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STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

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, 2020, there were approximately 1,567,400 shares available for grant.

Stock-based compensation for the three months ended March 31, 2020 and 2019 were as follows:

Restricted Stock


	Three months ended March 31,
(in thousands)	2020		2019
Pre – tax cost	$	576	$	538
After tax cost	$	449	$	420

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2020:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested shares at December 31, 2019	815,540	$	11.29
Granted	179,000		4.59
Vested	(223,270)		9.05
Forfeited	(3,500)		8.61
Non-vested shares at March 31, 2020	767,770	$	11.77

The total fair value of shares vested was approximately $3,234,000 during the three months ended March 31, 2020 and approximately $3,701,000 during the three months ended March 31, 2019.

Other Information

As of March 31, 2020, total unrecognized compensation cost related to non-vested restricted shares was approximately $9,496,000. This cost is expected to be recognized over a weighted-average period of 3.7 years.

For the three months ended March 31, 2020, approximately $287,000 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 $418,000 for the three months ended March 31, 2019.