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EMPLOYEE STOCK COMPENSATION
 12 Months Ended
Dec. 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 December 31, 2020, 3,384,793 shares were available for future awards under the 2018 Omnibus Plan.
Stock-based Compensation Expense
The following table presents stock-based compensation expense and the related tax benefits for the periods indicated:
Year Ended December 31,
($ in thousands)202020192018
Stock options$4 $(8)$174 
Restricted stock awards and units5,777 5,047 6,391 
Total stock-based compensation expense$5,781 $5,039 $6,565 
Related tax benefits$1,703 $1,481 $1,929 

The following table presents unrecognized stock-based compensation expense as of December 31, 2020:
($ in thousands)Unrecognized ExpenseWeighted-Average Remaining Expected Recognition Period
Restricted stock awards and restricted stock units6,869 2.0 years
Total$6,869 2.0 years
Stock Options
We issued stock options to certain employees, officers, and directors. Stock options are issued at the closing market price immediately before the grant date and generally have a three to five year vesting period and contractual terms of seven to ten years. We recognize an income tax deduction upon exercise of a stock option to the extent taxable income is recognized by the option holder. In the case of a non-qualified stock option, the option holder recognizes taxable income based on the fair market value of the shares acquired at the time of exercise less the exercise price. There have been no stock options granted since 2016.
The weighted-average estimated fair value per share options granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions.
Year Ended December 31,
($ in thousands, except per share data)202020192018
Grant date fair value of options granted$— $— $— 
Fair value of options vested$8 $67 $160 
Total intrinsic value of options exercised$29 $87 $96 
Cash received from options exercised$— $— $— 
Weighted-average estimated fair value per share of options granted$— $— $— 
The following table represents stock option activity and weighted-average exercise price per share at and for the periods indicated:
Year Ended December 31,
202020192018
Number of SharesWeighted-Average Exercise Price per ShareNumber of SharesWeighted-Average Exercise Price per ShareNumber of SharesWeighted-Average Exercise Price per Share
Outstanding at beginning of year62,521 $13.85 186,973 $13.54 210,973 $13.99 
Exercised(7,452)$13.05 (74,836)$13.41 (24,000)$17.50 
Forfeited— $— (49,616)$13.34 — $— 
Outstanding at end of year55,069 $13.96 62,521 $13.85 186,973 $13.54 
Exercisable at end of year55,069 $13.96 60,273 $13.86 123,125 $13.67 
The following table represents changes in unvested stock options and related information at and for the periods indicated:
Year Ended December 31,
202020192018
Number of SharesWeighted-Average Exercise Price per ShareNumber of SharesWeighted-Average Exercise Price per ShareNumber of SharesWeighted-Average Exercise Price per Share
Outstanding at beginning of year
2,248 $13.75 63,848 $13.30 105,432 $13.31 
Vested(2,248)$13.75 (17,600)$13.26 (41,584)$13.32 
Forfeited— $— (44,000)$13.29 — $— 
Outstanding at end of year— $— 2,248 $13.75 63,848 $13.30 
The following table presents a summary of stock options outstanding as of December 31, 2020:
Options OutstandingOptions Exercisable
($ in thousands)Number of SharesIntrinsic ValueWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual LifeNumber of SharesIntrinsic ValueWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual Life
$10.90 to $12.12
3,672 14 $10.90 3.5 years3,672 14 $10.90 3.5 years
$12.13 to $13.35
— — $— 0.0 years— — $— 0.0 years
$13.36 to $14.58
35,232 45 $13.44 4.4 years35,232 45 $13.44 4.4 years
$14.59 to $15.81
16,165 — $15.81 0.5 years16,165 — $15.81 0.5 years
Total55,069 $59 $13.96 3.2 years55,069 $59 $13.96 3.2 years
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 profitability and other performance metrics. The actual amounts of performance-related stock released upon vesting is certified by the Compensation Committee of our Board of Directors once the pre-established profitability and other performance metrics have been achieved. We recognize an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock, when vested 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 periods indicated:
Year Ended December 31,
202020192018
Number of SharesWeighted-Average Price per ShareNumber of SharesWeighted-Average Price per ShareNumber of SharesWeighted-Average Price per Share
Outstanding at beginning of year
923,482 $15.74 833,601 $18.96 911,633 $18.73 
Granted (1)
358,593 $13.85 796,547 $14.40 650,676 $18.89 
Vested (2)
(331,998)$15.83 (273,904)$18.37 (415,994)$18.65 
Forfeited (3)
(101,775)$15.43 (432,762)$17.93 (312,714)$18.54 
Outstanding at end of year
848,302 $14.42 923,482 $15.74 833,601 $18.96 
(1)     There were 78,771, 174,935 and 306,801 performance stock units included in shares granted for the years ended December 31, 2020, 2019 and 2018.
(2)    There were 18,473, 37,572 and 44,817 performance stock units included in vested shares for the years ended December 31, 2020, 2019 and 2018
(3)    There were 24,242, 233,999 and 86,936 performance stock units included in forfeited shares for the years ended December 31, 2020, 2019 and 2018.
Stock Appreciation Rights
On August 21, 2012, we granted to the then, and now former, chief executive officer, a ten-year SAR.
The following table represents SARs activity and the weighted-average exercise price per share for the periods indicated:
Year Ended December 31,
202020192018
Number of SharesWeighted-Average Exercise Price per ShareNumber of SharesWeighted-Average Exercise Price per ShareNumber of SharesWeighted-Average Exercise Price per Share
Outstanding at beginning of year1,559,012 $11.60 1,559,012 $11.60 1,559,012 $11.60 
Outstanding at end of year1,559,012 $11.60 1,559,012 $11.60 1,559,012 $11.60 
Exercisable at end of year1,559,012 $11.60 1,559,012 $11.60 1,559,012 $11.60