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LONG-TERM INCENTIVE PLANS | 12 Months Ended
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Dec. 31, 2018
LONG-TERM INCENTIVE PLANS |
LONG-TERM INCENTIVE PLANS | NOTE 25 — LONG-TERM INCENTIVE PLANS a) Restricted Shares and Performance Shares Summary:
Balance on January 1, 2016 |  | 12,525,256
Granted |  | 13,357,922
Cancelled |  | (3,046,593)
Exercised |  | (2,403,094)
Balance on December 31, 2016 |  | 20,433,491
Granted |  | 3,170,952
Cancelled |  | (1,901,782)
Exercised |  | (2,727,577)
Balance on December 31, 2017 |  | 18,975,084
Granted |  | 2,411,345
Cancelled |  | (3,150,635)
Exercised |  | (3,974,293)
Balance on December 31, 2018 |  | 14,261,501
The Company recognizes the cost of the long-term incentive plan through Restricted Shares and Performance Shares based on the fair value of the options granted on the grant date during the vesting period of each grant. The grace period for the year is 3 years for grants made as from 2017 and 5 years for grants made up to 2016. The costs with long-term incentive plans recognized in the income statement on December 31, 2018 were R$ 41,186 (R$ 25,403 on December 31, 2017). As of December 31, 2018 the Company has a total of 21,797,490 preferred shares in treasury and, according to note 22, these shares may be used for serving this plan. b) Stock Options Plan:
|  | 2018 |  | 2017 |  | 2016
|  |  |  | Average exercise |  |  |  | Average exercise |  |  |  | Average exercise
|  | Number of shares |  | price in the year |  | Number of shares |  | price in the year |  | Number of shares |  | price in the year
|  |  |  | R$ |  |  |  | R$ |  |  |  | R$
Available at beginning of the year |  | 292,391 |  | 17.91 |  | 569,115 |  | 16.64 |  | 1,074,246 |  | 18.36
Options Exercised |  | (33,499) |  | 14.86 |  | — |  | — |  | — |  | —
Options Forfeited |  | (243,412) |  | 18.62 |  | (276,724) |  | 15.11 |  | (505,131) |  | 20.49
Available at the end of the year |  | 15,480 |  | 16.72 |  | 292,391 |  | 17.91 |  | 569,115 |  | 16.64
The average market price of the share in the year ended December 31, 2018 was R$ 15.70 (R$ 11.19 and R$ 11.68 in the years ended on December 31, 2017 and 2016, respectively).
|  |  |  |  |  |  |  | Number
|  |  |  | Average period of |  | Average |  | exercisable at
Exercise price |  | Quantity |  | grace (in years) |  | exercise price |  | December 31, 2018*
|  |  |  |  |  | R$ |  |
R$ 16.86 |  | 10,754 |  | 0.2 |  | 15.90 |  | 10,754
R$ 18.58 |  | 4,726 |  | 4.0 |  | 18.58 |  | 4,726
|  | 15,480 |  |  |  |  |  | 15,480
*The total of options vested that are exercisable on December 31, 2018 is 15,480 (57,668 and 57,678 on December 31, 2017 and 2016).

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