Equity Incentive Plans

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans On May 22, 2019, the Northfield Bancorp, Inc. 2019 Equity Incentive Plan (the “2019 EIP”) was approved by stockholders of the Company. Under the 2019 EIP, the maximum number of shares of stock that may be delivered to participants in the form of stock options, stock appreciation rights (“SARs”), restricted stock awards, or restricted stock units is 6,000,000. To the extent an equity award is issued in the form of a restricted stock grant or restricted stock unit, the number of stock options/SARs that can be granted is reduced by 4.5. The maximum number of shares of stock that may be delivered to participants in the form of restricted stock awards and restricted stock units is 1,333,333 shares. Prior to May 22, 2019, the Company also maintained the Northfield Bancorp, Inc. 2014 Equity Incentive Plan (the “2014 EIP”). Upon approval of the 2019 EIP, the 2014 EIP was frozen and equity awards that would otherwise have been available for issuance are no longer available for grant. No stock options have been granted under 2019 EIP.

The following table is a summary of the Company’s stock options outstanding as of June 30, 2020, and changes therein during the six months then ended.


	Number of Stock Options	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Weighted Average Contractual Life (years)
Outstanding - December 31, 2019	2,227,193	$	4.01	$	13.93	4.96


Exercised	(13,000)	3.93		13.38		—
Outstanding - June 30, 2020	2,214,193	4.01		13.94		4.46
Exercisable - June 30, 2020	2,189,114	4.00		13.91		4.45

Expected future stock option expense related to the non-vested options outstanding as of June 30, 2020, is $53,000 over a weighted average period of 1.4 years.

On February 17, 2020, the Company granted to directors and employees, under the 2019 EIP, 83,744 restricted stock units with a total grant-date value of $1.3 million. Of these grants, 28,460 vest one year from the date of grant and 55,284 vest in equal installments over a five-year period beginning one year from the date of grant. The Company also issued 19,837 performance based restricted stock units to its executive officers with a total grant date fair-value of $313,623. Vesting of the performance based restricted stock units will be measured on achievement of certain levels of Core Return on Average Assets and will cliff-vest after a three-year measurement period ended December 31, 2022, based on the Company's performance relative to a peer group as determined by the Compensation Committee of the Board. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts.

The following is a summary of the status of the Company’s restricted stock awards as of June 30, 2020, and changes therein during the six months then ended.


	Number of Shares Awarded	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2019	71,102	$	15.36
Granted	103,581	15.81
Vested	(58,100)	14.85

Non-vested at June 30, 2020	116,583	16.02

Expected future stock award expense related to the non-vested restricted share awards as of June 30, 2020, is $1.4 million over a weighted average period of 3.3 years.

During the three months ended June 30, 2020 and June 30, 2019, the Company recorded $432,000 and $1.1 million, respectively, of stock-based compensation related to the above plans. During the six months ended June 30, 2020, and June 30, 2019, the Company recorded $880,000 and $2.4 million, respectively, of stock-based compensation related to the above plans.