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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 8 – Stock-Based Compensation The Amended and Restated Omnibus Stock and Performance Compensation Plan (the “Omnibus Plan”) permits the issuance of up to 1,500,000 shares of the Company’s common stock in the form of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and performance awards. The Company may issue shares out of treasury stock for these awards. During the three months ended March 31, 2021, 39,686 restricted shares, 52,240 performance-based restricted shares, and no SARs were granted under the Omnibus Plan. Stock-based compensation expense for the three months ended March 31, 2021 and 2020 was $693,000 and $722,000, respectively. -15- Table of Contents Restricted Stock Restricted shares granted to Company employees are amortized to expense over the three-year cliff vesting period. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of March 31, 2021, the total unrecognized compensation expense related to non-vested restricted shares was $2,642,000, and the related weighted-average period over which it is expected to be recognized is approximately 0.98 years. Following is a summary of the activity of the restricted stock:
|  | Three Months Ended March 31, 2021
|  | Shares |  | Fair Value
Balance at December 31, 2020 |  |  | 136,167 |  | $ | 46.78
Granted |  |  | 39,686 |  |  | 40.63
Vested |  |  | (21,364) |  |  | 48.62
Balance at March 31, 2021 |  |  | 154,489 |  | $ | 44.91
Performance-Based Restricted Stock The Company has granted three-year performance based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. Following is a summary of the activity of the PBRS, based on target value:
|  | Three Months Ended March 31, 2021
|  | Shares |  | Fair Value
Balance at December 31, 2020 |  |  | 98,410 |  | $ | 50.64
Granted |  |  | 52,240 |  |  | 40.74
Vested |  |  | (31,451) |  |  | 48.63
Balance at March 31, 2021 |  |  | 119,199 |  | $ | 46.79
The PBRS that vested during the three months ended March 31, 2021 achieved financial goals of 94.4%, resulting in the issuance of 29,688 shares of common stock. The outstanding PBRS at March 31, 2021 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period. SARs There were no SARs granted and no expense recognized during the three months ended March 31, 2021. Following is a summary of the activity of the Company’s SARs program for the three-month period ended March 31, 2021:
|  | Shares |  | Weighted- Average Exercise Price |  | Average Remaining Contractual Term Years |  | Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2020 |  | 144,999 |  | $ | 32.99 |  | 1.95 |  | $ | 1,095
Exercised |  | (20,560) |  |  | 24.12 |  | ─ |  |  | ─
Exercisable at March 31, 2021 |  | 124,439 |  | $ | 34.46 |  | 1.92 |  | $ | 1,483
There were no non-vested SARs at March 31, 2021.

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- Definition The entire disclosure for share-based payment arrangement. + 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 + Details
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