NOTE 12—STOCK-BASED COMPENSATION PLANS

During the first quarter of 2019, the Company granted 21,500 service-based restricted stock units and 21,500 performance-based restricted stock units, both out of treasury stock, at a grant date fair value of $2.60 per share and $0.75 per share, respectively. The service-based restricted stock units will vest ratably over a period of three years; the performance-based restricted stock units will vest, in whole or in part, if the stock price goal is met on or before June 30, 2021. The fair value of the performance-based restricted stock units is estimated using the Monte Carlo simulation model.

During the first quarter of 2019, the Company granted 32,653 service-based restricted stock awards out of treasury stock to each of its four non-employee directors, which vest in four equal annual installments on January 22 of each of 2020, 2021, 2022 and 2023.

During the first quarter of 2018, no awards were granted under the Company’s stock-based compensation plans.

Stock-based compensation expense for the three months ended March 31, 2019 and 2018 was $0.3 million and $0.2 million, respectively, and was included in general and administrative expenses on the Company’s condensed consolidated statements of operations.