In the months ended the Company granted stock options to employees with exercise prices ranging from -  

 

Upon the completion of the Company’s IPO in its stock trading price became the basis of fair value of its common stock used in determining the value of share-based awards. To the extent the value of the Company’s share-based awards involves a measure of volatility, it will rely upon the volatilities from publicly traded companies with similar business models until its common stock has accumulated enough trading history for it to utilize its own historical volatility. The expected life of the options granted is based on the average of the vesting term and the contractual term of the option. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury -year yield curve in effect at the date of the grant. 

 

The Company has computed the fair value of all options granted during the months ended and using the following assumptions:

 

		Three Months Ended March 31,
		2018				2017
Expected volatility		42%	-	43%			42%
Expected dividends			None				None
Expected term (years)			7				7
Risk-free rate		2.53%	to	2.63%		2.10%	to	2.14%
Forfeiture rate			20	%			20%

 

The information below summarizes the stock options activity:

 

		Number of Shares				Weighted Average Exercise Price				Weighted Average Fair  Value				Weighted Average Remaining Contractual Life
Outstanding at December 31, 2016			953,075			$	3.66			$	1.86				6.9
Granted at market price			295,286				4.31
Exercised			(206,875	)			1.76
Cancelled			(37,570	)			5.11
Outstanding at December 31, 2017			1,003,916			$	4.18			$	1.87				8.1
Granted at market price			60,000				5.89
Exercised			(7,500	)			3.11
Cancelled			(2,605	)			5.03
Outstanding at March 31, 2018			1,053,811			$	4.29			$	1.93				8.0
Exercisable at March 31, 2018			476,601			$	4.77			$	2.07				7.6

 

The intrinsic value of the Company’s stock options outstanding was at

 

For the months ended and stock-based compensation expense for stock options was and respectively.  Unrecognized stock-based compensation expense for stock options as of was which is expected to be recognized ratably over the next years.

 

 

The information below summaries the restricted stock activity:

 

Restricted Stock Awards		Shares
Outstanding at December 31, 2017			63,700
Awards granted			-
Awards vested			-
Awards forfeited			-
Outstanding at March 31, 2018			63,700

 

For the months ended and stock-based compensation expense for restricted stock was and respectively. Unrecognized stock-based compensation expense for restricted stock awards as of was the majority of which will be recognized on