Table:
|  | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term (in Years) |
| --- | --- | --- | --- |
| Outstanding at September 30, 2016 | 3,015,374 | $3.95 | 6.4 |
| Granted | 147,800 | $7.06 |  |
| Exercised | (235,514) | $2.92 |  |
| Canceled | (81,794) | $3.59 |  |
| Outstanding at September 30, 2017 | 2,845,866 | $4.21 | 5.4 |
| Granted | 299,397 | $8.60 |  |
| Exercised | (250,823) | $2.96 |  |
| Canceled | (88,076) | $5.23 |  |
| Outstanding at September 30, 2018 | 2,806,364 | $4.75 | 4.6 |
| Granted | 409,368 | $9.59 |  |
| Exercised | (1,384,647) | $3.25 |  |
| Canceled | (144,183) | $6.62 |  |
| Outstanding at September 30, 2019 | 1,686,902 | 7.00 | 5.4 |
Paragraphs:
Stock Options
The following table summarizes stock option activity under the Company’s stock option plans during the fiscal years ended September 30, 2019, 2018, and 2017:
The Company recognized $0.7 million, $1.4 million, and $1.0 million in stock-based compensation expense related to outstanding stock options in the fiscal years ended September 30, 2019, 2018, and 2017, respectively. As of September 30, 2019, the Company had $2.0 million of unrecognized compensation expense related to outstanding stock options expected to be recognized over a weighted-average period of approximately three years.
Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted-average exercise price, multiplied by the number of options outstanding and exercisable. The total intrinsic value of options exercised during the fiscal years ended September 30, 2019, 2018, and 2017 was $11.1 million, $1.4 million, and $1.4 million, respectively. The per-share weighted-average fair value of options granted during the fiscal years ended September 30, 2019, 2018, and 2017 was $5.07, $4.56, and $4.28, respectively. The aggregate intrinsic value of options outstanding as of September 30, 2019 and 2018, was $4.9 million and $8.7 million, respectively.
Question:
What is aggregate intrinsic value?
Answer: the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted-average exercise price, multiplied by the number of options outstanding and exercisable