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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2019
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION
5. STOCK-BASED COMPENSATION

 

The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of March 31, 2019, there were approximately 1,730,900 shares available for grant.

 

Stock-based compensation for the three months ended March 31, 2019 and 2018 were as follows:

 

Restricted Stock

 

(in thousands)   Three months ended March 31,  
    2019     2018  
Pre – tax cost   $ 538     $ 516  
After tax cost   $ 420     $ 402  

 

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2019:

 

    Shares     Weighted 
Average
Grant-Date
Fair Value		  
Non-vested shares at December 31, 2018     947,710     $ 9.41  
Granted     141,600       17.21  
Vested     (248,770 )     7.64  
Forfeited     (1,000 )     5.90  
Non-vested shares at March 31, 2019     839,540     $ 11.26  

 

The total fair value of shares vested was approximately $3,701,000 during the three months ended March 31, 2019 and approximately $4,121,000 during the three months ended March 31, 2018.

 

Other Information

 

As of March 31, 2019, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,972,000. This cost is expected to be recognized over a weighted-average period of 2.7 years.

 

For the three months ended March 31, 2019, approximately $418,000 of excess tax benefit for stock-based compensation awards has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $545,000 as of March 31, 2018.