Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation Plans [Text Block]

Share-Based Compensation Plans

The shareholders and Board of Directors of BOK Financial have approved various share-based compensation plans. An independent compensation committee of the Board of Directors determines the number of awards granted to the Chief Executive Officer and other senior executives. Share-based compensation is granted to other officers and employees as determined by the Chief Executive Officer.

The following table presents stock options outstanding under these plans (in thousands, except for per share data):



	Number	Weighted- Average Exercise Price		Aggregate Intrinsic Value
Options outstanding at:
December 31, 2017	117,551	$	53.26	$	4,592
December 31, 2018	63,058	54.89		1,163
December 31, 2019	36,100	56.75		1,106
Options vested at:
December 31, 2017	51,286	$	48.62	$	2,241
December 31, 2018	33,573	53.09		679
December 31, 2019	27,193	57.08		824

No options have been awarded since 2013. At December 31, 2019, the weighted average remaining contractual life of options outstanding was 1.76 years and the weighted average remaining contractual life of vested options was 1.35 years. The aggregate intrinsic value of options exercised was $761 thousand for 2019, $2.3 million for 2018 and $3.5 million for 2017.

The Company also awards restricted stock to certain officers and employees and restricted stock units ("RSUs) to certain executives, (collectively "non-vested shares"). Vesting of all non-vested shares is subject to service requirements. Additionally, vesting of certain non-vested shares is subject to performance criteria based on changes in the Company's earnings per share relative to defined peers. The following represents a summary of the non-vested shares for the three years ended December 31, 2019 (in thousands):



	Restricted Stock				Restricted Stock Units
	Shares		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Non-vested at January 1, 2017	786,706				—
Granted	177,807		$	86.95	—	—	—
Vested	(194,419	)	63.07		—		—
Forfeited	(102,991	)	78.70		—		—
Non-vested at December 31, 2017	667,103				—
Granted	150,419		$	85.58	—		—
Vested	(242,215	)	74.85		—		—
Forfeited	(47,700	)	75.68		—		—
Non-vested at December 31, 2018	527,607				—
Granted	145,724		$	76.74	46,689		$	87.40
Vested	(114,201	)	61.28		—		—
Forfeited	(131,952	)	83.69		—		—
Non-vested at December 31, 2019	427,178				46,689

Compensation expense recognized on non-vested shares totaled $15.1 million for 2019, $3.6 million for 2018 and $23.2 million for 2017. Unrecognized compensation cost of non-vested shares totaled $14.9 million at December 31, 2019. We expect to recognize compensation expense of $9.4 million in 2020, $5.3 million in 2021, and $144 thousand in 2022.

Compensation cost for restricted stock units is variable based on the current fair value of BOK Financial common shares. Vesting of 222,164 non-vested shares may be increased or decreased based on performance criteria defined in the plan documents.