The Company’s Board of Directors has determined that no further awards will be made pursuant to its 2003 stock option plan (the “2003 Plan”). As of September 30, 2015, options for 279,834 shares of common stock were vested and exercisable and have been reserved for issuance under the 2003 Plan.

Under the Company’s 2013 Stock Incentive Plan, as amended (the “2013 Plan”), an aggregate of 6,000,000 shares of the Company’s common stock may be issued to officers, employees, non-employee directors and consultants of the Company and its affiliates.

Awards under the 2013 Plan may be in the form of stock options, which may constitute incentive stock options, or non-qualified stock options, restricted shares, restricted stock units, performance awards, stock bonus awards, share appreciation rights and other stock-based awards. Stock options will be issued at an exercise price not less than 100% of the market value at the date of grant and expire no later than ten years after the date of grant. Stock awards typically vest over three years but vesting periods for non-employees may be longer or based on the achievement of performance goals.

Through September 30, 2015, 35,000 options and 2,745,331 restricted shares, net of forfeitures, and 831,150 shares for incentive compensation have been awarded under the 2013 Plan. A total of 2,423,519 common shares are reserved for future issuance under the 2013 Plan.

During the three and nine months ended September 30, 2015, no options were issued, exercised, or forfeited. Approximately 11,667 options vested and 99,546 options expired during the nine months ended September 30, 2015. The total future compensation cost related to non-vested stock options is estimated to be nominal as of September 30, 2015. Options outstanding at September 30, 2015 had no intrinsic value.

Stock-based compensation expense recognized in the accompanying statements of operations for the three months ended September 30, 2015 and 2014 was $0.9 million and $0.2 million, respectively. Stock-based compensation expense recognized in the accompanying statements of operations for the nine months ended September 30, 2015 and 2014 was $2.1 million and $0.6 million, respectively.