 was approved by the Company’s shareholders at the Annual Meeting held on April 25, 2012. The Stock Incentive Plan of 2012, as amended effective May 23, 2018, provides for the issuance of up to 200,000 shares of common stock. At December 31, 2019, there were 100,971 shares available for future grants.

A summary of stock options activity during the year ended December 31, 2019 was as follows:

The exercise prices for options outstanding and exercisable at the end of 2019 ranged from $20.86 to $27.25 per share. The weighted average remaining contractual life of options outstanding and exercisable at the end of 2019 was approximately 6.6 years.

The intrinsic value of all outstanding in-the-money stock options and exercisable in-the-money stock options was $495,000 and $438,000 respectively, at December 31, 2019. The aggregate intrinsic values of outstanding and exercisable options at December 31, 2019 were calculated based on the closing market price of the Company’s common stock on December 31, 2019 of $31.96 per share less the exercise price.

Information pertaining to options outstanding at December 31, 2019 was as follows:

The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. ChoiceOne uses historical data to estimate the volatility of the market price of ChoiceOne stock and employee terminations within the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. As of December 31, 2019, there was $34,000 in unrecognized compensation expense related to stock options issued in 2019.

The fair value of stock options granted during 2019 was $49,000, which was determined using the following weighted-average assumptions as of the grant date.

ChoiceOne has granted restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. Beginning with the awards granted in April 2019, restricted stock units vest on the three year anniversary of the grant date. Certain additional vesting provisions apply. Each restricted stock unit, once vested, is settled by delivery of one share of ChoiceOne common stock. ChoiceOne recognized compensation expense of $349,000, $244,000, and $191,000 in 2019, 2018, and 2017, respectively, in connection with restricted stock units for current participants during these years.

A summary of the activity for RSU’s during the year ended December 31, 2019 is presented below:

Outstanding Stock Awards	Shares			Weighted Average Grant Date Fair Value Per Share
Outstanding at January 1, 2019		20,440		$	24.74
Granted		9,900			27.25
Vested		(20,440	)		24.74
Forfeited		(900	)		27.25
Outstanding at December 31, 2019		9,000		$	27.25

At December 31, 2019, there were 9,000 restricted stock units outstanding with an approximate stock value of $288,000 based on ChoiceOne’s December 31, 2019 stock price. At December 31, 2018, there were 20,440 restricted stock units outstanding with an approximate stock value of $511,000 based on ChoiceOne’s December 31, 2018 stock price. As a result of the merger with County, all unvested stock awards granted prior to December 31, 2018 vested upon completion of the merger.