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EMPLOYEE STOCK COMPENSATION
 12 Months Ended
Dec. 31, 2021
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, 2021, 3,225,908 shares were available for future awards under the 2018 Omnibus Plan. While the 2018 Omnibus Plan allows for various equity instruments, the Company has transitioned to granting restricted stock awards and restricted stock units in recent years versus issuing stock options.
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)202120202019
Restricted stock awards and units5,295 5,777 5,047 
Stock options— 4 (8)
Total stock-based compensation expense$5,295 $5,781 $5,039 
Related tax benefits$1,530 $1,703 $1,481 

The following table presents unrecognized stock-based compensation expense as of December 31, 2021:
($ in thousands)Unrecognized ExpenseWeighted-Average Remaining Expected Recognition Period
Restricted stock awards and restricted stock units6,045 2.0 years
Restricted Stock Awards and Restricted Stock Units
We grant 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 units 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, generally when vested or settled. The following table presents unvested restricted stock awards and restricted stock units activity for the periods indicated:
Year Ended December 31,
202120202019
Number of SharesWeighted-Average Price per ShareNumber of SharesWeighted-Average Price per ShareNumber of SharesWeighted-Average Price per Share
Outstanding at beginning of year
848,302 $14.42 923,482 $15.74 833,601 $18.96 
Granted (1)
297,592 $19.88 358,593 $13.85 796,547 $14.40 
Vested (2)
(388,387)$14.01 (331,998)$15.83 (273,904)$18.37 
Forfeited (3)
(108,497)$14.40 (101,775)$15.43 (432,762)$17.93 
Outstanding at end of year
649,010 $17.17 848,302 $14.42 923,482 $15.74 
(1)     There were 66,472, 78,771 and 174,935 performance stock units included in shares granted for the years ended December 31, 2021, 2020 and 2019.
(2)    There were 77,327, 18,473 and 37,572 performance stock units included in vested shares for the years ended December 31, 2021, 2020 and 2019
(3)    There were 48,803, 24,242 and 233,999 performance stock units included in forfeited shares for the years ended December 31, 2021, 2020 and 2019.
Stock Options
We have issued stock options to certain employees, officers, and directors. Stock options are issued at the closing market price immediately before the grant date and generally have a three to five year vesting period and contractual terms of seven to ten years. We recognize an income tax deduction upon exercise of a stock option to the extent taxable income is recognized by the option holder. In the case of a non-qualified stock option, the option holder recognizes taxable income based on the fair market value of the shares acquired at the time of exercise less the exercise price. There have been no stock options granted since 2016.
Year Ended December 31,
($ in thousands, except per share data)202120202019
Fair value of options vested$— $8 $67 
Total intrinsic value of options exercised$191 $29 $87 
Cash received from options exercised$300 $— $— 
The following table represents vested stock option activity and weighted-average exercise price per share at and for the periods indicated:
Year Ended December 31,
202120202019
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 year55,069 $13.96 62,521 $13.85 186,973 $13.54 
Exercised(40,165)$14.30 (7,452)$13.05 (74,836)$13.41 
Forfeited— $— — $— (49,616)$13.34 
Outstanding at end of year14,904 $13.05 55,069 $13.96 62,521 $13.85 
Exercisable at end of year14,904 $13.05 55,069 $13.96 60,273 $13.86 
The following table represents changes in unvested stock options and related information at and for the periods indicated:
Year Ended December 31,
202120202019
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 
Vested— $— (2,248)$13.75 (17,600)$13.26 
Forfeited— $— — $— (44,000)$13.29 
Outstanding at end of year— $— — $— 2,248 $13.75 
The following table presents a summary of stock options outstanding as of December 31, 2021:
Options OutstandingOptions Exercisable
($ 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 $12.33
3,672 32 $10.90 2.5 years3,672 32 $10.90 2.5 years
$12.34 to $13.75
11,232 66 $13.75 3.5 years11,232 66 $13.75 3.5 years
Total14,904 $98 $13.05 3.3 years14,904 $98 $13.05 3.3 years
Stock Appreciation Rights
On August 21, 2012, we granted to the then, and now former, chief executive officer, ten-year stock appreciation rights (“SARs”), which were fully exercised during the first quarter of 2021 resulting in the issuance of 305,772 shares of voting common stock. In connection with the exercise of the SARs, we recognized a tax benefit of $2.1 million (refer to Note 13 - Income Taxes). There are no outstanding SARs at December 31, 2021. The following table represents SARs activity and the weighted average exercise price per share as of and for the periods indicated:
Year Ended December 31,
202120202019
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 
Exercised(1,559,012)$11.60 — $— — $— 
Outstanding at end of year— $— 1,559,012 $11.60 1,559,012 $11.60 
Exercisable at end of year— $— 1,559,012 $11.60 1,559,012 $11.60