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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | Note 20 -- Stock-Based Compensation Incentive Plans The Company currently has outstanding stock-based awards granted under the 2012 Omnibus Incentive Plan which is currently active and available for future grants. At September 30, 2020, there were 1,473,851 shares available for grant. Stock Options Stock options granted and outstanding under the incentive plans vest over periods ranging from immediately vested to five years and are exercisable over the contractual term of ten years. A summary of the stock option activity for the three and nine months ended September 30, 2020 and 2019 is as follows (option amounts not in thousands):
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |
|  |  |  |  |  | Average |  |  | Remaining |  | Aggregate |
|  | Number of |  |  | Exercise |  |  | Contractual |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term |  | Value |
Outstanding at January 1, 2020 |  |  | 340,000 |  |  | $ | 43.21 |  |  | 7.9 years |  | $ | 1,657 |
Granted |  |  | 110,000 |  |  | $ | 48.00 |  |  |  |  |  |  |
Exercised |  |  | (10,000 | ) |  | $ | 6.30 |  |  |  |  |  |  |
Outstanding at March 31, 2020 |  |  | 440,000 |  |  | $ | 45.25 |  |  | 8.3 years |  | $ | — |
Outstanding at June 30, 2020 |  |  | 440,000 |  |  | $ | 45.25 |  |  | 8.1 years |  | $ | 1,184 |
Outstanding at September 30, 2020 |  |  | 440,000 |  |  | $ | 45.25 |  |  | 7.8 years |  | $ | 2,321 |
Exercisable at September 30, 2020 |  |  | 165,000 |  |  | $ | 42.17 |  |  | 7.0 years |  | $ | 1,334 |
Outstanding at January 1, 2019 |  |  | 240,000 |  |  | $ | 37.19 |  |  | 8.8 years |  | $ | 3,278 |
Granted |  |  | 110,000 |  |  | $ | 53.00 |  |  |  |  |  |  |
Outstanding at March 31, 2019 |  |  | 350,000 |  |  | $ | 42.16 |  |  | 8.5 years |  | $ | 1,329 |
Exercised |  |  | (10,000 | ) |  | $ | 6.30 |  |  |  |  |  |  |
Outstanding at June 30, 2019 |  |  | 340,000 |  |  | $ | 43.21 |  |  | 8.4 years |  | $ | 445 |
Outstanding at September 30, 2019 |  |  | 340,000 |  |  | $ | 43.21 |  |  | 8.1 years |  | $ | 1,057 |
Exercisable at September 30, 2019 |  |  | 92,500 |  |  | $ | 36.36 |  |  | 7.0 years |  | $ | 627 |
The following table summarizes information about options exercised for the three and nine months ended September 30, 2020 and 2019 (option amounts not in thousands):
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2020 |  |  | 2019 |  | 2020 |  |  | 2019 |
Options exercised |  |  | — |  |  |  | — |  |  | 10,000 |  |  |  | 10,000 |
Total intrinsic value of exercised options |  | $ | — |  |  | $ | — |  | $ | 288 |  |  | $ | 347 |
Tax benefits realized |  | $ | — |  |  | $ | (3 | ) | $ | 71 |  |  | $ | 85 |
For the three months ended September 30, 2020 and 2019, the Company recognized $300 and $222, respectively, of compensation expense which was included in general and administrative personnel expenses. For the nine months ended September 30, 2020 and 2019, the Company recognized $880 and $647, respectively, of compensation expense. Deferred tax benefits related to stock options were $19 and $18 for the three months ended September 30, 2020 and 2019, respectively, and $57 for each of the nine months ended September 30, 2020 and 2019, respectively. The Company recognized a reduction in realized tax benefit of $3 in September 2019 resulting from the change in the Florida corporate income tax rate described in Note 17 – “Income Taxes.” At September 30, 2020 and December 31, 2019, there was $2,189 and $1,835, respectively, of unrecognized compensation expense related to nonvested stock options. The Company expects to recognize the remaining compensation expense over a weighted-average period of 2.5 years. The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the nine months ended September 30, 2020 and 2019:
|  | 2020 |  |  | 2019 |
Expected dividend yield |  |  | 3.48 | % |  |  | 3.34 | %
Expected volatility |  |  | 38.68 | % |  |  | 40.17 | %
Risk-free interest rate |  |  | 1.63 | % |  |  | 2.53 | %
Expected life (in years) |  |  | 5 |  |  |  | 5 |
Restricted Stock Awards From time to time, the Company has granted and may grant restricted stock awards to its executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The determination of fair value with respect to the awards containing only service-based conditions is based on the market value of the Company’s common stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the three and nine months ended September 30, 2020 and 2019 is as follows:
|  | Number of |  |  | Weighted |
|  | Restricted |  |  | Average |
|  | Stock |  |  | Grant Date |
|  | Awards |  |  | Fair Value |
Nonvested at January 1, 2020 |  |  | 396,760 |  |  | $ | 41.71 |
Granted |  |  | 45,000 |  |  | $ | 44.97 |
Vested |  |  | (31,250 | ) |  | $ | 40.97 |
Forfeited |  |  | (7,138 | ) |  | $ | 42.60 |
Nonvested at March 31, 2020 |  |  | 403,372 |  |  | $ | 42.12 |
Granted |  |  | 145,000 |  |  | $ | 45.59 |
Vested |  |  | (104,926 | ) |  | $ | 41.16 |
Forfeited |  |  | (5,220 | ) |  | $ | 43.75 |
Nonvested at June 30, 2020 |  |  | 438,226 |  |  | $ | 43.48 |
Granted |  |  | 2,680 |  |  | $ | 54.36 |
Vested |  |  | (625 | ) |  | $ | 41.02 |
Forfeited |  |  | (2,369 | ) |  | $ | 45.60 |
Nonvested at September 30, 2020 |  |  | 437,912 |  |  | $ | 43.54 |
Nonvested at January 1, 2019 |  |  | 632,296 |  |  | $ | 33.33 |
Granted |  |  | 40,000 |  |  | $ | 47.94 |
Vested |  |  | (21,250 | ) |  | $ | 37.69 |
Forfeited |  |  | (4,681 | ) |  | $ | 42.79 |
Nonvested at March 31, 2019 |  |  | 646,365 |  |  | $ | 34.03 |
Granted |  |  | 133,160 |  |  | $ | 41.30 |
Vested |  |  | (84,914 | ) |  | $ | 41.58 |
Forfeited |  |  | (264,211 | ) |  | $ | 23.81 |
Nonvested at June 30, 2019 |  |  | 430,400 |  |  | $ | 41.06 |
Granted |  |  | 7,244 |  |  | $ | 41.76 |
Forfeited |  |  | (2,351 | ) |  | $ | 41.97 |
Nonvested at September 30, 2019 |  |  | 435,293 |  |  | $ | 41.07 |
The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $1,862 and $1,524 for the three months ended September 30, 2020 and 2019, respectively, and $5,142 and $4,047 for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020 and December 31, 2019, there was approximately $15,658 and $12,661, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 2.8 years. The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the three and nine months ended September 30, 2020 and 2019.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Deferred tax benefits recognized |  | $ | 353 |  |  | $ | 282 |  |  | $ | 956 |  |  | $ | 772 |
Tax benefits realized for restricted stock and paid dividends |  | $ | 47 |  |  | $ | 1 |  |  | $ | 1,286 |  |  | $ | 986 |
Fair value of vested restricted stock |  | $ | 26 |  |  | $ | — |  |  | $ | 5,625 |  |  | $ | 4,331 |
During 2019, all shares of restricted stock awards granted to employee and nonemployee directors with market-based vesting conditions were forfeited due to not meeting the vesting conditions. The dividend payments associated with these awards were expensed when declared. As a result, for the three months ended September 30, 2019, the Company recognized dividends of $10 related to these awards in other operating expenses. For the nine months ended September 30, 2019, the Company recognized dividends of $237 in general and administrative personnel expenses for $170 and in other operating expenses for $67.

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