Equity Incentive Plans

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

The following table is a summary of the Company’s stock options outstanding as of June 30, 2021, 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, 2020	2,214,193	$	4.01	$	13.94	3.96

Forfeited	(41,090)	3.96		13.62		—
Exercised	(138,605)	3.92		13.78		—
Outstanding - June 30, 2021	2,034,498	4.01		13.96		3.48
Exercisable - June 30, 2021	2,017,419	4.01		13.94		3.47

Expected future stock option expense related to the non-vested options outstanding as of June 30, 2021, is $15,000 over a weighted average period of 0.4 years.

On January 29, 2021, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 147,315 restricted stock units with a total grant-date fair value of $1.8 million. Of these grants, 32,769 vest one year from the date of grant and 114,546 vest in equal installments over a five-year period beginning one year from the date of grant. The Company also issued 29,615 performance-based restricted stock units to its executive officers with a total grant date fair value of $366,041. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of Core Return on Average Assets and will cliff-vest after a three-year measurement period ended January 29, 2024, 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 at June 30, 2021, and changes therein during the six months then ended.


	Number of Shares Awarded	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020	104,010	$	15.91
Granted	176,930	12.59
Vested	(38,470)	15.81
Forfeited	(5,585)	15.28
Non-vested at June 30, 2021	236,885	13.46

Expected future stock award expense related to the non-vested restricted share awards as of June 30, 2021, is $2.3 million over a weighted average period of 3.6 years.

During the three months ended June 30, 2021 and June 30, 2020, the Company recorded $261,000 and $432,000, respectively, of stock-based compensation related to the above plan. During the six months ended June 30, 2021 and June 30, 2020, the Company recorded $504,000 and $880,000, respectively, of stock-based compensation related to the above plan.