Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION

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SHARE-BASED COMPENSATION
6 Months Ended
Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION

As of June 30, 2019, the Company had 703,635 share-based awards authorized by shareholders and available for grant from the 2015 Equity Incentive Plan.

The following table summarizes information related to the Company’s common stock options as of June 30, 2019:

 
Number
of Stock
Options
 
Weighted
Average
Exercise Price
Options outstanding at January 1, 2019
2,575,774

 
$
1.67

Granted
176,900

 
2.20

Exercised
(26,667
)
 
1.70

Canceled/Forfeited
(26,666
)
 
2.01

Options outstanding at June 30, 2019
2,699,341

 
$
1.70

Options exercisable at June 30, 2019
2,193,273

 
$
1.54



Share-based compensation expense totaled $107,000 and $175,000 for the three months ended June 30, 2019 and 2018, respectively, and $193,000 and $407,000 for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, there was approximately $0.4 million of unrecognized compensation cost related to unvested stock options previously granted that is expected to be recognized over a weighted-average period of approximately 1.9 years.

As compensation for their annual service, the Company issued a total of 21,524 restricted shares under the 2015 Plan with a one-year transfer restriction to certain non-executive members of its Board of Directors in May 2019.