12. Stock-Based Compensation

The 2003 Plan

The following table presents a summary of activity for the six months ended June 30, 2018:

 

		Number of Options				Weighted Average Exercise Price				Weighted Average Contractual Life
Outstanding, January 1, 2018			24,875			$	44.45				2.57
Outstanding and expected to vest, June 30, 2018			24,875			$	44.45				2.57
Exercisable, June 30, 2018			24,875			$	44.45				2.57

During the six months ended June 30, 2018, no options were issued. We issue new common shares upon the exercise of options. Options outstanding at June 30, 2018 had no intrinsic value. At June 30, 2018, unrecognized compensation expense related to options was less than $0.1 million, which is expected to be recognized over a weighted-average period of less than one year.

The 2013 Plan

On May 1, 2018, our stockholders voted on a fourth amendment to the 2013 Plan (the “2013 Plan”) to increase the number of common shares that may be issued to officers, employees, non-employee directors and consultants of Revolution and its affiliates under the 2013 Plan to 2,600,000.

Restricted Shares

The following table presents a summary of activity for the six months ended June 30, 2018:

 

		Number of Shares				Weighted Average Grant Date Fair Value
Outstanding, January 1, 2018			223,499			$	6.46
Vested			(122,663	)		$	6.87
Outstanding and expected to vest, June 30, 2018			100,836			$	5.95

At June 30, 2018, there was $0.6 million of unrecognized compensation expense related to nonvested restricted shares, which is expected to be recognized over a weighted-average period of 1 year. The total fair value of restricted shares that vested during the six months ended June 30, 2018 and 2017 was $0.8 million and $1.1 million, respectively.

Restricted Share Units

During the six months ended June 30, 2018, we granted restricted share units to employees which vest ratably over a three-year period. These awards are classified as equity awards, and are accounted for using the fair value established at the grant date.

 

The following table presents a summary of activity for the six months ended June 30, 2018:

 

		Number of Units				Weighted Average Grant Date Fair Value
Outstanding, January 1, 2018			242,684			$	7.17
Granted			243,062				4.04
Vested			(65,918	)			3.85
Forfeited			(48,150	)			6.97
Outstanding and expected to vest, June 30, 2018			371,678			$	5.43

At June 30, 2018, there was $2.0 million of unrecognized compensation expense related to nonvested restricted share units, which is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of restricted shares that vested was $0.3 million and $0.4 million for the six months ended June 30, 2018 and 2017, respectively.