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Stock plans | 12 Months Ended
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Dec. 31, 2019
Stock plans |
Stock plans | 15. Stock plans: The 2008 long-term incentive plan (“2008 Plan”) allowed for eligible participants to be granted equity awards. No awards may be made under the 2008 Plan after January 15, 2018. In May 2017, the Company’s stockholders approved the 2017 equity incentive plan (“2017 Plan”). The 2017 Plan allows for eligible participants to be granted equity awards. Under the 2017 Plan the Compensation Committee of the Board of Directors has the authority to, among other things:
| · |  | Select the persons to be granted awards under the 2017 Plan.
| · |  | Determine the type, size and term of awards.
| · |  | Determine whether such performance objectives and conditions have been met.
| · |  | Accelerate the vesting or excercisability of an award.
Persons eligible to receive awards under the 2008 Plan and 2017 Plan include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries. As of December 31, 2019, 72,535 shares of the Company’s common stock were available for grant as awards pursuant to the 2017 Plan. The 2008 Plan expired in January 2018 but will remain in effect in accordance with its terms to govern outstanding awards under that plan. If any outstanding awards under the 2017 Plan are forfeited by the holder or canceled by the Company, the underlying shares would be available for regrant to others. The 2017 Plan authorizes grants of stock options, stock appreciation rights, cash awards, performance awards, restricted stock and restricted stock units. In 2019, the Company awarded 3,855 shares of non-performance-based restricted stock and 13,490 performance-based restricted stock units under the 2017 Plan. In 2018, the Company awarded 2,548 shares of non-performance-based restricted stock and 8,920 performance-based restricted stock units under the 2017 Plan. In 2019, 2,140 shares of non-performance-based restricted stock and 928 shares of performance-based shares granted under the 2017 Plan vested along with 673 shares of non-performance-based restricted stock and 6,379 of performance-based shares granted under the 2008 Plan. There were 306 shares forfeited under the provisions of the 2017 Plan and 763 shares forfeited under the provisions of the 2008 plan. In 2018, 114 shares of non-performance-based restricted stock granted under the 2017 Plan vested along with 2,493 shares of non-performance-based restricted stock granted under the 2008 Plan. The non-performance restricted stock grants made in 2019 and 2018 vest equally over three years from the grant date. Grants of restricted stock made in prior periods cliff vest after five years. The performance-based restricted stock units vest three years after the grant date and include conditions based on the Company’s three year cumulative diluted earnings per share and three-year average return on equity that determines the number of restricted stock units that may vest. The activity related to restricted stock for each of the years ended December 31, 2019, 2018 and 2017 was as follows:
Year Ended December 31 |  | 2019 |  | 2018 |  | 2017 |
Nonvested, January 1 |  | 21,309 |  | 12,448 |  | 12,362 |
Granted shares |  | 17,345 |  | 11,468 |  | 10,628 |
Vested shares |  | 10,120 |  | 2,607 |  | 10,542 |
Forfeited shares |  | 1,069 |  |  |  |  |
Nonvested, December 31 |  | 27,465 |  | 21,309 |  | 12,448 |
The Company expenses the fair value of all-share based compensation over the requisite service period commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. Compensation is recognized over the vesting period and adjusted based on the performance criteria. The Company classifies share-based compensation for employees within “salaries and employee benefits expense” on the Consolidated Statements of Income and Comprehensive Income. In 2019, the Company recognized $433 for awards granted under the 2017 Plan and $122 for awards granted under the 2008 plan. In 2018, the Company recognized $149 for awards granted under the 2017 Plan and $123 for awards granted under the 2008 plan. In 2017, the Company recognized $21 for awards granted under the 2017 Plan and $156 for awards granted under the 2008 Plan. As of December 31, 2019, the Company had $486 of unrecognized compensation expense associated with restricted stock awards. The remaining cost is expected to be recognized over a weighted average vesting period of 1.8 years.

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