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Stock Incentive Plan (Notes) | 12 Months Ended
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Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Incentive Plan | Stock Incentive Plan At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the 2017 Stock Incentive Plan ("SI Plan"). The SI Plan was implemented to succeed the Company's 2007 Stock Incentive Plan, which had a ten-year term. The SI Plan is intended to provide a means whereby directors, employees, consultants and advisors of the Company and its Subsidiaries may sustain a sense of proprietorship and personal involvement in the continued development and financial success of the Company and its Subsidiaries, thereby advancing the interests of the Company and its stockholders. Accordingly, directors and selected employees, consultants and advisors may be provided the opportunity to acquire shares of Common Stock of the Company on the terms and conditions established in the SI Plan. A maximum of 149,983 shares are authorized under the SI Plan. There have been no options awarded since 2008. The Company awarded 26,700, 28,700 and 18,391 (under the 2007 Stock Incentive Plan) shares during 2019, 2018, 2017, respectively as stock and stock unit awards. The fair value of options granted was estimated on the grant date using the Black-Scholes option-pricing model. Expected volatility was based on historical volatility of the Company’s stock and other factors. The Company used historical data to estimate option exercises and employee termination within the valuation model; separate groups of employees who had similar historical exercise behavior were considered separately for valuation purposes. The expected term of options granted was derived from the output of the option valuation model and represented the period of time that options granted were expected to be outstanding. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of the grant. There were no options granted during 2019, 2018 or 2017. All previously issued, unexercised options expired on December 16, 2018. The following table summarizes the compensation cost, net of forfeitures, related to stock-based compensation for the years ended December 31, 2019, 2018 and 2017 (in thousands):
|  | 2019 |  | 2018 |  | 2017
Stock and stock unit awards: |  |  |  |  |  |
Pre-tax compensation expense |  | $ | 453 |  |  | $ | 314 |  |  | $ | 954 |
Income tax benefit |  | (95 | ) |  | (66 | ) |  | (334 | )
Total share-based compensation expense, net of income taxes |  | $ | 358 |  |  | $ | 248 |  |  | $ | 620 |
During 2017, the Board changed its award process and subsequently approved the acceleration of the vesting of all remaining outstanding restricted stock units. This resulted in total compensation expense for the year ended December 31, 2017 of approximately $954,000. A summary of option activity under the 1997 Stock Incentive Plan as of December 31, 2018 and 2017, and changes during the years then ended is presented below:
|  | 2018
|  | Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding, beginning of year |  | 10,500 |  | $23.00 |  |  |  |
Granted |  | 0 |  | 0.00 |  |  |  |
Exercised |  | (10,500) |  | 23.00 |  |  |  |
Forfeited or expired |  | 0 |  | 0.00 |  |  |  |
Outstanding, end of year |  | 0 |  | $0.00 |  | 0.00 |  | $ | — |
Exercisable, end of year |  | 0 |  | $0.00 |  | 0.00 |  | $ | — |
The total intrinsic value of options exercised during 2018 was $176,000. There were no stock options for shares of common stock not considered in computing the aggregate intrinsic value of outstanding shares and exercisable shares for 2018 because they were anti-dilutive.
|  | 2017
|  | Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding, beginning of year |  | 40,500 |  | $24.65 |  |  |  |
Granted |  | 0 |  | 0.00 |  |  |  |
Exercised |  | (27,500) |  | 25.42 |  |  |  |
Forfeited or expired |  | (2,500) |  | 23.00 |  |  |  |
Outstanding, end of year |  | 10,500 |  | $23.00 |  | 0.96 |  | $ | 163,170 |
Exercisable, end of year |  | 10,500 |  | $23.00 |  | 0.96 |  | $ | 163,170 |
There were no stock options for shares of common stock not considered in computing the aggregate intrinsic value of outstanding shares and exercisable shares for 2017 because they were anti-dilutive. The following table summarizes non-vested stock and stock unit activity for the years ended December 31, 2019, 2018 and 2017:
|  | 2019 |  | 2018 |  | 2017
|  | Shares |  | Weighted-avg Grant-date Fair Value |  | Shares |  | Weighted-avg Grant-date Fair Value |  | Shares |  | Weighted-avg Grant-date Fair Value
Nonvested, beginning of year |  | 24,280 |  | $38.92 |  | 0 |  | $0.00 |  | 32,338 |  | $22.64
Granted |  | 26,700 |  | 33.31 |  | 28,700 |  | 38.92 |  | 18,391 |  | 30.65
Vested |  | (13,072) |  | 37.42 |  | (4,420) |  | 38.92 |  | (50,729) |  | 25.54
Forfeited |  | 0 |  | 0.00 |  | 0 |  | 0.00 |  | 0 |  | 0.00
Nonvested, end of year |  | 37,908 |  | $35.49 |  | 24,280 |  | $38.92 |  | 0 |  | $0.00
Fair value of shares vested |  |  |  | $ | 489,110 |  |  |  |  | $ | 172,026 |  |  |  |  | $ | 260,483 |
The fair value of the awards is amortized to compensation expense over the vesting periods of the awards (four years for annual awards and three years for cumulative awards) and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. As of December 31, 2019, 2018 and 2017, there was $1,053,000, $795,000, and $0, respectively, of total unrecognized compensation cost related to unvested stock and stock unit awards under the SI Plan.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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