3. Stock Based Compensation

The following table summarizes the components of our stock based compensation program expense (in thousands):

	Three months ended				Nine months ended
	March 31,				March 31,
	2016		2015		2016		2015

Stock compensation expense for options, net of forfeitures	$	0	$	5	$	0	$	54
Stock compensation expense for restricted stock, net of forfeitures		703		705		2,164		1,990
Total stock compensation expense	$	703	$	710	$	2,164	$	2,044

As of March 31, 2016, we had no unrecognized compensation cost related to unvested options granted under the Celadon Group, Inc. 2006 Omnibus Incentive Plan, as amended (the "2006 Plan").

A summary of the award activity of our stock option plans as of March 31, 2016, and changes during the nine-month period then ended is presented below:

Options	Option Totals			Weighted-Average Exercise Price per Share

Outstanding at July 1, 2015		295,789		$	9.47
Granted		---			---
Vested		(14,950	)	$	11.33
Forfeited or expired		---			---
Outstanding at March 31, 2016		280,839		$	9.37
Exercisable at March 31, 2016		280,839		$	9.37

As of March 31, 2016, w

e also had approximately $6.7 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 3.3 years and a total period of 3.8 years. A summary of the restricted stock award activity under the 2006 Plan as of March 31, 2016, and changes during the nine-month period is presented below:

	Number of Restricted Stock Awards			Weighted-Average Grant Date Fair Value

Unvested at July 1, 2015		396,366		$	21.13
Granted		442,392		$	8.03
Vested and Issued		(152,340	)	$	19.51
Forfeited		(80,249	)	$	21.72
Unvested at March 31, 2016		606,169		$	11.89

The fair value of each restricted stock award is based on the closing market price on the date of grant. During the third quarter of fiscal 2016, the Company gave certain 2014 and 2015 Restricted Stock Grants (“RSG”) grantees the opportunity to enter into an alternative fixed cash compensation arrangement whereby the grantee would forfeit all rights to unvested RSG awards in exchange for a guaranteed quarterly payment for the remainder of the underlying RSG term. This alternative arrangement is subject to continued service to the Company or one of its subsidiaries. These fixed payments will be accrued quarterly through January 2019. Unearned compensation was not affected by this arrangement and forfeitures include 72,327 shares related to this arrangement.

The Company offered this alternative arrangement to mitigate the volatility to earnings from stock price variance on the RSGs.