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STOCK APPRECIATION RIGHTS | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK APPRECIATION RIGHTS | STOCK OPTIONS The Company’s 2015 Equity Incentive Plan (the “Plan”), which was adopted by the Company and approved by its shareholders in April 2015, amended and restated the Company's 2014 Stock Option Plan. The maximum number of shares of common stock that may be issued pursuant to stock-based awards under the Plan equals 1,000,000 shares, all of which may be subject to incentive stock option treatment. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards have vesting periods ranging from 5 to 10 years and have 10-year contractual terms. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock and similar peer group averages. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes in to account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on U.S. Treasury yield curve in effect at the time of the grant. The fair value of options granted was determined using the following weighted-average assumptions as of grant date, for the years ended December 31:
| 2018 |  | 2017 |  | 2016
Risk-free interest rate | 2.87 | % |  | 2.00 | % |  | 1.57 | %
Expected term (in years) | 6.50 |  |  | 6.46 |  |  | 6.50 |
Expected stock price volatility | 20.10 | % |  | 18.54 | % |  | 20.92 | %
Dividend yield | 1.76 | % |  | 1.61 | % |  | 2.13 | %
A summary of activity in the Plan during the years ended December 31 follows:
2018 | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
Outstanding at beginning of year | 471,442 |  |  | $ | 24.98 |  |  | 7.30 |  | $ | 2,696 |
Granted | 101,000 |  |  | 32.29 |  |  | 9.51 |  | 5 |
Exercised | (14,372 | ) |  | 22.74 |  |  | 4.33 |  | 102 |
Forfeited | (17,800 | ) |  | 26.07 |  |  | 6.71 |  | 96 |
Balance, December 31, 2018 | 540,270 |  |  | $ | 26.37 |  |  | 6.94 |  | $ | 2,160 |
Exercisable at end of year | 207,271 |  |  | $ | 24.37 |  |  | 5.63 |  | $ | 1,141 |
2017 | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
Outstanding at beginning of year | 340,377 |  |  | $ | 23.43 |  |  | 7.34 |  | $ | 194 |
Granted | 159,598 |  |  | 27.80 |  |  | 9.40 |  | 480 |
Exercised | (7,033 | ) |  | 11.94 |  |  | 4.23 |  | 132 |
Forfeited | (21,500 | ) |  | 25.58 |  |  | 8.59 |  | 109 |
Balance, December 31, 2017 | 471,442 |  |  | $ | 24.98 |  |  | 7.30 |  | $ | 2,696 |
Exercisable at end of year | 134,644 |  |  | $ | 23.60 |  |  | 5.85 |  | $ | 950 |
A summary of nonvested activity in the Plan during the years ended December 31 follows:
2018 | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
Outstanding at beginning of year | 336,798 |  |  | $ | 25.54 |  |  | 7.88 |  | $ | 1,747 |
Granted | 101,000 |  |  | 32.29 |  |  | 9.51 |  | 5 |
Vested | (88,440 | ) |  | 25.51 |  |  | 6.69 |  | 400 |
Forfeited | (16,359 | ) |  | 26.07 |  |  | 6.71 |  | 96 |
Balance, December 31, 2018 | 332,999 |  |  | $ | 27.62 |  |  | 7.75 |  | $ | 1,018 |
2017 | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
Outstanding at beginning of year | 250,700 |  |  | $ | 23.73 |  |  | 7.65 |  | $ | 69 |
Granted | 159,598 |  |  | 27.80 |  |  | 9.40 |  | 480 |
Vested | (54,500 | ) |  | 23.72 |  |  | 6.35 |  | 378 |
Forfeited | (19,000 | ) |  | 25.58 |  |  | 8.59 |  | 109 |
Balance, December 31, 2017 | 336,798 |  |  | $ | 25.54 |  |  | 7.88 |  | $ | 1,747 |
Information related to the Plan is as follows for the years ended December 31:
|  | 2018 |  | 2017 |  | 2016
Intrinsic value of options exercised |  | $ | 102 |  |  | $ | 132 |  |  | $ | 36 |
Cash received from options exercised |  | 327 |  |  | 84 |  |  | 36 |
Tax benefit realized from options exercised |  | — |  |  | — |  |  | — |
Weighted average fair value of options granted |  | 6.69 |  |  | 7.91 |  |  | 4.30 |
As of December 31, 2018, there was $1,812 of total unrecognized compensation expense related to unvested stock options granted under the Plan. The expense is expected to be recognized over a weighted-average period of 3.84 years. The Company granted options under the 2015 Stock Option Plan in 2018. Expense of $592, $355 and $211 was recorded during the years ended December 31, 2018, 2017 and 2016, respectively, which represents the fair value of shares vested during the those years. STOCK APPRECIATION RIGHTS On June 1, 2017, the Company terminated the Guaranty Bancshares, Inc. Fair Market Value Stock Appreciation Rights Plan, paid all accrued benefits through the termination date and issued equivalent stock options to the plan holders that expire 10 years from the issuance date. Expense associated with stock appreciation rights in 2017 and 2016 was $318 and $113, respectively. There were no SARs granted in 2017.

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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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