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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Equity-Based Compensation
In February 2019, the Company's Board of Directors approved the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the “2019 Plan”), under which non-qualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based cash awards may be granted to employees, consultants and non-employee directors. The 2019 Plan is the successor to the Company's Amended and Restated 2006 Stock Incentive Plan, as amended (the "2006 Plan"), the term of which expired on April 6, 2019. The Company's stockholders approved the 2019 Plan at the Company's annual meeting of stockholders held on May 24, 2019.

The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:

Common stock authorized11,000,000  
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards(1,956,852) 
Common stock available for grant of stock-based awards as of June 30, 20209,043,148  
Total equity-based compensation for the three and six months ended June 30, 2020 and 2019 is as follows:

 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Restricted stock$4,627  $4,938  $9,491  $9,555  
Stock options894  999  1,716  2,053  
Total$5,521  $5,937  $11,207  $11,608  

Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income.

Stock Options
 
Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2020 and 2019 are as follows:

 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Proceeds from stock options exercised$86  $1,077  $960  $1,799  
Intrinsic value of stock options exercised$21  $513  $758  $842  

During the three and six months ended June 30, 2020, options to purchase approximately 121,683 shares of common stock with a weighted average exercise price of $30.42 and options to purchase approximately 510,162 shares of common stock with a weighted average exercise price of $27.09 vested, respectively. During the three and six months ended June 30, 2019, options to purchase approximately 77,075 shares of common stock with a weighted average exercise price of $33.77 and options to purchase approximately 480,762 shares of common stock with a weighted average exercise price of $27.68 vested, respectively. As of June 30, 2020, there were unvested options relating to 870,188 shares of common stock outstanding with a total of $5,625 of unrecognized compensation cost and an average vesting period of 1.6 years.

The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2020 and 2019:

 20202019
Volatility33.9% to 50.0%32.0% to 33.4%
Risk free interest rate0.2% to 1.6%2.3% to 2.5%
Expected life in years3.0 to 5.03.0 to 5.0
Dividend yield1.3%1.7%
Weighted average fair value$10.16$8.31
Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2020 is as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding at January 1, 20202,802,000  $26.85    
Granted499,000  34.61    
Exercised(52,000) 20.58    
Forfeited(317,000) 38.94    
Outstanding at June 30, 20202,932,000  $26.97  3.7 years$686  
Exercisable at June 30, 20202,062,000  $27.21  3.6 years$620  

Restricted Stock
 
The following table summarizes restricted stock activity during the six months ended June 30, 2020 and 2019:

 20202019
 Number of SharesWeighted Average Fair Value at Grant DateNumber of SharesWeighted Average Fair Value at Grant Date
Outstanding at January 1,4,427,000  $19.84  5,135,000  $18.42  
Granted402,000  33.63  625,000  32.56  
Vested(311,000) 27.72  (281,000) 26.03  
Forfeited(35,000) 26.40  (15,000) 26.86  
Outstanding at June 30,4,483,000  $20.48  5,464,000  $19.60  

As of June 30, 2020, the Company had $57,085 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average period of 3.8 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.

On June 30, 2020, pursuant to his employment agreement with the Company, Mr. Madden was granted an option to purchase 225,000 shares of the Company's common stock at an exercise price of $24.83 per share, which option will vest in four equal installments commencing on September 30, 2020 and ending on June 30, 2021. As of June 30, 2020, the Company's founder and Creative and Design Chief, Mr. Madden, had unvested options to purchase 675,000 shares of the Company's common stock and 3,347,390 restricted shares of the Company's common stock.