pre_text: Stock Option Activity - The weighted-average fair value of options granted during the years ended December 31, 2019, 2018 and 2017, as determined under the Black-Scholes-Merton valuation model, was $12.07, $10.42 and $6.75, respectively. Option grants that vested during the years ended December 31, 2019, 2018 and 2017 had a combined fair value of $2.5 million, $1.5 million and $1.7 million, respectively. The following table summarizes stock option activity for the years ended December 31, 2019, 2018 and 2017:
table: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Weighted Average Remaining Contractual Life
table: Stock options outstanding at December 31, 2016 1,160,419 $29.93 $14,299
table: Granted 534,030 $42.90
table: Exercised (463,800) $29.34 $7,203
table: Cancelled and expired (61,241) $33.80
table: Stock options outstanding at December 31, 2017 1,169,408 $35.88 $16,731
table: Granted 466,828 $54.87
table: Exercised (420,524) $30.05 $12,411
table: Cancelled and expired (122,312) $43.85
table: Stock options outstanding at December 31, 2018 1,093,400 $45.34 $8,776
table: Granted 489,947 $63.87
table: Exercised (338,748) $37.94 $9,641
table: Cancelled and expired (108,504) $51.21
table: Stock options outstanding at December 31, 2019 1,136,095 $54.98 $28,291 4 years
table: Stock options exercisable at December 31, 2019 290,540 $44.90 $10,163 3 years
question: Analyse this data from a financial earnings document. What is the total value of stock options outstanding on December 31, 2018?