NOTE J – Stock Based Compensation Plan

As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2018 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans.

The following table summarizes our award activity during the nine months ended September 30, 2019:

	Service-Based Restricted Stock Awards					Performance-Based Restricted Stock Awards					Stock-Settled Appreciation Rights
	Shares or Units			Weighted- Average Award Price		Shares or Units			Weighted- Average Award Price		Rights		Weighted- Average Award Price
Outstanding at December 31, 2018		249,142		$	22.05		209,754		$	21.56		57,000	$	18.14
Granted/Issued		136,868			20.24		113,522			20.29		—		—
Awards vested or rights exercised⁽¹⁾		(124,544	)		22.32		(57,351	)		18.93		—		—
Forfeited		(17,986	)		21.28		(51,116	)		22.45		—		—
Outstanding at September 30, 2019		243,480		$	20.95		214,809		$	21.38		57,000	$	18.14
Exercisable at September 30, 2019		—			—		—			—		57,000	$	18.14
Awards expected to vest		243,480		$	20.95		144,561		$	21.90		—		—

(1)	Includes shares repurchased from employees for employee’s tax liability.

The aggregate intrinsic value of outstanding restricted stock awards was $4.9 million at September 30, 2019. The restrictions on the service-based awards generally lapse or vest annually, primarily over four-year periods.

The total fair value of performance-based restricted stock awards that vested during the nine months ended September 30, 2019 was $1.4 million. The aggregate intrinsic value of outstanding performance awards at September 30, 2019 expected to vest was $2.9 million. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date.

The fair value for stock-settled appreciation rights were estimated at the date of grant using a BlackScholes pricing model. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at September 30, 2019 was $0.1 million.

The compensation for all awards is being charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis, and for the nine months ended September 30, 2019 and 2018 was approximately $2.7 million and $3.8 million, respectively. Forfeitures are recognized as they occur. As of September 30, 2019, the total compensation cost related to unvested equity awards was approximately $4.7 million and is expected to be recognized over a weighted-average period of 2.2 years.