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Stock Compensation - Restricted Stock and Performance Share Grants | 3 Months Ended
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Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Compensation - Restricted Stock and Performance Share Grants | STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS The Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance milestones, or Performance Milestone Grants. The Company has also granted performance share grants that contain both performance-based and market-based conditions. Compensation cost for these awards is recognized based on either the achievement of the performance-based conditions, if they are considered probable, or if they are not considered probable, on the achievement of the market-based condition. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions do not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the Company's Performance Condition Grants as of the three months ended March 31, 2019:
Performance Condition Grants
Below threshold performance | — |
Threshold performance | 186,366 |
Target performance | 422,264 |
Maximum performance | 640,981 |
The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the three months ended March 31, 2019:
| March 31, 2019
Stock Grants Outstanding Beginning of Period at Target Achievement | 538,599 |
New Stock Grants/Additional Shares due to Achievement in Excess of Target | 115,426 |
Vested Grants | (82,112 | )
Expired/Forfeited Grants | — |
Stock Grants Outstanding End of Period at Target Achievement | 571,913 |
The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of March 31, 2019 were $5,695,000 and 21 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to a maximum we determine based on historic and projected results, the probability of (1) achieving the performance objective and (2) the level of achievement. Based on this information, we determine the fair value of the award and measure the expense over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, we estimate whether the performance condition will be met and over what period of time. Ultimately, we adjust compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives his or her annual compensation in stock. The stock is granted at the end of each quarter based on the quarter end stock price. The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods:
($ in thousands) | Three Months Ended March 31,
Employee Plan: | 2019 |  | 2018
Expensed | $ | 666 |  |  | $ | 761 |
Capitalized | 319 |  |  | 346 |
| 985 |  |  | 1,107 |
NDSI Plan - Expensed | 147 |  |  | 187 |
Total Stock Compensation Costs | $ | 1,132 |  |  | $ | 1,294 |

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