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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2020
Share-Based Compensation Plan |
Share-Based Compensation Plan | NOTE 12 Share-Based Compensation The Company has granted equity awards pursuant to the Alerus Financial Corporation 2009 Stock Plan. The awards were in the form of restricted stock or restricted stock units and are considered to represent an element of employee compensation. Compensation expense for the awards is based on the fair value of Alerus Financial Corporation common stock at the time of grant. The value of awards that are expected to vest are amortized into expense over the vesting periods. The ability to grant awards under this plan has expired. On May 6, 2019, the Company’s stockholders approved the Alerus Financial Corporation 2019 Equity Incentive Plan. This plan allows the compensation committee the ability to grant a wide variety of equity awards, including stock options, stock appreciation rights, restricted stock, restricted stock units and cash incentive awards in such forms and amounts as it deems appropriate to accomplish the goals of the plan. Any shares subject to an award that is cancelled, forfeited, or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the plan. However, shares subject to an award shall not again be made available for issuance or delivery under the plan if such shares are (a) tendered in payment of the exercise price of a stock option, (b) delivered to, or withheld by, the Company to satisfy any tax withholding obligation, or (c) covered by a stock‑settled stock appreciation right or other awards that were not issued upon the settlement of the award. Shares vest, become exercisable and contain such other terms and conditions as determined by the compensation committee and set forth in individual agreements with the participant receiving the award. The plan authorizes the issuance of up to 1,100,000 shares of common stock. As of September 30, 2020, 28,242 stock awards and 49,604 restricted stock units had been issued under the plan. Compensation expense relating to awards under these plans was $475 thousand and $335 thousand for the three months ended September 30, 2020 and 2019, respectively. Compensation expense relating to awards under these plans was $1.3 million and $1.2 million for the nine months ended September 30, 2020 and 2019, respectively. The following table presents the activity in the stock plans for the nine months ended September 30, 2020 and 2019:
|  | Nine months ended September 30, 2020 |  | Nine months ended September 30, 2019
|  |  |  | Weighted- |  |  |  | Weighted-
|  |  |  | Average Grant |  |  |  | Average Grant
|  | Awards |  | Date Fair Value |  | Awards |  | Date Fair Value
Restricted Stock and Restricted Stock Unit Awards |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of period |  | 347,211 |  | $ | 18.64 |  | 337,014 |  | $ | 18.36
Granted |  | 77,846 |  |  | 19.53 |  | 70,617 |  |  | 19.87
Vested |  | (87,939) |  |  | 16.24 |  | (53,882) |  |  | 18.69
Forfeited or cancelled |  | (7,590) |  |  | 19.75 |  | (6,138) |  |  | 17.34
Outstanding at end of period |  | 329,528 |  | $ | 19.46 |  | 347,611 |  | $ | 18.64
As of September 30, 2020, there was $3.2 million of unrecognized compensation expense related to non-vested awards granted under the plans. The expense is expected to be recognized over a weighted-average period of 3.47 years.

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