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EMPLOYEE STOCK COMPENSATION | 9 Months Ended
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Sep. 30, 2019
Share-based Payment Arrangement [Abstract] |
EMPLOYEE STOCK COMPENSATION | EMPLOYEE STOCK COMPENSATION On May 31, 2018 (the Effective Date), the Company's stockholders approved the Company's 2018 Omnibus Stock Incentive Plan (2018 Omnibus Plan). As of the Effective Date, the Company discontinued granting awards under the Company’s 2013 Omnibus Incentive Plan (2013 Omnibus Plan) or any prior equity incentive plans and future stock-based compensation awards to its directors and employees will be made pursuant to the 2018 Omnibus Plan. The 2018 Omnibus Plan provides that the maximum number of shares that will be available for awards is 4,417,882, which represents the number of shares that were available for new awards under the 2013 Omnibus Plan immediately prior to the Effective Date. As of September 30, 2019, 3,623,697 shares were available for future awards. Stock-based Compensation Expense The following table presents stock-based compensation expense and the related tax benefits for the periods indicated:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Stock options |  | $ | 3 |  |  | $ | 32 |  |  | $ | (13 | ) |  | $ | 145 |
Restricted stock awards and units |  | 1,491 |  |  | 1,366 |  |  | 3,857 |  |  | 5,128 |
Total share-based compensation expense |  | $ | 1,494 |  |  | $ | 1,398 |  |  | $ | 3,844 |  |  | $ | 5,273 |
Related tax benefits |  | $ | 439 |  |  | $ | 410 |  |  | $ | 1,130 |  |  | $ | 1,546 |
The following table presents unrecognized stock-based compensation expense as of September 30, 2019:
($ in thousands) |  | Unrecognized Expense |  | Weighted-Average Remaining Expected Recognition Period
Stock option awards |  | $ | 9 |  |  | 0.8 years
Restricted stock awards and restricted stock units |  | 11,399 |  |  | 2.3 years
Total |  | $ | 11,408 |  |  | 2.3 years
Stock Options The Company has issued stock options to certain employees, officers and directors. Stock options are issued at the closing market price immediately before the grant date, and generally have a three to five year vesting period and contractual terms of seven to ten years. The Company recognizes an income tax deduction upon exercise of a stock option to the extent taxable income is recognized by the option holder. In the case of a non-qualified stock option, the option holder recognizes taxable income based on the fair market value of the shares acquired at the time of exercise less the exercise price. The following table represents stock option activity for the three months ended September 30, 2019:
|  | Three Months Ended September 30, 2019
($ in thousands except per share data) |  | Number of Shares |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contract Term |  | Aggregated Intrinsic Value
Outstanding at beginning of period |  | 135,521 |  |  | $ | 13.65 |  |  | 5.1 years |  |
Exercised |  | (73,000 | ) |  | $ | 13.47 |  |  | 5.6 years |  |
Forfeited |  | — |  |  | $ | — |  |  | 0.0 years |  |
Outstanding at end of period |  | 62,521 |  |  | $ | 13.85 |  |  | 4.6 years |  | $ | 18 |
Exercisable at end of period |  | 59,149 |  |  | $ | 13.86 |  |  | 4.5 years |  | $ | 17 |
The following table represents stock option activity for the nine months ended September 30, 2019:
|  | Nine Months Ended September 30, 2019
($ in thousands except per share data) |  | Number of Shares |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contract Term |  | Aggregated Intrinsic Value
Outstanding at beginning of period |  | 186,973 |  |  | $ | 13.54 |  |  | 5.8 years |  |  |
Exercised |  | (74,836 | ) |  | $ | 13.41 |  |  | 5.2 years |  |
Forfeited |  | (49,616 | ) |  | $ | 13.34 |  |  | 6.1 years |  |  |
Outstanding at end of period |  | 62,521 |  |  | $ | 13.85 |  |  | 4.6 years |  | $ | 18 |
Exercisable at end of period |  | 59,149 |  |  | $ | 13.86 |  |  | 4.5 years |  | $ | 17 |
The following table sets forth information regarding unvested stock options for the three and nine months ended September 30, 2019:
|  | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
|  | Number of Shares |  | Weighted-Average Exercise Price Per Share |  | Number of Shares |  | Weighted-Average Exercise Price Per Share
Outstanding at beginning of period |  | 7,848 |  |  | $ | 13.35 |  |  | 63,848 |  |  | $ | 13.30 |
Vested |  | (4,476 | ) |  | $ | 13.05 |  |  | (16,476 | ) |  | $ | 13.22 |
Forfeited |  | — |  |  | $ | — |  |  | (44,000 | ) |  | $ | 13.29 |
Outstanding at end of period |  | 3,372 |  |  | $ | 13.75 |  |  | 3,372 |  |  | $ | 13.75 |
Restricted Stock Awards and Restricted Stock Units The Company also has granted restricted stock awards and restricted stock units to certain employees, officers and directors. The restricted stock awards and units are valued at the closing price of the Company’s stock on the measurement date. The restricted stock awards and units fully vest after a specified period (generally ranging from one to five years) of continued service from the date of grant plus, in some cases, the satisfaction of performance conditions. These performance targets include conditions relating to the Company’s profitability and regulatory standing. The actual amounts of stock released upon vesting will be determined by the Compensation Committee of the Company's Board of Directors upon the Committee's certification of the satisfaction of the target level of performance. The Company recognizes an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock, generally upon vesting or, in the case of restricted stock units, when settled. The following table presents unvested restricted stock awards and restricted stock units activity for the three and nine months ended September 30, 2019:
|  | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
|  | Number of Shares |  | Weighted Average Grant Date Fair Value Per Share |  | Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of period |  | 1,106,854 |  |  | $ | 15.93 |  |  | 833,601 |  |  | $ | 19.02 |
Granted (1) |  | 49,191 |  |  | $ | 14.84 |  |  | 772,589 |  |  | $ | 14.36 |
Vested (2) |  | (25,522 | ) |  | $ | 15.11 |  |  | (240,779 | ) |  | $ | 18.54 |
Forfeited (3) |  | (63,512 | ) |  | $ | 16.62 |  |  | (298,400 | ) |  | $ | 18.64 |
Outstanding at end of period |  | 1,067,011 |  |  | $ | 15.86 |  |  | 1,067,011 |  |  | $ | 15.86 |
(1) | There were 23,540 and 174,935 performance-based shares/units included in shares granted for the three and nine months ended September 30, 2019, respectively.
(2) | There were 0 and 37,572 performance-based shares/units included in vested shares for the three and nine months ended September 30, 2019, respectively.
(3) | The number of forfeited shares includes aggregate performance-based shares/units of 28,617 and 171,150 for the three and nine months ended September 30, 2019, respectively.
Stock Appreciation Rights On August 21, 2012, the Company granted to the then-acting chief executive officer, Steven A. Sugarman, a ten-year stock appreciation right (SAR). The following table represents SARs activity and the weighted average exercise price per share as of and for the three months ended September 30, 2019:
|  | Three Months Ended September 30, 2019
($ in thousands except per share data) |  | Number of Shares |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contract Term |  | Aggregated Intrinsic Value
Outstanding at beginning of period |  | 1,559,012 |  |  | $ | 11.60 |  |  | 3.2 years |  | $ | 3,691 |
Outstanding at end of period |  | 1,559,012 |  |  | $ | 11.60 |  |  | 2.9 years |  | $ | 3,956 |
Exercisable at end of period |  | 1,559,012 |  |  | $ | 11.60 |  |  | 2.9 years |  | $ | 3,956 |
The following table represents SARs activity and the weighted average exercise price per share as of and for the nine months ended September 30, 2019:
|  | Nine Months Ended September 30,
($ in thousands except per share data) |  | Number of Shares |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contract Term |  | Aggregated Intrinsic Value
Outstanding at beginning of period |  | 1,559,012 |  |  | $ | 11.60 |  |  | 3.6 years |  | $ | 2,662 |
Outstanding at end of period |  | 1,559,012 |  |  | $ | 11.60 |  |  | 2.9 years |  | $ | 3,956 |
Exercisable at end of period |  | 1,559,012 |  |  | $ | 11.60 |  |  | 2.9 years |  | $ | 3,956 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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