On December 14, 2004, the Company adopted the 2004 Long-Term Compensation Plan (the “2004 Plan”). On February 12, 2019 the Company approved the 2019 Omnibus Incentive Plan (the “2019 Plan”) which replaced the 2004 Plan. The 2019 Plan provides for the issuance of stock options, stock appreciation rights, or SARs, restricted stock, deferred stock, dividend equivalents, bonus stock and awards in lieu of cash compensation, other stock-based awards and performance awards. Any shares issued under the Plan typically vest over periods of four years. Stock options issued under the plan expire 10 years from the date they are granted.

The 2019 Plan authorized 2.5 million shares of our Class A Common Stock subject to adjustment for forfeitures and tax withholdings. As of December 31, 2019 and 2018, there were 2.1 million and 0.06 million shares, respectively, available for issuance under the 2019 Plan and 2004 Plan, respectively.

The fair value of each option award is calculated on the date of grant using the Black-Scholes option pricing model and certain subjective assumptions. Expected volatilities are calculated based on our historical trading activities. We recognize forfeitures as they occur. The risk-free rate for the periods is based on the U.S. Treasury rates in effect at the time of grant. The expected term of options is based on the Company’s historical experience.

The following table summarizes the assumptions used to calculate the fair value of options during 2019 and 2018.

	2019		2018
Weighted average fair value of options granted	$	1.65	$	1.80
Dividend yields		—		—
Expected volatility	82.03%-82.32%		72.21%-83.47%
Weighted average expected volatility	82.27%		81.76%
Weighted average risk-free interest rates	2.15%		2.74%
Weighted average expected term (in years)		8		6

	Shares			Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2018		436		$	3.25	$	8.50		-
Granted		84			2.90
Exercised		—			—
Forfeited or Expired		(102	)		2.28
Outstanding at December 31, 2018		418		$	3.42		7.67		9
Granted		104			1.89
Exercised		—			—
Forfeited or Expired		(7	)		12.01
Outstanding at December 31, 2019		515		$	2.96		7.24	$	60
Exercisable at December 31, 2019		221		$	4.09		4.46	$	22

As of December 31, 2019 and 2018, the weighted-average remaining contractual term of unexercised stock options was 4.5 years and 7.7 years, respectively.

	Shares			Weighted Average Grant Date Fair Value
Restricted nonvested at January 1, 2018		243		$	2.16
Granted		-			-
Vested		(68	)		2.13
Forfeited or Expired		(37	)		2.11
Outstanding at December 31, 2018		138		$	2.18
Granted		254			2.33
Vested		(46	)		2.18
Forfeited or Expired		—			—
Nonvested at December 31, 2019		346		$	2.29

As of December 31, 2019 and 2018, there was $625 thousand and $321 thousand, respectively, of unrecognized compensation cost related to nonvested stock options and restricted stock issuances granted under the 2019 Plan and 2004 Plan, respectively. The Company intends to issue new shares of its common stock upon vesting of restricted stock grants or the exercise of stock options.

In November 2014, our board of directors approved a share repurchase program authorizing the Company to repurchase up to 429 thousand shares of our Class A common stock in one or more open market or privately negotiated transactions depending on market price and other factors.

At December 31, 2019 and 2018, 404 thousand shares of our Class A common stock remain available for repurchase pursuant to our share repurchase agreement.