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SHARE-BASED COMPENSATION PLANS
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION PLANS SHARE-BASED COMPENSATION PLANS
The Company maintains share-based compensation plans under the shareholder-approved 2011 Plan. The purpose of the share-based compensation plans is to provide officers, employees, and non-employee members of the Board of Directors of the Company with additional incentive to further the success of the Company. At June 30, 2019, 881,920 shares of the common stock of the Company were reserved to be issued and 493,239 shares were available to be issued.
The 2011 Plan incentive awards may consist of grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, deferred stock units and performance shares. All employees of the Company and its present or future subsidiaries, and members of the Board of Directors of the Company or any subsidiary of the Company, are eligible to participate in the 2011 Plan. The 2011 Plan allows for the Compensation Committee of the Board of Directors to determine the type of incentive to be awarded, its term, manner of exercise, vesting of awards and restrictions on shares. Generally, awards are nonqualified under the IRC, unless the awards are deemed to be incentive awards to employees at the Compensation Committee’s discretion.
The table below presents a summary of nonvested restricted shares activity for the six months ended June 30, 2019.
SharesWeighted Average Grant Date Fair Value
Nonvested shares, beginning of year275,412 $20.33 
Granted75,293 19.49
Forfeited(34,680)19.18 
Vested(23,405)17.69 
Nonvested shares, at period end292,620 $20.44 
The following table presents restricted shares compensation expense, with tax benefit information, and fair value of shares vested, for the three and six months ended June 30, 2019 and 2018.
Three months ended June 30,Six months ended June 30,
(Dollars in thousands)2019 2018 2019 2018 
Restricted share award expense$181 $444 $676 $920 
Restricted share award tax benefit38 93 148 193 
Fair value of shares vested0 659 444 1056 
The unrecognized compensation expense related to the share awards totaled $2,245,000 at June 30, 2019 and $2,115,000 at December 31, 2018. The unrecognized compensation expense at June 30, 2019 is expected to be recognized over a weighted-average period of 1.8 years.
The following table presents a summary of outstanding stock options activity for the six months ended June 30, 2019.
SharesWeighted Average Exercise Price
Outstanding, beginning of year40,984 $24.34 
Expired(5,335)28.21 
Options outstanding and exercisable35,649 $23.76 
The exercise price of each option equals the market price of the Company’s stock on the grant date. An option’s maximum term is ten years. All options are fully vested upon issuance. The following table presents information pertaining to options outstanding and exercisable at June 30, 2019.
Range of Exercise PricesNumber OutstandingWeighted Average Remaining Contractual Life (Years)Weighted Average Exercise Price
$21.14 - $24.9927,767 1.06$21.14 
$25.00 - $34.992,792 0.7625.76 
$35.00 - $37.595,090 0.0836.95 
$21.14 - $37.5935,649 0.90$23.76 
Outstanding and exercisable options had an intrinsic value of $24,000 at June 30, 2019 and $0 at December 31, 2018.
The Company maintains an employee stock purchase plan to provide employees of the Company an opportunity to purchase Company common stock. Eligible employees may purchase shares in an amount that does not exceed 10% of their annual salary, at the lower of 95% of the fair market value of the shares on the semi-annual offering date or related purchase
date. The Company reserved 350,000 shares of its common stock to be issued under the employee stock purchase plan. At June 30, 2019, 170,461 shares were available to be issued.
The following table presents information for the employee stock purchase plan for the three and six months ended June 30, 2019 and 2018.
Three months ended June 30,Six months ended June 30,
(Dollars in thousands except share information)2019 2018 2019 2018 
Shares purchased0 0 3,004 2,956 
Weighted average price of shares purchased$0.00 $0.00 $18.96 $23.47 
Compensation expense recognized0 0 3 4 
Tax benefits0 0 1 1 
The Company issues new shares or treasury shares, depending on market conditions, in its share-based compensation plans.