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EQUITY-BASED COMPENSATION PLAN | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
EQUITY-BASED COMPENSATION PLAN | 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 2022, 2021, and 2020 is set forth below:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| Number Of Options |  | Weighted Average Exercise Price |  | Number Of Options |  | Weighted Average Exercise Price |  | Number Of Options |  | Weighted Average Exercise Price
Beginning of year | 338,494 |  |  | $ | 15.76 |  |  | 481,444 |  |  | $ | 15.10 |  |  | 634,294 |  |  | $ | 14.60 |
Options exercised | (103,544) |  |  | 14.34 |  |  | (140,850) |  |  | 13.51 |  |  | (119,500) |  |  | 12.36 |
Options forfeited | — |  |  | — |  |  | (2,100) |  |  | 16.55 |  |  | (33,350) |  |  | 15.42 |
End of year | 234,950 |  |  | $ | 16.38 |  |  | 338,494 |  |  | $ | 15.76 |  |  | 481,444 |  |  | $ | 15.10 |
The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2022:
| Outstanding |  | Exercisable
Range of Exercise Prices | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Contract Life Remaining (Years) |  | Number of Options |  | Weighted Average Exercise Price
14.09 to 16.90 | 139,700 |  |  | 15.66 |  |  | 1.1 |  | 139,700 |  |  | 15.66 |
16.91 to 19.71 | 95,250 |  |  | 17.44 |  |  | 1.6 |  | 95,250 |  |  | 17.44 |
| 234,950 |  |  | $ | 16.38 |  |  | 1.3 |  | 234,950 |  |  | $ | 16.38 |
Aggregate Intrinsic Value | $ | 2,626,986 |  |  |  |  |  |  | $ | 2,626,986 |  |  |
There were no options granted during 2022, 2021 and 2020. 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 OFG’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 2022, 2021 and 2020:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| Restricted Units |  | Weighted Average Grant Date Fair Value |  | Restricted Units |  | Weighted Average Grant Date Fair Value |  | Restricted Units |  | Weighted Average Grant Date Fair Value
Beginning of year | 511,740 |  |  | $ | 19.35 |  |  | 529,770 |  |  | $ | 15.58 |  |  | 379,150 |  |  | $ | 15.32 |
Restricted units granted | 178,281 |  |  | 27.89 |  |  | 205,440 |  |  | 18.76 |  |  | 257,850 |  |  | 16.82 |
Restricted units lapsed | (277,866) |  |  | 17.08 |  |  | (218,188) |  |  | 13.85 |  |  | (102,525) |  |  | 14.74 |
Restricted units forfeited | (3,323) |  |  | 22.89 |  |  | (5,282) |  |  | 19.38 |  |  | (4,705) |  |  | 15.93 |
End of year | 408,832 |  |  | $ | 22.27 |  |  | 511,740 |  |  | $ | 19.35 |  |  | 529,770 |  |  | $ | 15.58 |
The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2022 was $4.8 million and is expected to be recognized over a weighted-average period of 1.7 years.

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