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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2019
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 6 − Stock-Based Compensation The following tables summarize information about stock options and RSUs outstanding at December 31, 2019:
Options Outstanding |  | Options Vested and Exercisable |
Range of Exercise Prices | Number Outstanding |  | Weighted Average Remaining Contractual Life (Years) |  | Weighted Average Exercise Price |  | Number Exercisable |  | Weighted Average Remaining Contractual Life (Years) |  | Weighted Average Exercise Price |
$   2.35 -  6.95 |  |  | 4,376,396 |  |  |  | 7.08 |  |  | $ | 4.29 |  |  |  | 2,826,062 |  |  |  | 6.48 |  |  | $ | 4.31 |
$ 14.52 - 35.25 |  |  | 1,253,625 |  |  |  | 2.71 |  |  | $ | 23.16 |  |  |  | 1,253,625 |  |  |  | 2.71 |  |  | $ | 23.16 |
|  |  | 5,630,021 |  |  |  | 6.11 |  |  | $ | 8.49 |  |  |  | 4,079,687 |  |  |  | 5.32 |  |  | $ | 10.10 |
The following tables summarize activity under the Plan for the indicated periods:
|  | Options |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2017 |  |  | 5,138,066 |  |  | $ | 8.41 |  |  |  | — |  |  | $ | — |
Options granted |  |  | 1,095,000 |  |  |  | 3.52 |  |  |  | — |  |  |  | — |
Options exercised |  |  | (117,229 | ) |  |  | 1.15 |  |  |  | — |  |  |  | — |
Options cancelled |  |  | (117,000 | ) |  |  | 5.34 |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2018 |  |  | 5,998,837 |  |  | $ | 7.72 |  |  |  | — |  |  | $ | — |
Options granted |  |  | 345,000 |  |  |  | 6.06 |  |  |  | — |  |  |  | — |
Options exercised |  |  | (663,816 | ) |  |  | 1.23 |  |  |  | — |  |  |  | — |
Options cancelled |  |  | (50,000 | ) |  |  | 4.95 |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2019 |  |  | 5,630,021 |  |  | $ | 8.49 |  |  |  | 6.11 |  |  | $ | 516 |
Options exercisable at December 31, 2019 |  |  | 4,079,687 |  |  | $ | 10.10 |  |  |  | 5.32 |  |  | $ | 314 |
|  | RSUs |
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2017 |  |  | 469,661 |  |  | $ | 5.19 |  |  | $ | — |
RSUs granted |  |  | 246,663 |  |  |  | 3.26 |  |  |  | — |
RSUs vested |  |  | (211,330 | ) |  |  | 6.19 |  |  |  | — |
Outstanding at December 31, 2018 |  |  | 504,994 |  |  | $ | 3.83 |  |  | $ | — |
RSUs granted |  |  | 229,996 |  |  |  | 6.06 |  |  |  | — |
RSUs vested |  |  | (207,334 | ) |  |  | 4.07 |  |  |  | — |
RSUs cancelled |  |  | (29,167 | ) |  |  | 4.65 |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 498,489 |  |  | $ | 4.71 |  |  | $ | 86 |
Intrinsic value is calculated as the difference between the per-share market price of our common stock on the last trading day of 2019, which was $3.80 and the exercise price of the options. For options exercised, the intrinsic value is the difference between market price and the exercise price on the date of exercise. We received cash proceeds of $816 and $135 from stock options exercised in 2019 and 2018, respectively. The total intrinsic value of options exercised was $2,473 and $46 during the years ended December 31, 2019 and 2018, respectively. Stock-based compensation expense is included in general and administrative expense for each period as follows:
Stock-Based Compensation by Type of Award |  | Year Ended December 31, 2019 |  |  | Year Ended December 31, 2018 |
Stock options |  | $ | 2,756 |  |  | $ | 2,926 |
RSUs |  |  | 955 |  |  |  | 1,129 |
Total stock-based compensation expense |  | $ | 3,711 |  |  | $ | 4,055 |
As of December 31, 2019, there was $4,801 of unrecognized stock-based compensation expense related to unvested employee stock options and $1,882 of unrecognized stock-based compensation expense related to unvested RSUs. These costs are expected to be recognized over a weighted-average period of 2.13 and 2.33 years, respectively. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:
| Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |
Expected stock price volatility |  |  | 92.34 | % |  |  | 85.26 | %
Risk-free interest rate |  |  | 2.09 | % |  |  | 2.73 | %
Expected life term | 6.14 years |  | 6.02 years |
Expected dividends |  |  | 0 | % |  |  | 0 | %
Based on the Black-Scholes option pricing model, the weighted average estimated fair value of employee stock options granted was $4.63 and $2.58 per share during the years ended December 31, 2019 and 2018, respectively. The expected life was determined using the simplified method outlined in ASC 718, “Compensation - Stock Compensation”. Expected volatility of the stock options was based upon historical data and other relevant factors. We have not provided an estimate for forfeitures because we have had nominal forfeited options and RSUs and believed that all outstanding options and RSUs at December 31, 2019, would vest.

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