16. Stock-Based Compensation

Equity Incentive Plan

In May 2012, the Board approved the 2012 Equity Incentive Plan (“2012 Plan”), which provides for the issuance of Awards (as defined in the 2012 Plan) of up to a maximum of 440 shares of the Company’s common stock to employees, non-employee members of the Board, and consultants of the Company. During 2014, the 2012 Plan was amended to provide for the issuance of Awards up to 880 shares of the Company’s common stock. The awards could be issued in the form of incentive stock options, non-qualified stock options or restricted stock, and have expiration dates of 5 or 10 years after issuance, depending on whether the recipient held above 10% of the voting power of all classes of the Company’s shares as of the grant date. The exercise price was based on the fair market value of the share on the date of issuance; vesting periods were determined by the board upon issuance of the Award.

In November 2016, in connection with its initial public offering, the Company adopted the 2016 Omnibus Incentive Plan (“2016 Plan”) which provides for the issuance of Awards (as defined in the 2016 Plan) of up to a maximum of 3,911 shares of the Company’s common stock to employees, non-employee members of the board and consultants of the Company. Together, the 2012 Plan and the 2016 Plan are referenced to collectively as the “Plans”.

During 2017, 2016 and 2015, 352, 161 and 44 shares of restricted stock were issued under the Plans, respectively. The grant date fair value of all the restricted stock per share was $3.03 - $19.00. The shares vest over one to five years from their respective grant dates. For Awards issued under the 2016 Plan, the grant date fair value was the either the actual market price of the Company’s shares or an adjusted price using a Monte Carlo simulation for awards subject to the Company’s performance as compared to a defined peer group. For Awards issued under the 2012 Plan, the grant date fair value was calculated based on a weighted analysis of (i) publicly-traded companies in a similar line of business to the Company (market comparable method)—Level 2 inputs, and (ii) discounted cash flows of the Company—Level 3 inputs. The Company recognized $1,973, $1,072 and $793 of compensation expense for the restricted stock during 2017, 2016 and 2015, respectively, in operating expenses on the consolidated income statements. At December 31, 2017 the Company had unrecognized compensation expense of $4,254 related to granted but unvested stock awards. That expense is expected to be recognized as follows:

Year Ended December 31,
2018	$	1,901
2019		1,432
2020		727
2021		194
	$	4,254

The following table summarizes restricted stock activity under the Plans from January 1, 2016 through December 31, 2017:

	Number of Shares			Weighted Average
Unvested, January 1, 2016		290		$	8.02
Granted		161			3.85
Vested		(167	)		(6.79	)
Forfeiture		(10	)		(6.00	)
Unvested, December 31, 2016		274			7.35
Granted		352			14.77
Vested		(90	)		8.01
Forfeiture		(2	)		8.91
Unvested, December 31, 2017		534		$	11.27

Employee Stock Purchase Plan

Shares of the Company’s common stock may be purchased by eligible employees under the Company’s 2016 Employee Stock Purchase Plan in six-month intervals at a purchase price equal to at least 85% of the lesser of the fair market value of the Company’s common stock on either the first day or the last day of each six-month offering period. Employee purchases may not exceed 20% of their gross compensation during an offering period.