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EMPLOYEE STOCK COMPENSATION
 9 Months Ended
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