On our shareholders approved the Delta Apparel, Inc. Stock Plan ( Stock Plan") to replace the Stock Plan, which was previously re-approved by our shareholders on and was scheduled to expire by its terms on The Stock Plan is substantially similar in both form and substance to the Stock Plan. The purpose of the Stock Plan is to continue to give our Board of Directors and its Compensation Committee the ability to offer a variety of compensatory awards designed to enhance the Company’s long-term success by encouraging stock ownership among its executives, key employees and directors. Under the Stock Plan, the Compensation Committee of our Board of Directors has the authority to determine the employees and directors to whom awards be granted and the size and type of each award and manner in which such awards will vest. The awards available under the plan consist of stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock, performance units, and other stock and cash awards. If a participant dies or becomes disabled (as defined in the Stock Plan) while employed by the Company or serving as a director, all unvested awards become fully vested. The Compensation Committee is authorized to establish the terms and conditions of awards granted under the Stock Plan, to establish, amend and rescind any rules and regulations relating to the Stock Plan, and to make any other determinations that it deems necessary. The aggregate number of shares of common stock that be delivered under the Stock Plan is plus any shares of common stock subject to outstanding awards under the Stock Plan that are subsequently forfeited or terminated for any reason before being exercised. Similar to the Stock Plan, the Stock Plan limits the number of shares that be covered by awards to any participant in a given calendar year and also limits the aggregate awards of restricted stock, restricted stock units and performance stock granted in a given calendar year. The Stock Plan terminated and the Stock Plan became effective on the date of shareholders’ approval.

 

Shares are generally issued from treasury stock upon the vesting of the restricted stock units, performance units or other awards under the Stock Plan and Stock Plan.

 

Compensation expense is recorded within SG&A in our Condensed Consolidated Statements of Operations over the vesting periods. During the -month periods ended , and , we recognized million and million, respectively, in stock-based compensation expense. During the -month periods ended and we recognized million and million, respectively, in stock-based compensation expense.

 

On restricted stock units representing shares of our common stock were granted under the Stock Plan and are eligible to vest upon the filing of our Annual Report on Form -K for the fiscal year ending and are payable in common stock.

 

On restricted stock units and performance units, each consisting of shares of our common stock, were granted under the Stock Plan and are eligible to vest upon the filing of our Annual Report on Form -K for the fiscal year ending One-half of the restricted stock units and -half of the performance units are payable in common stock with the remainder payable in cash.

 

As of , there was million of total unrecognized compensation cost related to unvested awards granted under the Stock Plan. This cost is expected to be recognized over a period of years. awards have been granted under the Stock Plan.