Equity-Based Compensation Plan

12 Months Ended

Dec. 31, 2019

Equity-Based Compensation Plan [Abstract]

NOTE 22 – EQUITY-BASED COMPENSATION PLAN

The Omnibus Plan provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and dividend equivalents, as well as equity-based performance awards.

The activity in outstanding options for the years ended December 31, 2019, 2018, and 2017 is set forth below:

	Year Ended December 31,
	2019			2018			2017
		Weighted			Weighted			Weighted
	Number	Average		Number	Average		Number	Average
	Of	Exercise		Of	Exercise		Of	Exercise
	Options	Price		Options	Price		Options	Price
Beginning of year	739,326	$	14.28	845,619	$	14.14	917,269	$	14.08
Options granted	-		-	-		-	-		-
Options exercised	(105,032)		12.32	(101,268)		13.41	(71,150)		12.96
Options forfeited	-		-	(5,025)		17.08	(500)		15.23
End of year	634,294	$	14.60	739,326	$	14.28	845,619	$	14.14

The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2019:

	Outstanding					Exercisable
					Weighted
					Average
			Weighted		Contract Life			Weighted
	Number of		Average		Remaining	Number of		Average
Range of Exercise Prices	Options		Exercise Price		(Years)	Options		Exercise Price
$5.63 to $8.45		-		-	-		3,532		8.28
11.27 to 14.08		233,994		11.88	1.5		313,394		11.81
14.09 to 16.90		244,625		15.39	3.7		228,625		15.29
16.91 to 19.71		155,675		17.00	5.2		78,362		17.44
		634,294	$	14.60	3.9		623,913	$	13.77
Aggregate Intrinsic Value	$	5,714,603				$	1,754,258

There were no options granted during 2019, 2018 and 2017. The average fair value of each option granted would have been estimated at the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no restrictions and are fully transferable and negotiable in a free trading market. Black-Scholes does not consider the employment, transfer or vesting restrictions that are inherent in Oriental’s stock options. Use of an option valuation model, as required by GAAP, includes highly subjective assumptions based on long-term predictions, including the expected stock price volatility and average life of each option grant.

The following table summarizes the activity in restricted units under the Omnibus Plan for the years ended December 31, 2019, 2018 and 2017:

	Year Ended December 31,
	2019			2018			2017
		Weighted			Weighted			Weighted
		Average			Average			Average
	Restricted	Grant Date		Restricted	Grant Date		Restricted	Grant Date
	Units	Fair Value		Units	Fair Value		Units	Fair Value
Beginning of year	254,050	$	12.50	105,800	$	14.19	59,800	$	16.64
Restricted units granted	125,100		21.36	176,250		12.12	83,000		13.31
Restricted units lapsed	-		-	(24,017)		17.12	(33,100)		16.10
Restricted units forfeited	-		-	(3,983)		12.48	(3,900)		16.79
End of year	379,150	$	15.32	254,050	$	12.50	105,800	$	14.19

The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2019 was $2.8 million and is expected to be recognized over a weighted-average period of 1.8 years.