Note 15. Stock-Based Awards

Effective on November 8, 2017, the Company’s Board of Directors adopted the 2017 Ominbus Incentive Plan (“2017 Plan”) which provides for up to an additional 3,000,000 common stock shares available for issuance to provide for long-term incentive for officers, employees directors and/or consultants to directly link incentives to stockholder value. The Company’s 2017 Plan provides for awards of common stock in the form of incentive stock options, non-qualified stock options, SARs, restricted stock, performance shares or other stock-based awards. The 2017 Plan was approved by written consent by stockholders holding a majority of voting power. Awards are discretionary and are determined by a majority of the independent directors of the Board of Directors. The exercise price of stock options are equal to the fair market value of the underlying Common Stock on the date of grant. The options vest on the anniversary of the grant over a four-year term.

The fair value of the option grants was estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table.

The following table summarizes stock option award activity during 2017:

Stock compensation expense related to the options totaled approximately $108 for the year ended December 31, 2017. No stock compensation expense related to options was recorded for the year ended December 31, 2016.

As of December 31, 2017, the Company had unrecognized compensation expense related to stock options, of $167. This expense will be recognized over a weighted-average number of years of 3.7, based on the average remaining service periods for the awards.

The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $9.92 on the last trading day of 2017 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of during 2017. The amount of aggregate intrinsic value will change based on the price of the Company’s Common Stock.

The weighted-average grant-date fair value of the option grants was $6.68. There were no additional stock options granted, exercised or forfeited for the year ended December 31, 2017.

As of December 31, 2017, there were 2,952,130 common shares available for issuance under the 2017 Plan.

Warrants

The Company accounts for common stock warrants as equity instruments As of December 31, 2017, warrants outstanding are as follows:

A summary of the warrant activity the years ended December 31, 2017 and 2016 is as follows: