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EQUITY-BASED COMPENSATION PLAN
 12 Months Ended
Dec. 31, 2023
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 2023, 2022, and 2021 is set forth below:
Year Ended December 31,
202320222021
Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price
Beginning of year234,950 $16.38 338,494 $15.76 481,444 $15.10 
Options exercised(218,350)16.34 (103,544)14.34 (140,850)13.51 
Options forfeited— — — — (2,100)16.55 
End of year16,600 $16.92 234,950 $16.38 338,494 $15.76 
The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2023:
OutstandingExercisable
Range of Exercise PricesNumber of
Options		Weighted
Average
Exercise Price		Weighted
Average
Contract Life
Remaining
(Years)		Number of
Options		Weighted
Average
Exercise Price
14.09 to 16.90
6,400 16.10 0.26,400 16.10 
16.91 to 19.71
10,200 17.44 1.210,200 17.44 
16,600 $16.92 0.816,600 $16.92 
Aggregate Intrinsic Value$341,240 $341,240 
There were no options granted during 2023, 2022 and 2021. 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 2023, 2022 and 2021:
Year Ended December 31,
202320222021
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 year408,832 $22.27 511,740 $19.35 529,770 $15.58 
Restricted units granted204,048 27.84 178,281 27.89 205,440 18.76 
Restricted units lapsed(181,692)20.85 (277,866)17.08 (218,188)13.85 
Restricted units forfeited(20,191)25.18 (3,323)22.89 (5,282)19.38 
End of year410,997 $25.43 408,832 $22.27 511,740 $19.35 
The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2023 was $5.8 million and is expected to be recognized over a weighted-average period of 1.7 years.