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LONG-TERM INCENTIVE PLANS | 12 Months Ended
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Dec. 31, 2019
LONG-TERM INCENTIVE PLANS |
LONG-TERM INCENTIVE PLANS | NOTE 27 — LONG-TERM INCENTIVE PLANS a) Restricted Shares and Performance Shares Summary:
Balance on January 1, 2017 |  | 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
Granted |  | 2,647,995
Cancelled |  | (2,104,754)
Exercised |  | (1,786,335)
Balance on December 31, 2019 |  | 13,018,407
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, 2019 were R$ 43,895 (R$ 41,186 on December 31, 2018). As of December 31, 2019, the Company has a total of 19,020,418 preferred shares in treasury and, according to note 24, these shares may be used for serving this plan. b) Stock Options Plan:
|  | 2019 |  | 2018 |  | 2017
|  |  |  | 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 |  | 15,480 |  | 16.72 |  | 292,391 |  | 17.91 |  | 569,115 |  | 16.64
Options Exercised |  | — |  | — |  | (33,499) |  | 14.86 |  | — |  | —
Options Forfeited |  | (15,480) |  | 16.72 |  | (243,412) |  | 18.62 |  | (276,724) |  | 15.11
Available at the end of the year |  | — |  | 16.72 |  | 15,480 |  | 16.72 |  | 292,391 |  | 17.91

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