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Stock-Based Compensation Plans | 6 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | (7) Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance was 490,310 at June 30, 2019. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 29% and 43%, risk-free interest rate of .6% to 2.9% and expected life of 3.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):
|  | Three Months ended |  | Six Months ended |
|  | June 30, |  | June 30, |
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Stock option grants |  | $ | 28 |  |  |  | 428 |  |  |  | 57 |  |  |  | 469 |
Annual director stock award |  |  | — |  |  |  | 683 |  |  |  | — |  |  |  | 683 |
|  | $ | 28 |  |  |  | 1,111 |  |  |  | 57 |  |  |  | 1,152 |
A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):
|  |  |  | Weighted |  | Weighted |  | Weighted
|  | Number |  | Average |  | Average |  | Average
|  | Of |  | Exercise |  | Remaining |  | Grant Date
Options |  | Shares |  | Price |  | Term (yrs) |  | Fair Value(000's)
Outstanding at January 1, 2019 |  |  | 147,538 |  |  | $ | 33.48 |  |  | 6.7 |  | $ | 1,782 |
Granted |  |  | — |  |  | $ | — |  |  |  |  | $ | — |
Exercised |  |  | (4,804 | ) |  | $ | 30.04 |  |  |  |  | $ | (53 | )
Outstanding at June 30, 2019 |  |  | 142,734 |  |  | $ | 33.59 |  |  | 6.2 |  | $ | 1,729 |
Exercisable at June 30, 2019 |  |  | 114,910 |  |  | $ | 31.65 |  |  | 5.7 |  | $ | 1,293 |
Vested during six months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2019 |  |  | — |  |  |  |  |  |  |  |  | $ | — |
The aggregate intrinsic value of exercisable in-the-money options was $2,772,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,166,000 based on the market closing price of $55.77 on June 28, 2019 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of June 30, 2019 was $346,000, which is expected to be recognized over a weighted-average period of 4.0 years. Gains of $94,000 were realized by option holders during the six months ended June 30, 2019. Patriot realized the tax benefits of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off.

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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