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EMPLOYEE STOCK COMPENSATION
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
EMPLOYEE STOCK COMPENSATION EMPLOYEE STOCK COMPENSATION
On May 31, 2018, our stockholders approved the Company's 2018 Omnibus Stock Incentive Plan (2018 Omnibus Plan). The 2018 Omnibus Plan provides that the maximum number of shares available for awards is 4,417,882. As of March 31, 2020, 3,435,596 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 March 31,
($ in thousands)
 
2020
 
2019
Stock options
 
$
2

 
$
8

Restricted stock awards and units
 
1,574

 
845

Total share-based compensation expense
 
$
1,576

 
$
853

Related tax benefits
 
$
464

 
$
251


The following table presents unrecognized stock-based compensation expense as of March 31, 2020:
($ in thousands)
 
Unrecognized Expense
 
Weighted-Average Remaining Expected Recognition Period
Stock option awards
 
$
2

 
0.2 years
Restricted stock awards and restricted stock units
 
10,447

 
2.5 years
Total
 
$
10,449

 
2.5 years

Stock Options
We 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. We recognize 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 March 31, 2020:
 
 
Three Months Ended March 31, 2020
($ 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
 
62,521

 
$
13.85

 
4.3 years
 
 
Exercised
 
(7,452
)
 
$
13.05

 
5.2 years
 
 
Outstanding at end of period
 
55,069

 
$
13.96

 
4.0 years
 
$
(344
)
Exercisable at end of period
 
52,821

 
$
13.97

 
3.9 years
 
$
(330
)

The following table sets forth information regarding unvested stock options for the three months ended March 31, 2020:
 
 
Three Months Ended March 31, 2020
 
 
Number of Shares
 
Weighted-Average Exercise Price Per Share
Outstanding at beginning of period
 
2,248

 
$
13.75

Vested
 
—

 
$
—

Forfeited
 
—

 
$
—

Outstanding at end of period
 
2,248

 
$
13.75


Restricted Stock Awards and Restricted Stock Units
We also have 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 our 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 our profitability and regulatory standing. The actual amounts of stock released upon vesting will be determined by the Compensation Committee of our Board of Directors upon the Committee's certification of the satisfaction of the target level of performance. We recognize 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 months ended March 31, 2020:
 
 
Three Months Ended March 31, 2020
 
 
Number of Shares
 
Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of period
 
923,482

 
$
15.74

Granted (1)
 
269,138

 
$
15.33

Vested (2)
 
(62,333
)
 
$
15.44

Forfeited (3)
 
(47,180
)
 
$
15.92

Outstanding at end of period
 
1,083,107

 
$
15.65


(1)
There were 78,771 performance-based shares/units included in shares granted for the three months ended March 31, 2020.
(2)
There were 5,399 performance-based shares/units included in vested shares for the three months ended March 31, 2020.
(3)
The number of forfeited shares includes aggregate performance-based shares/units of 15,622 for the three months ended March 31, 2020.
Stock Appreciation Rights
On August 21, 2012, we granted to the then, and now former chief executive officer, 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 March 31, 2020:
 
 
Three Months Ended March 31, 2020
($ 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

 
2.6 years
 
$
8,508

Outstanding at end of period
 
1,559,012

 
$
11.60

 
2.4 years
 
$
(6,503
)
Exercisable at end of period
 
1,559,012

 
$
11.60

 
2.4 years
 
$
(6,503
)