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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2020
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. 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 September 30, 2020, there were approximately 1,569,700 shares available for grant. Stock-based compensation for the three and nine months ended September 30, 2020 and 2019 were as follows: Restricted Stock
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Pre – tax cost | ​ | $ | 1,500 | ​ | $ | 544 | ​ | $ | 2,657 | ​ | $ | 1,626
After tax cost | ​ | $ | 1,170 | ​ | $ | 424 | ​ | $ | 2,072 | ​ | $ | 1,268
​ The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 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 |  | (310,520) | ​ |  | 9.36
Forfeited |  | (5,800) | ​ |  | 9.50
Non-vested shares at September 30, 2020 |  | 678,220 | ​ | $ | 10.43
​ The total fair value of shares vested was approximately $4,431,000 during the nine months ended September 30, 2020 and approximately $3,818,000 during the nine months ended September 30, 2019. Other Information As of September 30, 2020, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,415,000. This cost is expected to be recognized over a weighted-average period of 3.3 years. For the nine months ended September 30, 2020, approximately $345,000 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 $456,000 for the nine months ended September 30, 2019.

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