The Company’s 2006 Long-Term Stock Incentive Plan and 2012 Long-Term Stock Incentive Plan allow the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries. As of December 31, 2019, the total number of shares available for grant in all active plans was 1,500,256. There are no shares remaining for issuance with respect to the stock option plan approved in 2002; however, options granted under this plan are still included in the numbers below.

Options granted under the stock incentive plans are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of the common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. Some options granted to officers at or above the senior vice president level were immediately exercisable at the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises.

Upon adoption of Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting” the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures.

						Weighted
				Weighted		Average	Aggregate
				Average		Remaining	Intrinsic
	Number of			Exercise		Contractual	Value
	Options			Price		Term	(In Thousands)
Balance, January 1, 2019		91,310		$	13.63
Exercised during 2019		(18,660	)		13.50
Expired during 2019		(930	)		20.73
Forfeited during 2019		(300	)		12.98
Balance, December 31, 2019		71,420		$	13.57	2.10 years	$	1,238
Vested and expected to vest		71,420		$	13.57	2.10 years	$	1,238
Exercisable at December 31, 2019		71,420		$	13.57	2.10 years	$	1,238

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2019 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on December 31, 2019 was $30.90.

As of December 31, 2019, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s stock incentive plans.

The Company issued service-based and performance-based restricted stock awards/units in 2019, 2018 and 2017. Service-based awards/units vest ratably over a three or five-year period.There were 223,396 service-based restricted stock units granted during 2019.

The performance-based awards are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance which is generally three years. There were 47,770 performance-based restricted units granted during 2019.

As of December 31, 2019, there was $13,000 of total unrecognized compensation cost related to service-based awards. That cost is expected to be recognized over a weighted average period of 0.09 years. As of December 31, 2019, there was $9.7 million of total unrecognized compensation cost related to service-based units. That cost is expected to be recognized over a weighted average period of 1.13 years. Total stock-based compensation expense recognized for stock awards/units totaled $5.9 million, $4.6 million and $3.5 million in 2019, 2018 and 2017, respectively, while total stock-based compensation expense recognized for stock options was $6,000 for 2017. There was no stock-based compensation expense related to stock options for the years ended December 31, 2019 and 2018, respectively.

Changes in non-vested shares dependent on performance criteria for 2019 were as follows:

			Weighted
			Average
	Number of		Grant Date
	Shares		Fair Value
Balance, January 1, 2019		42,998	$	35.33
Granted during 2019		47,770		26.34
Balance, December 31, 2019		90,768		30.60

Changes in service based restricted stock awards/units for 2019 were as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2019		366,541		$	30.64
Granted during 2019		223,396			26.51
Vested during 2019		(153,063	)		27.39
Forfeited during 2019		(4,146	)		31.53
Balance, December 31, 2019		432,728		$	29.65