3.	Stock Based Compensation

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

	For the three months ended
	September 30,
	2016		2015
Stock compensation expense for options, net of forfeitures	$	0	$	0
Stock compensation expense for restricted stock, net of forfeitures		680		747
Total stock compensation expense	$	680	$	747

As of September 30, 2016, we had no unrecognized compensation cost related to unvested options granted under our 2006 Omnibus Incentive Plan, as amended (the "2006 Plan").

A summary of the award activity of our stock option plans as of September 30, 2016, and changes during the three-month period then ended is presented below:

Options	Options Totals		Weighted-Average Exercise Price per Share
Outstanding at July 1, 2016		275,169	$	9.30
Granted		---		---
Vested and Issued		---		---
Forfeited		---		---
Outstanding at September 30, 2016		275,169	$	9.30
Exercisable at September 30, 2016		275,169	$	9.30

As of September 30, 2016, we also had approximately $5.2 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 2.8 years and a total period of 3.3 years. A summary of the restricted stock award activity under the 2006 Plan as of September 30, 2016, and changes during the three-month period then ended is presented below:

	Number of Restricted Stock Awards		Weighted-Average Grant Date Fair Value
Unvested at July 1, 2016		601,794	$	11.92
Granted		---		---
Vested and Issued		1,750	$	15.07
Forfeited		5,938	$	8.20
Unvested at September 30, 2016		594,106	$	11.95

The fair value of each restricted stock award is based on the closing market price on the date of grant. During fiscal 2016, the Company gave certain 2014 and 2015 Restricted Stock Grant (“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.